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Best Personal Loans in Midland, TX
Welcome to our guide on the best personal loans in Midland, TX. As the economy in Midland continues to grow, so does the demand for affordable financing options. This article will provide an overview of personal loans, interest rates, and other financial facts to help you navigate the lending...
Written by:Daniel Lewis
At Finimpact, we understand how overwhelming it can be to navigate the world of personal loans in Midland, TX. That's why we have done the research and vetted the best lenders in the area to help you make an informed decision. Our team of experts has reviewed each lender thoroughly to ensure they meet our high standards of reliability, transparency, and customer service.
Top Picks for Personal Loans in Midland, TX
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
With our loan reviews, you can trust that you are getting accurate and trustworthy information about each lender's terms, rates, and fees. Using a trusted source like Finimpact can help you save time and money by finding the best loan options for your unique financial situation.
Top Personal Loans in Midland, TX: Full Overview
Best Overall
LightStream — Best Overall Personal Loan
APR.
2.99% to 19.99%
Loan Amount
$5,000-$100,000
Min. Credit Score
Not Disclosed
Key Features
- Funding as soon as the same day
- Allows joint applications
- No origination fee
Pros & Cons
- Low APRs for good credit
- Loan amounts up to $100,000
- Check your rate with no impact on your credit
- Auto-pay discount available
- Not available for borrowers with bad credit
- Rates without auto-pay are .50% higher
- Minimum loan amount of $5,000
Overview
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Main Features
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Avant — Best for Small Personal Loans
APR.
9.95% to 35.99%
Loan Amount
2,000-$35,000
Min. Credit Score
580+
Key Features
- Low credit score requirements
- Allowed to refinance personal loans
- No prepayment penalties
Pros & Cons
- Low loan amounts available
- Check your rate with no impact on your credit
- Mobile app available
- Available for fair and poor credit
- Administration fee up to 4.75%
- Potential for a high APR
- Lower borrowing limits than other lenders
Overview
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Main Features
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
SoFi — Best for Loans with No Origination Fee
APR.
6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- No origination, prepayment, or late payment fees
- Joint applications accepted
- Offers .25% discount for autopay
- Borrowers up to $100,000
Pros & Cons
- Loan amounts up to $100,000 available
- Check your rate with no impact on your credit
- No origination fees or hidden fees
- Unemployment protection offered
- Same-day funding available
- High minimum loan amount of $5,000
- Not available for bad credit
- Lowest rates require auto-pay
Overview
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Main Features
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Upgrade — Best for Emergency Loans
APR.
5.94% to 35.97%
Loan Amount
$1,000-$50,000
Min. Credit Score
Not disclosed
Key Features
- Funding as soon as the next day
- Can be approved with fair credit
- Variety of discounts on rates
Pros & Cons
- Check your rate with no impact on your credit
- Funding in as little as one day
- Generous loan amounts available
- Choose from flexible repayment terms
- Origination fee charged on every loan
- Potential for a high APR
Overview
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Main Features
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
OneMain Financial — Best for Loans with Bad Credit
APR.
18% to 35.99%
Loan Amount
$1,500-$20,000
Min. Credit Score
Undisclosed
Key Features
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
Pros & Cons
- Available for bad credit borrowers
- Visit 1,400 nationwide locations
- Check your rate with no impact to your credit
- Flexible repayment options
- Lower loan amounts than other lenders
- Potential for a very high APR
- High origination fees likely
Overview
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Main Features
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Personal Loans vs. Credit Cards: Which is Better for Midland, TX Residents?
When it comes to borrowing money, personal loans and credit cards are two popular options. Personal loans typically offer lower interest rates and fixed repayment terms, making them a more cost-effective option for larger expenses or debt consolidation. Credit cards, on the other hand, offer flexibility and convenience, allowing for easy access to funds and potential rewards. Ultimately, the best option depends on individual circumstances and financial goals. To help you make an informed decision, here are some practical tips to consider:
| Personal Loans | Credit Cards |
| Evaluate your borrowing needs and determine if a personal loan is the best fit. | Evaluate your spending habits and determine if a credit card is the best fit. |
| Shop around for the best interest rates and repayment terms from reputable lenders. | Shop around for the best rewards, interest rates, and fees from reputable credit card companies. |
| Compare loan fees and charges, such as origination fees or prepayment penalties. | Be mindful of credit card fees, such as annual fees or balance transfer fees. |
| Understand the impact of a personal loan on your credit score. | Understand the impact of credit card usage on your credit score, especially if carrying a high balance. |
| Develop a repayment plan and budget for monthly payments. | Develop a repayment plan and budget for monthly payments to avoid high interest charges. |
| Use a personal loan calculator to estimate your monthly payments and total loan costs. | Take advantage of potential rewards, such as cashback or travel points. |
| Consider using collateral to secure a lower interest rate or higher loan amount. | Consider using a balance transfer credit card to consolidate high-interest debt. |
| Read and understand the loan terms and conditions before signing. | Read and understand the credit card terms and conditions before applying. |
| Beware of scams and fraudulent lenders. | Beware of scams and fraudulent credit card offers. |
| Monitor your credit score regularly to ensure accuracy and track your progress in building credit. | Monitor your credit score regularly to ensure accuracy and track your progress in building credit. |
How to Build Credit with Personal Loans in Midland, TX
Building credit is an essential aspect of personal finance, and personal loans can be an effective tool in achieving that goal. To build credit with personal loans in Midland, TX, start by checking your credit score and shopping around for lenders that offer loans to individuals with limited credit history.
Consider using a co-signer or collateral to secure the loan and potentially obtain a lower interest rate. Develop a repayment plan and budget for monthly payments, and make sure to pay on time to avoid damaging your credit score. Additionally, monitor your credit report regularly to ensure accuracy and track your progress in building credit.
- Check your credit score and credit report to understand where you stand.
- Shop around for lenders that offer loans to individuals with limited credit history.
- Consider using a co-signer or collateral to potentially obtain a lower interest rate.
- Apply for a loan with a manageable amount and repayment term.
- Develop a repayment plan and budget for monthly payments.
- Pay on time to avoid damaging your credit score.
- Monitor your credit report regularly to ensure accuracy and identify areas for improvement.
- Avoid applying for multiple loans or credit cards at once, as this can negatively impact your credit score.
- Consider using a credit builder loan or secured credit card to build credit.
- Seek guidance from a financial advisor or credit counseling service if needed
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
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