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Best Personal Loans in Arizona

LightStream has the best personal loans in Arizona. It offers an autopay discount, fast disbursement of funds and no fees.

Different types of borrowers can find the best loans from other lenders. Those with bad credit can find the ideal loan from Upstart, and those with good credit may prefer SoFi. The best loans for debt consolidation and home improvement are Upgrade and BestEgg, respectively.

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Last Updated: 11/22/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Arizona: LightStream

MoneyGeek analyzed 30 factors to determine the best personal loans in Arizona. Factors including loan amounts, repayment terms and interest rates were taken into account. MoneyGeek even included factors affecting the chances of getting approved, like age requirements, gross income and minimum credit score.

MoneyGeek also considered convenience for customers for transactions, such as the application process for each lender. While some lenders require in-person submissions, others accept online applications. Additionally, we found out which lenders have mobile apps that buyers can use.

Best Overall Personal Loan Lender in Arizona: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Arizona: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Arizona: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Arizona: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Arizona: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Arizona for You

The average personal loan debt in Arizona reached $20,113 as of 2020. The average interest rate for this type of loan is 8.93%. These may vary depending on the lender.

There are also various factors you need to consider when applying for a personal loan, such as your credit score, income and current debts. MoneyGeek breaks down some steps that can help you find the best personal loans in Arizona based on your needs.

1

Ask Yourself the Important Questions

The first thing you have to do is determine whether taking out a personal loan is the best option for you.

You can start by answering the following questions:

  • How much funding do you need? Figure out your goal. Why do you need a loan? Then, determine how much money you need.
  • What is your credit score? Your credit score plays an important role when it comes to personal loans. Lenders will check your creditworthiness before approving your application. Lenders typically have a minimum credit score requirement.
  • Can you afford the monthly payment? Consider your financial situation. Make sure you can pay the monthly bills on time.
  • How much debt do you already have? If you currently have other loans to take care of, it is best to think twice before getting a personal loan.
2

Do Your Research

Before applying for a personal loan in Arizona, make sure that you do your research. A personal loan is a commitment that could affect your finances for a long time. Depending on your loan term, you will have monthly obligations for two to four years on average.

Check your options and find out about all relevant information in a loan package. For example, determine how a lender conducts its credit inquiry. While some may do a soft check first, others may do a hard credit check. That could have an impact on your credit score.

It is also important to compare rates from multiple lenders to find the best deal. MoneyGeek created this guide to provide necessary information that could guide you through the process. However, these recommendations may not be perfect for all individuals. It is still best to explore other options based on your unique circumstances.

3

Wait

After gathering all the necessary information, consider spending a day or two evaluating your decision. Make sure that getting a personal loan is the best solution for you.

Do not automatically choose the first lender you find. Compare lender offerings and loan amounts. Keep in mind that a personal loan is a big commitment. So, you need to be 100% sure that you are ready to take on all accompanying responsibilities when taking out a loan.

4

Read the Fine Print

Taking time to make up your mind can also help you be more objective about your options. After revisiting possible lenders, you should be able to narrow your choices down to one or two companies.

This is the right time to check the fine print. Read it carefully and make sure you understand every detail. Do not overlook small details. What may seem unimportant could end up costing you more or helping you save money. Evaluate all types of fees, such as origination, late and prepayment penalties.

5

Apply

Once you are absolutely sure about your decision, you can proceed with the application. Check the requirements of the lender you have chosen. While these may vary by lender, you typically need identification, proof of income and address verification.

Most lenders allow online applications. While this is a convenient option, calling or visiting the lender can help you better address your concerns.

What to Do if You Can’t Get a Personal Loan in Arizona

Lenders have requirements that borrowers must meet. This means that not all loan applications get approved. There are various reasons why this happens, such as low credit scores or not enough income.

It is alright if your loan application gets denied. You can take certain steps to increase the chances of approval. MoneyGeek recommends calling or sending an email to the lender after receiving the decision. Find out the specific reason why your loan application was not approved. Ask them if there is a way to modify your application, such as shortening the loan terms or decreasing the loan amount.

If it is absolutely necessary, you can also opt to apply for a personal loan at another company. However, it is best to avoid this until you improve the factor that caused your loan application to be denied.

It is also important to be wary of financial arrangements offering easy approval, such as payday loans. While these may seem attractive, they come with many disadvantages. These include incredibly high-interest rates and quick payback periods.

Frequently Asked Questions About Personal Loans in Arizona

When looking for the best personal loans in Arizona, it is important to consider your circumstances. MoneyGeek answers some of the most commonly asked questions to help you make informed decisions.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, 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 APR ranges, available loan amount, minimum credit score, minimum income amount, application fees 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 decided and chosen 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.

sources

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.