Texas Debt Consolidation: How to Get a Personal Loan

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While Texas residents earn slightly less than the rest of the country, they also have a smaller amount of total debt.

Texas Debt Consolidation: How to Get a Personal Loan - Credible (1)

However, although Texas residents had marginally less debt than the national average, it could still be a lot to handle. One option to more easily manage your debt is to combine it with a debt consolidation loan.

Here’s what to know about debt consolidation in Texas:

Where to get a debt consolidation loan in Texas
How to apply for a debt consolidation loan
Will a debt consolidation loan affect your credit score?
Alternatives to debt consolidation loans

Where to get a debt consolidation loan in Texas

A debt consolidation loan is a type of personal loan that lets you combine multiple types of debt and leaves you with one payment and potentially a lower interest rate.

If you’re looking for debt consolidation loans in Texas, here are a few lender options to choose from:

Online lenders
Banks
Credit unions

Online lenders

Online lenders can be a convenient choice for debt consolidation loans since you can easily shop around and compare loan options with just a few clicks of your mouse.

The time to fund for online loans is typically five business days or less — though depending on the lender, you might have your loan funded as soon as the same or next business day if you’re approved.

Here are Credible’s partner lenders that offer debt consolidation loans in Texas:

Lender	Fixed rates	Loan amounts	Min. credit score	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 29.99% APR	$7,500 to $50,000	Not disclosed by lender	2, 3, 4, 5
Fixed APR: 7.99% - 29.99% APR Min. credit score: Does not disclose Loan amount: $7,500 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: If approved, funds sent within 24-72 hours† Fees: Origination fee Discounts: No Eligibility: Available in all states except CO, CT, HI, KS, ND, NV, VT, WV, WI, and WY Customer service: Phone Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.95% - 35.99% APR	$2,000 to $35,000^**	550	2, 3, 4, 5*
Fixed APR: 9.95% - 35.99% APR Variable APR: N/A Min. credit score: 550 Loan amount: $2,000 to $35,000** Loan terms (years): 2, 3, 4, 5* Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except HI, VT, MA, ME, NY, WV Customer service: Phone, email Soft credit check: Yes Loan servicer: Avant Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes Min. Income: $1,200 monthly
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	11.79% - 20.84% APR	$10,000 to $50,000	730	3, 4, 5, 6
Fixed APR: 11.79% - 20.84% APR Variable APR: N/A Min. credit score: 730 Loan amount: $10,000 to $50,000 Loan terms (years): 3 to 6 years Time to fund: Next business day Fees: No prepayment penalty Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.99% - 35.99% APR	$2,000 to $50,000	600	2, 3, 4, 5
Fixed APR: 8.99% - 35.99% APR Variable APR: N/A Min. credit score: 600 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 to 3 business days after successful verification Fees: Origination fee Discounts: None Eligibility: Available in all states except DC, IA, VT, and WV Customer service: Phone Soft credit check: Yes Loan servicer: Best Egg and Blue Ridge Bank Min. Income: None Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 24.99% APR	$2,500 to $40,000	660	3, 4, 5, 6, 7
Fixed APR: 7.99% - 24.99% APR Min. credit score: 660 Loan amount: $2,500 - $40,000 Loan terms (years): 3, 4, 5, 6, 7 Time to fund: As soon as the next business day after acceptance Fees: Late fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	11.72% - 17.99% APR	$5,000 to $40,000	640	2, 3, 4, 5
Fixed APR: 11.72% - 17.99% APR Min. credit score: 640 Loan amount: $3,000 to $40,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 2 to 5 business days after verification Fees: Origination fee Discounts: None Eligibility: Available in all states except MA and NV Customer service: Phone, email, chat Soft credit check: Yes Min. Income: $25,000 Loan Uses: Debt consolidation and credit card consolidation
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.57% - 35.99% APR	$1,000 to $40,000	660	3, 5
Fixed APR: 9.57% - 35.99% APR Min. credit score: 660 Loan amount: $1,000 to $40,000 Loan terms (years): 3, 5 Time to fund: Usually takes about 2 days^† Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Loan servicer: LendingClub Bank Min. Income: None Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 35.99% APR	$2,000 to $36,500	660	2, 3, 4, 5, 6
