Best Personal Loans in Arizona of 2024

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ByChristopher Boston
Edited byJonathan Ramos

Updated: December 28, 2023

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Securing a personal loan can feel like unlocking a financial toolkit customized just for you. Whether you're grappling with sudden repair costs for your home, looking to finance your dream vacation or aiming to consolidate multiple debts into a single, manageable payment, a personal loan can be your go-to solution.

Depending on your specific needs and circumstances, the best personal loan in Arizona for you could vary. MoneyGeek found that LightStream is the best overall lender in the Grand Canyon State. Upstart is ideal for bad credit, whereas SoFi is preferable for good credit. Upgrade offers the best deal for debt consolidation, while Best Egg is excellent for home improvements.

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Understanding Personal Loans

A personal loan is like a financial wildcard, offering you the flexibility to cover a wide array of expenses, from unexpected emergencies to planned expenditures like a vacation or home renovation. The mechanics are simple but effective: you apply for a specific amount, and if approved, that sum is transferred to you in a single payment.

Once you receive the funds, often in a lump sum, you’re responsible for paying back the amount in consistent monthly installments over an agreed-upon time frame, which can vary from as little as six months to as long as seven years. One of the appealing aspects of personal loans is the fixed interest rate, which means your monthly payments remain the same throughout the life of the loan, making it easier for you to manage your budget.

The Types of Personal Loans Available in Arizona

When shopping around for a personal loan, expect to encounter different options, each with its own unique purpose and benefits. Whether you're looking to consolidate multiple debts or finance a significant life event, understanding the different types of personal loans can be your first step toward making a wise financial decision.

  • Unsecured personal loans: Unsecured personal loans are granted based on your credit score and financial standing, without the need for collateral. While they offer the most flexibility in terms of usage, the lack of collateral often translates to higher interest rates.

  • Secured personal loans: For secured personal loans, you'll need to provide an asset, such as real estate or a vehicle, as a safety net for the lender. This collateral usually helps you secure a lower interest rate, but it also means you risk losing the asset if you default on the loan.

  • Debt consolidation loans: Aimed at streamlining your financial obligations, debt consolidation loans allow you to pay off multiple smaller debts by taking out one larger loan. This can result in a single, more manageable monthly payment and potentially lower your overall interest rate.

  • Fixed-rate loans: With a fixed-rate loan, the interest rate stays the same for the entire loan term. This offers the advantage of predictable monthly payments, making budgeting and planning your finances easier.

  • Variable-rate loans: Variable-rate loans have interest rates that can change over time based on market conditions. While they may offer lower initial rates, the fluctuating interest can make budgeting more challenging as your monthly payments can vary.

  • Co-signed loans: Ideal for those with less-than-stellar credit, co-signed loans require a co-signer with a strong credit history. The co-signer's good credit can help you qualify for the loan and secure more favorable terms, but they are also on the hook if you fail to make payments.

Pros and Cons of Personal Loans

Personal loans offer a range of solutions for various monetary needs. However, like any financial tool, they come with both benefits and drawbacks that can significantly impact your finances. Understanding these pros and cons of personal loans can help you make an informed decision that aligns closely with your financial goals and circumstances.

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Where to Get Personal Loans in Arizona

There are three main types of personal loan lenders: traditional banks, online lenders and credit unions. Each offers a distinct set of benefits and limitations that cater to various financial needs and profiles.

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How to Get the Best Personal Loan in Arizona for You

In Arizona, the average personal loan debt is $23,009. People often resort to personal loans for many reasons, such as covering the costs of medical bills, consolidating multiple debts and even financing home renovations or dream vacations.

If you're considering this financial route, here's a detailed guide to help you find and apply for a personal loan that suits your unique circumstances.

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Alternatives to Personal Loans

Personal loans are often the go-to solution for those needing quick, flexible financing, but they're far from being the only option on the table. Depending on your financial profile and the specific needs you're looking to address, you might find several alternatives more suitable.

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Frequently Asked Questions About Personal Loans

When it comes to personal loans, even the most financially savvy may have questions. Between the terms, the rates and eligibility requirements — there's a lot to consider. We addressed the most frequently asked questions about personal loans in Arizona to offer insights that can help you make the best choice for your financial situation.

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METHODOLOGY

We evaluated more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, consumer friendliness, customer service, accessibility, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include available loan amounts, APR ranges, minimum credit score and income requirements, application fees and disbursement time.

MoneyGeek values you, the consumer, so we also factored in each lender’s customer support, business ratings and additional features that could make your experience easier and more convenient — like prequalification, payment options and mobile apps.

After careful consideration and calculation, we selected our top picks with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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About Christopher Boston


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Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


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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.