Best Personal Loans in Gilbert, AZ: Top Lenders & Best Picks for You
Updated: December 28, 2023
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Gilbert
- The Best Personal Loan Lender for Bad Credit in Gilbert
- The Best Personal Loan Lender for Good Credit in Gilbert
- The Best Personal Loan Lender for Debt Consolidation in Gilbert
- The Best Personal Loan Lender for Home Improvements in Gilbert
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Gilbert
MoneyGeek's Picks for Best Personal Loan Lenders in Gilbert, AZ
MoneyGeek collected and analyzed over 30 data points to determine its top picks for the best personal loan lenders in Gilbert, Arizona. Our comprehensive analysis included the credit and income requirements, terms and conditions as well as fees and penalties that are associated with the loan.
Using these parameters, we’ve identified the best overall personal loan lender in Gilbert for the average borrower. However, keep in mind that the most suitable option for you will always depend on your personal situation and financial goals.
Best Overall Personal Loan Lender in Gilbert: LightStream
Best Personal Loan Lender for Bad Credit in Gilbert: Upstart
Best Personal Loan Lender for Good Credit in Gilbert: SoFi
Best Personal Loan Lender for Debt Consolidation in Gilbert: Upgrade
Best Personal Loan Lender for Home Improvement in Gilbert: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Gilbert for You
Personal loans have increased in popularity in recent years. In Arizona, the average consumer has $20,113 in personal loan debt and is paying 8.93% in interest. But before you apply for a loan, it is important to evaluate several factors that can have a long-term impact on your financial well-being.
Here is MoneyGeek’s expert guide to finding the best personal loans in Gilbert.
Ask Yourself the Important Questions
Look at a personal loan just like you would any other type of loan. With proper planning and sound money habits, it could be a great tool that can help you reach your financial goals. However, it could just as likely get you in a financial bind if you fail to consider a few critical factors before applying.
Ask yourself the following:
- How do you intend to use the loan and how much funding do you need?
- What is your credit score? Does it meet the lender's minimum requirement?
- Do you have a steady and sufficient income? Will it be enough to cover the monthly loan payments in a timely fashion?
- What is your debt-to-income ratio? Can you handle another financial obligation?
Do Your Research
Typically, a personal loan requires a long-term commitment of making monthly payments for two to four years, on average. You cannot take this lightly, which is why it is important to perform your own extensive research to develop a thorough understanding of exactly what you’re getting into. Before applying for a personal loan, make sure you’re getting the best possible deal given your financial situation by comparing rates and terms from multiple lenders.
To help you in this complicated process, MoneyGeek has developed this guide as an excellent starting point in your search. You should still do your own research, especially if you have unique circumstances and specific needs that demand additional attention.
Wait
Once you’ve done your research, give yourself a much-needed break from all the stresses of actively looking for and evaluating the many loan options that are available. Take a day or two to relax and let your emotions settle before finalizing your decision on whether to apply for a personal loan or not. Resist the temptation to apply for the loan and to use it immediately. A personal loan is a big commitment, and you need to be 100% certain that it is the right path forward for you. You can also use this time to narrow down your choices of your preferred lenders or find alternative funding options.
Read the Fine Print
After you’ve settled on a particular lender, don’t be blindsided by unexpected fees and unnecessary charges. Take the time to read the fine print. It is your responsibility to keep tabs on the terms and conditions of your chosen lender. Avoid putting yourself into another financial dilemma by making sure you understand everything that is stated in the fine print of the loan agreement. Noting these little things, such as prepayment penalties, origination fees and late fees, will keep you from accumulating unnecessary expenses and will help you save big bucks in the long run.
Apply
At this point, you’re already completely confident about your decision to take out a personal loan, have outlined all the details that you need to apply and are sure that you meet the lender’s minimum requirements. You’re now ready to start the application process. Generally, lenders will require you to present your identification, proof of income and address verification, so it is best to keep these handy. Most lenders nowadays have a fully digital application process, which is preferred by many borrowers for its convenience. But if you want a more personalized service or would want to make a few inquiries before signing the application, don’t hesitate to call or visit the lender’s branch nearest to you.