Fixed APR: 7.99% - 35.99% APR Min. credit score: 660 Loan amount: $2,000 to $36,500 Loan terms (years): 2, 3, 4, 5, 6 Time to fund: As soon as the next business day Fees: Origination fee Discounts: Autopay Customer service: Phone, email Soft credit check: Yes Min. Income: $20,000 Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.49% - 25.49% APR with autopay	$5,000 to $100,000	700	2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
Fixed APR: 7.49% - 25.49% APR with autopay Min. credit score: 700 Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7* Time to fund: As soon as the same business day Fees: None Discounts: Autopay Eligibility: Available in all states except VT Customer service: Phone, email Soft credit check: No Loan servicer: LightStream Min. Income: Does not disclose Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	18.0% - 35.99% APR	$1,500 to $20,000	540	2, 3, 4, 5
Fixed APR: 18.0% - 35.99% APR Min. credit score: 540 Loan amount: $1,500 to $20,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 to 2 business days after approval Fees: Origination fee Discounts: None Eligibility: Must have photo I.D. issued by U.S. federal, state or local government Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.49% - 17.99% APR	$600 to $50,000 (depending on loan term)	760	1, 2, 3, 4, 5
Fixed APR: 8.49% - 17.99% APR Min. credit score: 760 Loan amount: $600 to $50,000* Loan terms (years): 1, 2, 3, 4, 5 Time to fund: 2 to 4 business days after verification Fees: None Discounts: 0.25% reduction with use of AutoPay Eligibility: Does not disclose Customer service: Phone, email Soft credit check: No Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, credit card refinancing
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.99% - 29.99% APR¹⁰	$5,000 to $100,000	Does not disclose	2, 3, 4, 5, 6, 7
Fixed APR: 8.99% - 29.99% APR¹⁰ Min. credit score: Does not disclose Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7 Time to fund: 3 business days Fees: No fees required Discounts: Autopay Eligibility: Available in all states Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Solely for personal, family, or household uses
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	11.69% - 35.99% APR⁷	$1,000 to $50,000	560	3, 5, or 7 years ⁸
Fixed APR: 11.69% - 35.99% APR⁷ Min. credit score: 560 Loan amount: $1,000 to $50,000 Loan terms: 3, 5, or 7 years ⁸ Time to fund: Within one day, once approved⁹ Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases Fees: Origination fee Discounts: Autopay Eligibility: A U.S. citizen or permanent resident; not available in DC, IA Customer service: Phone, email Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.49% - 35.99% APR	$1,000 to $50,000	600	2, 3, 5, 6
Fixed APR: 8.49% - 35.99% APR Min. credit score: 600 Loan amount: $1,000 to $50,000* Loan terms (years): 2 to 7 Time to fund: Within a day of clearing necessary verifications Fees: Origination fee Discounts: Autopay Eligibility: Available in all 50 states and Washington, D.C. Customer service: Email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.8% - 35.99% APR⁴	$1,000 to $50,000⁵	620	3 or 5 years⁴
Fixed APR: 7.8% - 35.99% APR⁴ Min. credit score: 620 Loan amount: $1,000 to $50,000⁵ Loan terms (years): 3 or 5 years⁴ Time to fund: As soon as 1 - 3 business days⁶ Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Min. Income: $12,000 Loan Uses: Payoff credit cards, consolidate debt, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available \|LightStream disclosure\| 10SoFi Disclosures \| Read more about Rates and Terms

Banks

If you already have an account at a bank, it could be worth checking to see if they also offer debt consolidation loans since you might qualify for a rate discount as an existing customer.

Keep in mind: Some major national banks — such as Bank of America, Capital One, and Chase — don’t offer personal loans for debt consolidation. However, many others do.

Here are a few regional banks in Texas that offer debt consolidation loans. Note that these lenders aren’t Credible partners.

Learn More: Credit Card Consolidation Loans

Credit unions

Because credit unions are nonprofit organizations, they sometimes offer lower rates than banks. They also tend to be more community-focused.

Keep in mind: You’ll need to join the credit union to apply for a loan. For example, you might have to live in a certain area, work in a specific field, or join an associated charity to qualify for membership.

