5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Odessa (TX)

We have found 120 personal loans to apply for in Odessa, TX. Add more criteria to compare personal loans and find the best one for you.

By Myfin Team
Updated May 28, 2024
Showing 120 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
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Showing 120 personal loans
Amount
$
Credit Score
City, state or Zip
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Odessa

Showing 5 banks
Sort by: Branches
Branches 5 bank branches
Total Assets (US$M)37,409,499
Odessa Parkway Branch
4281 John Ben Shepperd Parkway, Odessa, TX, 79762
North Grandview Ave. Branch
2703 North Grandview Ave., Odessa, TX, 79762
Grant Odessa Motor Bank
132 W 7Th St, Odessa, TX, 79761
Show all departments
Branches 4 bank branches
Total Assets (US$M)51,845,683
Downtown Odessa Branch
801 North Texas Street, Odessa, TX, 79761
Faudree Branch
3501 Faudree Rd., Odessa, TX, 79765
West County Branch
2700 North County Road West, Odessa, TX, 79764
Show all departments
Branches 3 bank branches
Total Assets (US$M)
42nd Street
Tuesday: 9:00 AM - 4:00 PM
Downtown Odessa
Tuesday: 9:00 AM - 4:00 PM
Kermit Hwy
Tuesday: 9:00 AM - 4:00 PM
Branches 3 bank branches
Total Assets (US$M)532,080,000
Kermit Highway Branch
3131 Kermit Highway, Odessa, TX, 79764
Odessa 42nd Street Branch
4900 East 42Nd Street, Odessa, TX, 79762
Downtown Odessa Branch
618 North Texas, Odessa, TX, 79761
Branches 2 bank branches
Total Assets (US$M)3,380,824,000
Odessa Westside
Tuesday: 9:00 AM - 5:00 PM
Odessa
Tuesday: 9:00 AM - 5:00 PM

How to Choose the Ideal Personal Loan in Odessa, Texas?

Personal loans can be a valuable resource for overcoming budgetary difficulties and strengthening your overall financial health. Therefore, it is very important to find a loan that exactly matches your financial requirements. With this in mind, below are some effective approaches to evaluating and selecting the ideal personal loan in Odessa, Texas.

Annual Percentage Rates (APR)

The annual percentage rate (APR) should be considered when evaluating loans. Unlike the interest rate alone, the APR provides a more complete estimate of total costs because it includes fees in the calculation. Comparing APRs allows you to determine which loan will entail higher long-term costs.

In Odessa, the APR ranges from 4.49% to 36%, highlighting the importance of considering this factor when choosing a loan.

Loan Amount

In Odessa, you can access loans ranging from $100 to $500,000. Choosing a lender that permits gradual withdrawals and applies interest solely to the portion you use can be beneficial, particularly for projects with varying funding requirements, such as home improvements or vehicle repairs. This adaptability guarantees that you pay solely for the funds you put to use, offering enhanced convenience and cost efficiency.

Monthly Payments

Ensure that the monthly payment amount comfortably fits within your budget. It is crucial to manage general expenses while also repaying the loan along with interest.

Credit Requirements

While the majority of lenders tend to favor borrowers with good to excellent credit scores, usually around 670 or higher, some lenders might consider individuals with poor to fair credit. It's important to note that having a higher credit score increases your chances of approval, but it doesn't guarantee more favorable interest rates. In Odessa, the minimum acceptable credit score is Poor (300 - 579). As you search for a loan, customize your approach to lenders offering terms that align with your specific credit score.

Collateral

Personal loans are typically unsecured, meaning they don't require collateral. However, in some cases, loans may require collateral, which often leads to lower interest rates as it reduces the lender's risk. Unsecured loans generally come with higher interest rates. Choosing a secured personal loan can be a way to circumvent the high interest rates that can go as high as 36% in Odessa.

Origination Fee

Many lenders impose origination fees in addition to interest charges. These fees generally represent a percentage of the total loan amount, although the exact percentage may differ from one lender to another. Choosing a personal loan with lower processing fees can lead to savings in the long run. The typical range for loan origination fees falls approximately between 0.5% to 1% of the loan amount, but it's crucial to compare and opt for a loan with the lowest possible fees to maximize your cost savings over time.

Compare and choose the best personal loan in Odessa

The side-by-side comparison of all loan offers will help your research when choosing a loan with good terms for your financial situation.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Tips to Increase Your Personal Loan Approval Odds in Odessa, Texas

  • Enhance Your Credit. Enhancing your credit score enhances the likelihood of loan approval. Ensure you consistently make on-time payments for your debts, keep your overall credit utilization ratio low, minimize new credit applications, and rectify any inaccuracies on your credit report.
  • Increase Your Income. Increasing your income enhances your debt-to-income ratio, thereby improving your approval prospects. Consider requesting a raise at your current job or explore part-time job opportunities to supplement your earnings.
  • Avoid New Debt. While applying for a personal loan, avoid acquiring additional debt. Lenders perceive new debt as a risk factor, which can diminish your approval odds. Focus on paying off existing debts to reduce your overall debt load.
  • Be Realistic with Loan Amounts. Lenders generally prefer lower loan amounts to minimize risk. Determine the precise amount you need and request the minimum necessary. Smaller loan amounts are more likely to be approved and easier to repay.
  • Consider Joint Applicants. Exploring joint applicants or co-signers allows lenders to consider both credit scores and incomes, potentially improving your chances of approval. Ensure the reliability and trustworthiness of joint applicants or co-signers, as your financial matters will be interconnected.

Conclusion

Being ready for a personal loan is crucial, particularly in emergencies. By proactively taking steps today, you significantly enhance your likelihood of securing approval for a personal loan when you require it the most.

FAQ

What is the highest interest rate on a personal loan in Odessa, Texas?

The highest interest rate on personal loan in Odessa is 36%.

What is the biggest loan amount in Odessa, Texas?

The biggest personal loan amount in Odessa is $500,000.

What credit score do I need to have to get a personal loan in Odessa, Texas?

To get approved for a personal loan in Odessa you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

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content@myfin.us

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