Personal Loans in Dallas

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Texans Credit Union Prestige Community Credit Union OneMain Financial
APR As low as 5.99% 7.99% to 18.00% 18.00% to 35.99% (may differ depending on your location)
Borrowing limits Up to $25,000 Up to $15,000 $1,500 to $8,000 for Texas residents
Terms 24 to 60 months Up to 36 months 24 to 60 months
Origination fee Not specified Not specified 1.00% - 10.00% or a flat fee between $25 to $300 (dependent on your location)
Minimum credit requirement Not specified Not specified Not specified

Texans Credit Union

Texans Credit Union is a not-for-profit institution, meaning it may offer more competitive personal loan terms than certain other lenders. Among the lenders in this roundup, you may find a higher loan maximum and, potentially, a lower starting APR.

But Texans Credit Union’s starting APR is affected by loan duration. The longer the repayment term, the higher the APR will be. The APR may be as low as 5.99% for a term of up to 36 months, or between 9.99% and 17.24% for a term between 37 to 60 months.

The maximum amount you may borrow (up to $25,000) is substantially higher than the limits offered by the other lenders discussed here, however it’s unclear what the minimum borrowing amount is.

How to qualify

To qualify applicants must meet the following criteria:

  • Be a permanent resident or citizen of the U.S.
  • Be a member of the Texans Credit Union. To become a member, you’ll need to:
    • Live, work or attend school in select Texas counties
    • Work for a Texans Credit Union-approved business
    • Be related to a current member of the credit union or someone who is eligible for membership

Prestige Community Credit Union

As long as you are a member of Prestige Community Credit Union, you may borrow up to $15,000 in a personal loan. However, this credit union’s personal loan comes with a short repayment period compared to Texans Credit Union and OneMain Financial. So before borrowing, make sure you can reliably repay your loan over the term you select.

That said, this personal loan product has its perks. Members in good standing who have taken out a personal loan may be eligible for a skip-a-payment or loan extension program up to two times per year. This can be a helpful fallback should you struggle to make payments for a time.

For bad credit borrowers, Prestige Community Credit Union offers a credit builder loan. The funds for this loan aren’t released to you in a lump sum but kept in a secure account while you make payments and build your credit score along the way. This can be a great tool to help you later qualify for other types of loans.

How to qualify

Prestige Community Credit Union doesn’t offer a lot of information regarding loan eligibility. But applicants must be members. Here’s membership eligibility:

  • Live, work or attend school within a 10 mile radius of their main financial center or McKinney Branch
  • Be employed by one of their Select Employee Groups
  • Be a family member of an existing Prestige member

OneMain Financial

There are three ways to apply for a loan through OneMain Financial: over the phone, online or in person at your local branch in the Dallas metro area. If approved, you’ll have to visit in person to verify your identity, income, employment and ability to pay back the loan. You may receive your funds as soon as the next business day.

OneMain Financial only offers small personal loans to Texas residents. And it has a relatively high origination fee and starting APR. Granted, it does offer a secured personal loan, which may allow you to get a lower interest rate and higher loan amount than if you received their unsecured loan.

How to qualify

Your eligibility and the terms of your loan will be based on your individual situation. As with other personal loans, typical factors affecting your application include:

  • Income and expenses
  • Credit and financial history
  • State of residence
  • Whether you have previously filed for bankruptcy
  • Purpose of your loan

You’ll need to show proof of residence and income, a Social Security card and a valid government-issued ID, as well.

Explore lenders with LendingTree

LendingTree can help you shop for a personal loan. As a marketplace, you can fill out a simple form to potentially prequalify and see offers from up to five lenders. Final loan approval isn’t guaranteed, but prequalification may reveal the types of loan terms you can expect.

Get personalized rates

How to find bad credit personal loans in Dallas

If you are looking to take out a personal loan but struggle with bad credit, you will need to look for lenders who take into account other criteria — such as your employment, income and education — or who don’t ask for any kind of credit check. There are several personal loan lenders in Dallas and online to consider.

One example of this type of loan in Dallas that you might consider is a credit builder loan, which is offered by Prestige Community Credit Union above. Some no-credit-check loan offers may also seem tempting, but it’s important to read the fine print as they may come at a considerable cost in the long-term, with much higher interest rates than their counterparts.

A good way to compare bad-credit personal loans is to visit an online marketplace such as LendingTree, which can match you with offers from multiple lenders depending on your circumstances.

How to choose a personal loan in Dallas

Whether the sum of money you’re planning to borrow is minor or significant, it’s important to choose the loan that offers you the most affordable terms and manageable monthly payments. Consider the following factors when making your decision:

  • APR
  • Fees or closing costs
  • Length of time you have to pay it back
  • Whether you need to secure the loan with an asset
  • Whether there’s any flexibility in the payment schedule

Personal loans in Dallas: FAQ

Where can I find payday loans in Dallas?
In Dallas, these speedy cash loans are granted by licensed credit access businesses, who are only permitted to lend you up to 20% of your gross monthly income. These high-cost, short term loans do not require any assets to be put up as collateral and can be used as a source of quick cash when you have few other options. However, with the hefty fees and APRs charged by payday lenders, often considered predatory, this type of loan is not your safest choice.

Can I find no-credit-check payday loans or payday loans with no bank account in Dallas?
Yes. If you’re missing a key eligibility requirement, like a bank account or a solid credit rating, you can still get a payday loan in Dallas. Dallas Texas Payday Loans will extend up to $1,000 with no credit check required within an hour of your application, although you must have a bank account. If you have no bank account, you may be able to get a short-term loan, as long as you meet certain requirements, such as showing paying stubs from your job, your social security card or lien-free collateral such as a car or motorcycle in your name.

Do online payday loans provide better options than traditional payday loans?
Possibly, depending on your needs. Online payday loans require minimal paperwork, are faster, easier and more accessible to process, but require the borrower to have a bank account into which the funds can be deposited electronically.

What are other options if I’m looking for fast or speedy cash in Dallas?
Nonprofit credit unions could be an option if you’re looking for fast cash in Dallas. Nonprofit credit unions typically offer lower APRs and practice responsible lending. Payday alternative loans, which are an alternative to high-cost payday loans, are also offered by federal credit unions, as long as you have been a member for at least one month.

How can I find a list of banks in Dallas?
To find a list of Dallas banks, check the FDIC’s BankFind feature; this federal agency insures the deposits located within these financial institutions to make sure your money will still be there even if the bank fails.

How can I find a list of credit unions in Dallas?
Check the NCUA’s Credit Union Locator.

Methodology

To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Dallas. We then researched the first 180 loan options that appeared in our results on March 24, 2020, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.