How to apply for a debt consolidation loan

If you’re ready to apply for a debt consolidation loan, follow these four steps:

Check your credit history. Lenders will review your credit to determine your creditworthiness, which is why it’s important to make sure your credit history has no errors that could be impacting your score. You can use a site like AnnualCreditReport.com to check your credit reports. If you find any errors, dispute them with the appropriate credit bureaus to potentially see a boost to your credit score.
Compare lenders and choose a loan option. Be sure to compare as many lenders as possible to find the right loan for you. Consider not only personal loan rates but also repayment terms and any fees charged by the lender. After you’ve done your research, you can pick the loan option that best suits your needs.
Fill out the application. Once you’ve chosen a lender, you’ll need to complete a full application and submit any required documentation, such as tax returns or pay stubs.
Get your funds. If you’re approved, the lender will have you sign for the loan so they can release the funds to you. The time to fund for a debt consolidation loan is typically one week or less.

Tip: You’ll generally need good to excellent credit to get approved for a debt consolidation. While some lenders offer debt consolidation loans for bad credit, these typically come with higher rates compared to good credit loans.

If you’re struggling to get approved for a personal loan for debt consolidation, another option is applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own — which could help you save money on interest charges over time and potentially pay off your loan faster.

Learn More: How Do Personal Loans Work?

Will a debt consolidation loan affect your credit score?

While a debt consolidation loan could temporarily hurt your credit score, the positive impact will usually outweigh this over time.

Here are a few ways that a debt consolidation loan could impact your credit score:

Could lower your credit utilization ratio: Your credit utilization — which is the amount of credit you’ve used compared to the total amount of credit you have available — makes up 30% of your FICO score. Consolidating your debt might help reduce this ratio and improve your credit.
Might help payment history: Your payment history makes up the biggest part of your credit score. If you want to build your credit, consistently making on-time payments on your debt consolidation loan could help.
Could add to your credit mix: Lenders like to see that you can handle multiple types of debt, so adding a consolidation loan to your credit mix might have a positive impact.
Might temporarily lower your score: Because the lender will perform a hard credit pull when you apply for a debt consolidation loan, you could see your score drop by a few points. However, this effect is usually short-lived, and you’ll likely see your score bounce back within a few months.
Could damage your credit if you miss payments: If you can’t keep up with your payments, you could see your score drop significantly.

Check Out: Pay Off Credit Card Debt ASAP With a Personal Loan

Alternatives to debt consolidation loans:

If a debt consolidation loan doesn’t seem right for you, here are a few other options to consider:

Balance transfer credit card: If you want to pay off credit card debt, a balance transfer card could be a good choice. Some cards offer a 0% APR introductory offer, during which you won’t have to worry about interest charges on the card. If you can repay your balance before this period ends, you could avoid paying any interest. However, keep in mind that if you can’t pay off the card in time, you could be stuck with some hefty interest charges.
Home equity loan: Homeowners might be able to access the equity in their homes with a home equity loan. If you’re considering a home equity loan vs. personal loan, note that you might get a lower interest rate on a home equity loan since it’s secured by your house. However, keep in mind that if you can’t make your payments, your home could be at risk.
Debt management plan: These plans are offered by nonprofit credit counseling agencies — such as the National Foundation for Credit Counseling — that help you get your payments back on track with your creditors. You’ll typically make one monthly payment over three to five years, which the agency pays out to your creditors.
Debt settlement: This service is offered by third-party companies and could help you reduce your debt, typically by negotiating a smaller lump-sum payment with your creditors. Keep in mind that debt settlement companies sometimes ask you to simply stop paying your debts as a way to gain leverage in the negotiations, which could hurt your credit. There’s also no guarantee it will work — so if you decide to go this route, be sure to consult with an attorney or the appropriate financial advisors first. Your local credit unions might also have advisors available to help you make an informed decision.
Bankruptcy: If you can’t pay your bills, declaring bankruptcy might be an option. Note that bankruptcy can come with costly fees and could severely damage your credit for up to 10 years, so it should be a last resort after exploring all of your other alternatives.

If you decide to take out a personal loan to consolidate your debt, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders that work with Texas residents in two minutes.

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About Rates and Terms:Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Texas Debt Consolidation: How to Get a Personal Loan - Credible (2024)