Top Lenders & Best Picks for You
Best Personal Loans in Mesa, AZ
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Mesa
- The Best Personal Loan Lender for Bad Credit in Mesa
- The Best Personal Loan Lender for Good Credit in Mesa
- The Best Personal Loan Lender for Debt Consolidation in Mesa
- The Best Personal Loan Lender for Home Improvements in Mesa
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Mesa
MoneyGeek's Picks for Best Personal Loan Lenders in Mesa, AZ
MoneyGeek factored in more than 30 data points to evaluate lenders in Mesa, Arizona. We considered a lender’s affordability and availability, loan terms, origination and late fees, minimum credit score requirements, APR ranges, disbursement time, income requirements, customer service and some factors.
Our research indicates that LightStream is the best personal loan lender in Tucson overall. However, different lenders may better fit your financial needs. For example, Upstart is the best choice for those with poor credit, while SoFi is best for persons with good credit. Upgrade is best for debt consolidation, and Best Egg is the top choice for those planning home improvements.
Best Overall Personal Loan Lender in Mesa: Lightstream
Best Personal Loan Lender for Bad Credit in Mesa: Upstart
Best Personal Loan Lender for Good Credit in Mesa: SoFi
Best Personal Loan Lender for Debt Consolidation in Mesa: Upgrade
Best Personal Loan Lender for Home Improvement in Mesa: Best Egg
How to Choose the Best Personal Loan Lender in Mesa for You
When you need a loan for home improvement, car purchases and other purposes, a lender in Mesa, Arizona, will typically look at your credit score, current and past debts and income, among other factors. Arizona residents have an average credit rating of 714 and a reported average personal loan debt of $20,113.
MoneyGeek recommends taking the following steps to choose the best personal loan lender for your needs.
Ask Yourself the Important Questions
If you've decided you need a loan, understanding your current situation can help you make the best financial choice. Ask yourself the following questions before applying for a personal loan:
- How much funding do I need?
- How much debt do I have right now?
- What is my current credit standing?
- Can I afford the monthly payment of a potential loan?
Do Your Research
Lenders offer various interest rates and repayment terms. Understand you must pay back the money you borrow within a specific timeframe, usually two to four years. Though MoneyGeek provides you with honest and reliable lender recommendations, it's always best to do your own research and compare rates in your area before making a decision.
Wait
Once you’ve done your research on the right lender that suits your needs, wait and think about applying for a loan. You won’t regret stopping for a moment to think things through. Be sure you're doing what's right for you because there are serious consequences to consider, particularly impact on your credit score. Don’t disregard the importance of your financial reputation and credit score, which can affect future loans, purchases and insurance.
Read the Fine Print
It’s easy to miss details when searching for the best personal loan options. Many fees are stated upfront in the lender's terms and conditions, but some elements like late fees and origination fees may be buried deep in the document. Paying attention to the small print can help you save money in the long run.
Apply
After carefully considering your options, you can submit your loan application. At this point, you need to provide your personal information, such as verified identification, address and proof of income.
Though technology has made it possible to apply for a loan online and through your mobile phone, many lenders allow you to also apply over the phone or in person.
What to Do if You Can’t Get a Personal Loan in Mesa
Getting rejected for a personal loan is not out of the ordinary. If your application is rejected, ask the lender why and see if you’re eligible to reapply. You may want to reevaluate the loan amount or shorten your loan term.
You can consider applying for a loan from another lender, but it’s best to first address the issues that resulted in your rejection.
Some people turn to payday loans, but these come with very high-interest rates. Be careful with payday loans because they can negatively affect your credit scores if a collection agency contacts you for paying late. Even if you pay in full and on-time, your credit score will not increase.
Frequently Asked Questions About Personal Loans in Mesa
MoneyGeek answers frequently asked questions about personal loans in Mesa, Arizona.
LightStream is the overall best personal loan lender in Mesa. However, different lenders may better fit your financial needs. Upstart is best for those with poor credit, while SoFi is best if you have good credit. Upgrade is best for debt consolidation, and Best Egg is the top choice if you’re planning home improvements.
Upstart has the lowest APR in Mesa, starting at 3.22%.
Personal loans can be used for different reasons, including vacations. Different lenders have different restrictions on how you can use your funds, so always check first.
Almost all personal loans can be used for home improvement. However, always double-check with your lender.
Lenders typically prohibit using personal loans to buy stocks and bonds, gamble, pay for post-graduate education or participate in illegal activities. Always check with your lender to determine what restrictions it imposes.
You can take out a personal loan of up to $100,000 in Mesa.
Lenders in Mesa have different processing periods for funding personal loans. Usually, it takes one to seven business days to get the loan amount after being approved.
Lenders in Mesa may impose a prepayment charge if you decide to pay a personal loan before the end of your term. Prepayment penalty information should be available on the lenders’ websites.
Our Personal Loan Methodology
We looked at 35+ unique data points for over 30 personal loan providers in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility, and lender transparency.
Within each category, we analyzed data points we consider most valuable when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
We value you, the customer, at MoneyGeek, so we consider each lender's customer service, business ratings, and additional services like prequalification, payment alternatives, and mobile apps that could make your experience easier and more accessible.
After thorough consideration and assessment, we make our recommendations with your best interests in mind. Our personal loan suggestions and expert advice are intended to assist you in making the best selection possible when shopping for a lender that suits your requirements.
sources
- Best Egg. "Personal Loans." Accessed June 15, 2022.
- SoFi. "Disclosures & Disclaimers." Accessed June 15, 2022.
- Upstart. "Personal Loans: Apply Online, Quick Rate Check." Accessed June 15, 2022.
- Upgrade. "Personal Loans." Accessed June 15, 2022.
- LightStream. "LightStream | Loans for Practically Anything." Accessed June 15, 2022.
- LightStream. "Philanthropy | LightStream." Accessed June 15, 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
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