Best Debt Consolidation Loans in Tucson of 2024

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Tucson, AZ

MoneyGeek examined more than 30 data points — comparing loan terms, Better Business Bureau (BBB) ratings, APR ranges, origination costs and other fees — to assist you in finding the best debt consolidation loan lender in Tucson.

Remember that the best lender may differ for each borrower, but after MoneyGeek’s analysis of various lenders, LightStream emerged as the overall best debt consolidation loan in Tucson. MoneyGeek's guide is your companion in finding the right debt consolidation loan provider for your needs and goals.

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Best Overall Debt Consolidation Loan in Tucson, AZ: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream is Truist Bank’s online lending platform, established in 2019. It offers personal loans for a variety of needs, including debt consolidation. MoneyGeek named LightStream as the best lender for a debt consolidation loan in Tucson.

    You need to have a credit score of at least 660 to be eligible for a LightStream loan. The business offers loans from $5,000 to $100,000. If you need a loan to take care of an emergency situation, LightStream stands out since it can disburse money on the day your loan is approved.

    Finally, LightStream offers more generous APRs than most personal loan lenders, partially due to the fact that LightStream requires a good credit score.

    Pros

    • High maximum loan amount
    • No origination or late fees
    • Same-day fund disbursement
    • Provides 0.5% autopay discount
    • Broad range of repayment terms

    Cons

    • Conducts hard credit inquiry
    • No online prequalification
    • Has fund usage restrictions
    • Co-signers not allowed
    • Not available to people with new or no credit
    LightStream

Runner-Up for Best Debt Consolidation Loan in Tucson, AZ: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi, a startup established in 2011, is the runner-up for the best debt consolidation loan in Tucson in MoneyGeek’s analysis. With good-to-excellent credit and a yearly income of at least $50,000, anyone seeking debt consolidation loans may consider SoFi. It offers loans with reasonable (if unimpressive) rates and no fees, but applicants must have credit scores of at least 680 to be considered.

    SoFi provides debt consolidation loans with adjustable periods and a maximum amount of $100,000. The soft credit check it runs has no effect on your credit ratings. Applying for a debt consolidation loan through SoFi's online system may also be convenient for borrowers.

    If you opt for automatic payments, SoFi will provide a 0.25% discount.

    Pros

    • A+ BBB rating
    • Conducts soft credit check
    • No late fees
    • Offers unemployment protection
    • Get rates in just 60 seconds

    Cons

    • Relatively high minimum APR
    • Requires good-to-excellent credit
    • Charges origination fees that can reach 8%
    • Minimum gross income requirement of $50,000
    SoFi

Best Debt Consolidation Loan for Bad Credit in Tucson, AZ: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Upstart, an artificial intelligence (AI) lending platform established in 2012, set out to provide its partners and customers with affordable access to credit. There are many uses for personal loans, including debt consolidation.

    Upstart is the best choice for a debt consolidation loan in Tucson for those who have bad credit, especially if they need the funds quickly. Upstart takes into account your income and work situation, whereas many lenders pay close attention to your credit scores. The company only runs a soft credit check, which has no impact on your credit score.

    In addition, Upstart accepts borrowers with poor or no credit history, which very few competitors will do.

    Pros

    • Conducts soft credit pull
    • No prepayment penalty
    • 300 minimum credit score
    • Next-day loan disbursement

    Cons

    • No autopay discount
    • Origination fees of up to 8%
    • Debt-to-income limit of 45%
    • Has employment requirement
    • Not available for applicants with bankruptcy or delinquency records
    Upstart

Best Debt Consolidation Loan for Good Credit in Tucson, AZ: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    In 2017, a group of fintech executives created Upgrade, a company that provides debt consolidation personal loans. The company was named the best lender for a debt consolidation loan in Tucson by MoneyGeek for borrowers with good credit.

    Upgrade accepts applicants with credit scores of at least 560 and has no minimum income requirements. Up to $50,000 in debt consolidation loans are offered by Upgrade, with flexible repayment terms.

    Upgrade charges somewhat high interest rates for its personal loans, in addition to late and origination fees, given that it concentrates on lending to consumers with bad and fair credit.