What to Do if You Can’t Get a Personal Loan in Gilbert
Not all personal loan applications in Gilbert get approved. MoneyGeek recommends that you take the following steps if you find yourself in this situation.
First, reach out to your lender to ask why your loan application was denied. Was your credit score too low? Did the lender find your current income insufficient for the loan amount that you’re asking for? Do you have other existing debt that you’re still paying off?
Lenders might view these factors as red flags and question your ability to meet the loan’s monthly payments. During your discussion, take the opportunity to check if the lender can consider a modified application, such as having a lower loan amount or a longer repayment term.
Next, try to improve your financial standing. Perhaps you could get a different type of loan that is best for rebuilding credit.
Also, don’t be shortsighted by limiting your options to just personal loans. Explore the possibility of taking loans from family and close friends. However, we strongly advise you to avoid taking out a payday loan. This comes with a very high interest, which can quickly snowball into another huge debt that you’ll have to repay.
Frequently Asked Questions About Personal Loans in Gilbert
Your personal financial situation, especially your credit standing and income, will determine which lender in Gilbert will be best suited for your needs. Below are MoneyGeek’s answers to some of the most common questions about personal loans in Gilbert, Arizona, to help you learn more about your options and some key information.
The best overall personal loan lender in Gilbert is LightStream. That said, MoneyGeek has more specific recommendations depending on your borrower profile. For instance, SoFi is our top choice for those with good credit, whereas Upstart is our recommended lender for people with bad credit. For personal loans that will be used for debt consolidation and home improvement, the best options that we found are Upgrade and Best Egg, respectively.
In Gilbert, LightStream offers the lowest interest rate for personal loans. But you’ll need to have an excellent credit score to qualify for this rate. To get the best rates, we recommend improving your credit standing and overall financial situation.
Yes, you can use your personal loans for vacation expenses in Gilbert. However, you should be aware that some lenders may have restrictions on your loan fund usage. Speak directly with your lender to determine if there are any restrictions on how you may use your personal loan, especially if you plan on using it for a hassle-free vacation.
Generally, personal loans can be used to finance home improvement projects. This is actually one of the most common uses for this type of consumer loan. But because there are lenders who have restrictions on fund usage, it is wise to check with your preferred lender first before signing that loan agreement.
Some lenders prohibit borrowers from using their loan funds to finance certain expenses, such as postsecondary education, business purchases and stock market investments. To make sure that you can use your personal loan for the original intended purpose, it is best to check directly with a representative from your lender.
The maximum personal loan amount that you may borrow in Gilbert tends to differ depending on the lender and your creditworthiness. Typically, personal loans range from $1,000 to $100,000, and you may qualify for the highest loan amounts by having an excellent credit score.
The entire duration from loan application to disbursement varies for each lender. However, in some cases, the processing time could be as short as the same day to as long as a week to complete. If you’re looking to use your funds immediately, we suggest that you apply with a lender that has a fast turnaround time.
Yes, you may choose to pay off your loan early. However, some lenders will charge you a prepayment penalty if you repay your loan earlier than the expected date. You can easily check if your lender charges this type of fee through the company’s website and in the fine print of your loan agreement.
Our Personal Loan Methodology
MoneyGeek compared over 30 personal loan lenders based on six key categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
This led to our analysis of more than 35 individual data points, which we think are most important when choosing a personal loan lender. Some of these individual data points are APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Our analysis also included each lender’s reputation for customer support and business ratings as well as additional features that could make your personal loan experience easier and more accessible, such as prequalification, payment options and mobile apps.
We carried this out to give you our top picks for each category. We hope that you’ll use our personal loan recommendations and expert tips to make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "Personal Loans." Accessed September 8, 2022.
- LightStream. "Personal Loans." Accessed September 8, 2022.
- SoFi. "Personal Loans." Accessed September 8, 2022.
- Upgrade. "Personal Loans." Accessed September 8, 2022.
- Upstart. "Personal Loans." Accessed September 8, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.