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Personal loans for West Texas
Personal loans can be secured or unsecured, from a credit union, bank, finance company or online lender. Compare the cash you receive, fees, collateral and total repayment. For payment schedules, see installment loans.
When a personal loan makes sense
Paying off expensive debt
Replacing payday, title or maxed-out card balances with one fixed payment at a lower APR.
A one-time cost
A transmission, a dental bill, a move for a new job, a funeral. Costs you can repay in one to three years.
Uneven income
Bridging a gap between oilfield contracts or harvest checks, if the next income is reasonably certain.
It does not make sense to borrow for ordinary monthly bills that will be short again next month. That just moves the gap and adds interest.
Where West Texans get personal loans
| Lender type | Amounts | Terms | APR range* | Good to know |
|---|---|---|---|---|
| Credit unions | $500 – $25,000+ | 12 – 84 months | Roughly 6% – 18% | Membership needed; ask about current rates |
| Banks | $1,000 – $35,000 | 12 – 60 months | Roughly 9% – 25% | Bank underwriting |
| Finance companies | $1,500 – $45,000 | 24 – 60 months | About 18% – 36% | Often offer secured options with a vehicle |
| Online lenders reached through West Texas Finance | $1,000 – $10,000+ | 12 – 60 months | About 9% – 36%; higher for weaker credit | Compare several offers at once; funds to your bank account |
*Rough examples from provider websites at our last review, not quotes. Confirm current amounts, terms and APRs directly; your APR depends on credit, income, amount and term.
Compare the cash received with the debt repaid
Line up each offer’s amount financed, cash you actually receive, APR, up-front fees, number of payments, total of payments, collateral and early-payoff terms. For the schedule itself, use the installment loan page.
A $5,000 loan over 36 months costs about $1,500 in interest at 18% APR and about $3,240 at 35.99%. Try your own numbers:
- Total of payments
- Total interest cost
Getting the best rate you can
- Check your credit reports first at AnnualCreditReport.com and dispute any mistakes.
- Borrow what you need, not the maximum offered; smaller loans cost less in total.
- Choose the shortest term whose payment you can carry comfortably.
- Compare APRs, not payments. A low payment over 60 months can cost twice as much as a higher one over 24.
- Watch for origination fees. If a 5% fee is taken out of a $5,000 loan, you receive $4,750 but repay $5,000 plus interest.
Compare personal loan offers
One request reaches lenders that serve Texas. If you get offers, you choose, or you walk away.
Questions people ask
What credit score do I need for a personal loan?
There is no single minimum. The best rates at banks and credit unions usually go to good credit; finance companies and online lenders take on weaker credit at higher APRs and lower amounts. Lenders also weigh income, existing debts and account history, each in their own way.
Can I use a personal loan to pay off payday loans?
Often, if the lender allows it. Compare the payoff amounts of the old loans with the new loan’s cash received, fees and total of payments; a lower APR alone does not prove a saving if the term is much longer. Make sure the new payment fits your budget and that the old balances are paid in full.
Is a credit union cheaper than an online lender?
Often, if you qualify and can wait for membership. Online lenders are useful when you are not a member, want to compare several offers at once or have been turned down elsewhere. Compare the APR and total cost either way.
Are personal loan payments fixed?
Most closed-end personal loans have a fixed rate and a set number of payments, but check whether the rate or payment can change and whether there is a final balloon payment. A personal line of credit works differently.
Will a personal loan show on my credit report?
Most bank, credit union and online personal loans are reported to the major credit bureaus. On-time payments can improve your score; late payments will hurt it.