Looking for a personal loan in Houston, Texas? Whether you're looking to consolidate debt, finance a car or go on vacation, you have plenty of choices to find local personal loans that fit your needs. Luckily, we’ve done the hard work for you and have created a list of three providers that offer loans in Houston, TX.
Biggest Personal Loan Lenders in Houston, Texas
When searching for the best personal loans in Houston, Texas, you may feel tempted to only focus on larger banks and credit unions. There’s sound logic to this approach. Large banks operate on a national scale and have strong reputations. You can also point to their existing track records as proof that they’ll provide the product they claim to provide, leading you to trust them more than online or local lenders.
But don’t overlook the advantages that working with a regional lender can offer. Local lenders understand the Houston community and often contribute directly to it through social outreach efforts. They’re also more accessible to residents and may be able to offer better rates on their loans than national lenders.
Loans in Houston Texas
When compiling this list of the best loan places in Houston, Texas, we’ve considered several factors. In addition to the loan’s APR, which determines your monthly repayments, we look at any fees attached to the loan and the organization that provides it. This approach allows us to create a list of lenders that have their advantages and disadvantages, allowing you to choose the one that’s best for your situation.
1. Comerica Bank
Comerica is an established bank that has served borrowers in the United States for over 170 years. It also has all of the hallmarks Houston residents may look for in a trustworthy lender, such as Federal Deposit Insurance Corporation (FDIC) membership and a commitment to being an equal opportunities lender. Furthermore, people in Houston may favor the bank because it has 42 branches in or near the city. As such, you can visit a branch directly if you have any issues with your loan.
The bank offers fixed-rate personal loans that you can use to finance one-time expenditures or cover unexpected emergencies. You also don’t have to offer any collateral to access one of its loans, meaning you don’t have to put your home or car at risk.
Unfortunately, the bank offers little information about its personal loan rates, outside of committing to offering lower rates than you’d get from a typical credit card. You also can’t complete your personal loan application online, meaning you have to visit a branch in person. However, this is fairly typical of such large lenders, with the upside being that taking out a loan with Comerica means you’re working with one of the United States’ 25 largest financial holding companies.
Get in Touch With Comerica
As Comerica operates 42 branches in Houston, Texas, it’s fairly easy to find a branch to visit. The below is just one of their many Houston locations:
777 Walker Street,
Phone Number – 855-451-9201
2. Houston Federal Credit Union
As one of Houston’s local lenders, Houston Federal Credit Union (HFCU) may be a good choice for those who want easy access to a branch they can visit. The company offers signature and secured loans to its members, meaning you have access to fairly substantial loans if you already have investments with HFCU.
Starting with secured loans, amounts vary depending on if you choose a Share Secured Loan or Money Market Secured Loan. The former offers loans up to $19,999, with a starting APR of 1.60%. The Money Market Secured Loans allow you to access between $2,000 and $9,999, in addition to having a higher starting APR of 2.00%.
Moving on to the company’s unsecured signature loans, you can borrow between $2,500 and $50,000, with loan terms ranging from 18 to 48 months. Note that the credit union has restrictions on how much you can borrow based on your loan term:
- Maximum of $14,999 for a 36-month loan
- Between $15,000 and $29,999 for a 42-month loan
- Between $30,000 and $50,000 for a 48-month loan
The APR on signature loans varies depending on your financial situation and how much you borrow. However, they start at a fairly high rate of 11.00%. As such, HFCU is likely a strong choice for short-term loans of low amounts, though some borrowers may find the APR a touch high when borrowing larger amounts of money.
Get in Touch With Houston Federal Credit Union
16320 Kensington Dr,
Phone Number – (866) 687 4328
3. Frost Bank
As a Texas-based bank, Frost Bank has a long-established history in the state. It currently operates over 30 branches in or near Houston, Texas. As such, it may be a good choice for those who want to work with a bank that has a national presence while still offering local knowledge.
Frost Bank stands out because of the clarity it offers with its personal loans. It offers fixed interest rates and set terms as follows, with loan amounts starting from $2,000 and extending to $25,000 and beyond. The loans come with no origination fees, annual fees, or pre-payment penalties. Plus, they all have 36-month payment periods.
Your expected APR varies depending on how much you borrow:
- $2,000 to $4,999 – 11.75%
- $5,000 to $9,999 – 10.75%
- $10,000 to $24,999 – 9.75
- $25,000 or above – 9.24%
Finally, the bank offers a 0.25% interest rate discount for anybody who sets up automatic payments from a Frost Savings or Frost Checking Account.
Get in Touch With Frost Bank
Frost Bank has plenty of locations all over Houston. Here's one of their centrally located Houston branches:
701 Jeffries St.
Phone Number – (713) 388-7600
Best Online Loans in Houston Texas
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Find the Right Personal Loan in Houston, TX
The options presented in this list may help you to find Houston, Texas personal loans to suit your circumstances. Those looking for lenders with established local presences could consider either Frost Bank or Houston Federal Credit Union. The latter offers strong personal loans for those willing to use collateral, whereas the former may be a good choice if you prefer certainty in your loan terms. Comerica is a large national bank that offers a choice for personal loan traditionalists.
How fast can I get a personal loan in Houston, Texas?
The time required to get your personal loan varies depending on the lender. Some offer next-day funds once they accept your application. More traditional lenders, such as Comerica, may conduct more extensive checks for a longer process.
What to do if you can’t get a personal loan in Houston, Texas?
If you can't get a personal loan through a traditional institution in Houston, Texas due to bad credit or another issue, you can consider an online lender that often has more manageable loan criteria. Be weary of putting extensive debt on your credit card, though, as many cards charge high interest rates.