    Pros

    • A+ BBB rating
    • Conducts soft credit check
    • No prepayment penalty
    • No minimum gross income requirement

    Cons

    • Charges $10 late fee
    • Low loan limit of $50,000
    • Origination fees from 1.85% to 8.99%
    • Restrictive fund usage
    Upgrade

How to Choose the Best Debt Consolidation Loan in Tucson, AZ, for You

Arizona has an average personal loan debt of $20,113. Before applying for a debt consolidation loan in Tucson, carefully consider the loan amounts, interest rates, repayment terms and any potential fees.

You should take a few important factors into account before applying for a debt consolidation loan.

1

Ask Yourself the Important Questions

You must first decide whether obtaining a debt consolidation loan would be a wise choice for you before evaluating which lenders' eligibility standards you meet. To choose the best debt consolidation loan in Tucson, you should ask yourself the following questions:

  • How much cash do I need? Determine how much money you'll require, then choose a lender who can provide that amount.
  • What’s your credit score? Your ability to obtain loans and the interest rates you will pay are both influenced by your credit score.
  • Will I be able to afford the needed monthly payment? Payment delays will result in late penalties and the decline of your credit.
  • Do you have existing debts? Avoid a high debt-to-income ratio because lenders may consider it when determining your eligibility.
  • Can you pay off your debt in other ways? You might not require a loan if there are other options to address your debt reduction needs.
2

Do Your Research

Complete your homework before applying for a debt consolidation loan in Tucson. To find out which lender offers the best rates, you may compare APRs from different lenders.

Make sure you understand where the money can be used because some lenders have restrictions on how you may use the loan. Doing your research ahead of time can save you a lot of hassle in the long run.

3

Wait

You will be responsible for paying back your debt consolidation loan for several years. Take some time to reflect after you've gathered all the information you need. Don't take any action until you are convinced that you can meet all of the loan's demands.

4

Read the Fine Print

It is always a smart idea to study the fine print before submitting your loan application for debt consolidation. Do not presume that you are familiar with all aspects of the loan because not reading the fine print could end up costing you a lot of money.

5

Apply

After completing these steps, you will move on to the most important step in the debt consolidation loan application procedure. You will be required to provide certain supporting documentation and information during the application process. You can do this either in-person or online, depending on the lender.

What to Do if You Can’t Get a Debt Consolidation Loan in Tucson, AZ

Despite the possibility that your initial debt consolidation loan application may be declined, you should not lose hope. Asking your lender why it denied your application is the best course of action. For example, inadequate income, poor credit scores and a high debt-to-income ratio are some of the common causes of loan rejection.

You might be able to bargain with your lender to ask for a lesser loan amount or a shorter repayment period when you know why your application was denied. If the lender won’t allow it, you might want to think about submitting an application to another debt consolidation lender.

Payday loans may tempt some disheartened borrowers, but MoneyGeek strongly discourages readers from taking out these loans. Payday loans have extremely high APRs and very brief repayment periods. They can often make your financial troubles significantly worse.

Calculate Your Monthly Payment

Keep in mind that interest is added to monthly payments for debt consolidation loans. To easily determine whether you are in a position to take out a loan, MoneyGeek provides a debt consolidation loan calculator.

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Frequently Asked Questions About Debt Consolidation Loans in Tucson, AZ

Your financial needs are the most important consideration when choosing a lender. To help you decide, MoneyGeek answers some frequently asked questions about debt consolidation loans in Tucson.

According to MoneyGeek's analysis of many local lenders, LightStream offers the best debt consolidation loan in Tucson. Remember that a different lender might be a better fit for you based on your specific needs.

If you're looking for the best debt consolidation loan in Tucson with the lowest APR, Upstart is a good option for you because it provides a low interest rate.

Each lender has different restrictions. For instance, you cannot consolidate debt for investments or business purposes with some lenders, although this is not a restriction with others.

Up to $100,000 in debt can be consolidated in Tucson, though each lender may have different limits.

Depending on the lender, it can take up to two days to get a debt consolidation loan in Tucson. That said, there are many lenders offering next- or same-day funding.

You have the option of paying your debt before it's due. If you pay off your loan early, some lenders may charge a prepayment penalty, but many don't. For more details, review the fine print of the loan agreement.

Methodology

METHODOLOGY

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 ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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
Shield Insurance

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.