Top Lenders & Best Rates for You
Best Debt Consolidation Loans in Arizona of 2024
Updated: December 28, 2023
Advertising & Editorial Disclosure
- Best Overall Debt Consolidation Loan Lender in Arizona
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Arizona
- Best Debt Consolidation Loan Lender for Bad Credit in Arizona
- Best Debt Consolidation Loan Lender for Good Credit in Arizona
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Arizona
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Arizona
Best Debt Consolidation Loan Lenders in Arizona
MoneyGeek analyzed different lenders offering debt consolidation loans in Arizona based on 30+ data points, including APR ranges, minimum credit scores, fees, loan amounts, disbursement times and more. Our analysis will help you find the lender that’s the best fit for your needs.
We found that Upgrade provides the best debt consolidation loans in Arizona, while LightStream is the runner-up. Upstart’s loans will suit you best if you have a bad credit score. For borrowers with a good credit history, SoFi would be the ideal option.
Best Overall Debt Consolidation Loan in Arizona: Upgrade
Runner-Up for Best Debt Consolidation Loan in Arizona: LightStream
Best Debt Consolidation Loan for Bad Credit in Arizona: Upstart
Best Debt Consolidation Loan for Good Credit in Arizona: SoFi
How to Choose the Best Debt Consolidation Loan in Arizona for You
MoneyGeek’s data shows Arizona’s residents have an average credit score of 714. Besides your credit score, it’s also important to consider other financial factors like your income level and previous debts before applying for a loan. While a debt consolidation loan can help you lower your monthly payments, it may not be a good option if you don’t qualify for a lower interest rate.
If you want to choose the best lender for debt consolidation in Arizona, we recommend following these steps.
Ask Yourself the Important Questions
Analyzing your financial needs is essential to choosing the best lender. It’s good to know how much funding you need and the lender’s requirements, as it’ll help you save money and extra effort. MoneyGeek recommends asking yourself the following questions before applying for a loan:
- How much funding do you need?
- What’s your credit score?
- Can you afford the monthly payments?
- Do you have existing debts?
- Is your debt manageable through other means?
Do Your Research
Before you finalize a lender, it’s best to do your research, shop around and compare the rates of different lenders. It’ll help you give a clear idea of what features you are looking for and which lender will suit you best. Conducting thorough research is essential, as a debt consolidation loan is a long-term commitment and involves a hard credit inquiry that can hurt your credit score. While MoneyGeek has provided you with comparisons of various lenders and other resources, it would help if you also researched them yourself, as our recommendations may not be ideal for you.
Wait
If you have found a lender that offers the best loan based on your needs, you should wait a few days before applying. You can research the lender’s customer service ratings and general reputation during this period. It would also be best to explore other means to meet your financial needs.
Read the Fine Print
It’s important to look at the lender’s loan agreement and read the fine print. It can help you understand the different fees charged by the lender and if there are any other hidden charges. See if the lender has application, origination or prepayment fees. Understanding the fine print can help you save a lot of money in the long run.
Apply
Once you’ve read the lender’s fine print, you can apply for a debt consolidation loan. At this stage, the lender may ask you for identification documents, income details and other financial information. While it’s easy to apply online, you can also visit the lender to apply if that seems more comfortable.
What to Do if You Can’t Get a Debt Consolidation Loan in Arizona
It’s not guaranteed that the lender will approve your debt consolidation loan after applying. Sometimes, lenders reject loan applications for various reasons, including a low credit score, insufficient income, incomplete application or a high debt-to-income ratio.
Once the lender lets you know about the rejection, you can ask them to inform you about the factor that caused the denial. You can then improve that factor and apply for the loan again. For instance, if the lender rejected your loan application due to a low credit score, you can get a credit card that helps you rebuild your credit history and then apply again. You can also change the loan amount or repayment term to see if it increases approval odds. While it may be tempting to re-apply with a different lender, you’re less likely to get approval without improving the factor which caused the denial in the first place.
You might also be thinking about getting a payday loan. However, MoneyGeek strongly recommends against it, as such loans have a very high APR and short repayment terms, often resulting in more debt.
Calculate Your Monthly Payment
A personal loan generally has to be repaid by the borrower in monthly installments, including interest. That’s why estimating whether you can afford a monthly payment before you get a new loan is essential. MoneyGeek’s loan calculator will help you understand if you can easily repay a debt consolidation loan.
FAQs About Debt Consolidation Loans in Arizona
The best debt consolidation lender will depend on your financial needs and various other factors. MoneyGeek researched the following frequently asked questions about debt consolidation in Arizona to help you understand how it works in the state.
We found that Upgrade provides the best debt consolidation loans in Arizona, while LightStream is the runner-up. Upstart’s loans will suit you best if you have a bad credit score. For borrowers with a good credit history, SoFi would be the ideal option.
MoneyGeek’s research shows Upstart has the lowest interest rates in Arizona. It charges an APR starting at 3.22% for well-qualified borrowers.
Most lenders in Arizona prohibit the use of loan funds for paying off student loans, along with paying for gambling debts and illegal activities. It would be best to contact your lender to understand what other restrictions they have on the usage of funds.
The maximum loan amount is different for every lender. In Arizona, you can get a maximum loan of $100,000 for debt consolidation.
Some lenders in Arizona offer same-day funding, while it can generally take up to seven days to receive the funds in your account with other lenders.
Yes, it’s possible to pay off your loan early in Arizona. However, some lenders may charge you a prepayment penalty. It’s best to contact your lender and ask if they have any prepayment fees.
MoneyGeek reviewed more than 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR range, available loan amount, minimum credit score, minimum income amount, application fee and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.
sources
- LightStream. "Debt consolidation." Accessed June 29, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed July 29, 2022.
- Upstart. "Simple and Fast Debt Consolidation Loans." Accessed June 29, 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.