Best Personal Loans in Arizona for 2024

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Updated: July 26, 2024

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In Arizona, when you need a personal loan, choosing the right lender is important. First Tech and PenFed are top picks from MoneyGeek, with scores of 98 and 96, respectively. They stand out for their excellent customer service, transparent terms and competitive rates.

If you live in Arizona, where the average credit score is 713 according to Experian data from 2023, you're likely to get good loan rate and terms. But remember, lenders also look at your income and debt when deciding to give you a loan.

MoneyGeek's analysis includes the lender's reputation, transparency, range of annual percentage rates (APR), minimum credit scores needed and flexibility in loan terms. These factors matter regardless of whether your budget is tight or you need clarity and ease in the loan process.

MoneyGeek Logo IconBest PersonalLoan LendersArizona
2024

Best Personal Loan Lenders in Arizona

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Alliant Credit Union

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers, including customer service and annual percentage rate (APR). We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our analysis was completed in March 2024 and considers banks and lenders who are licensed to do business in Arizona. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Arizona

  • First Tech
    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Arizona with a MoneyGeek score of 98 out of 100. Offering an APR range from 8.94% to 18.00%, which is lower than many competitors, it stands out with competitive interest rates and low fees. The lender's repayment terms range from 6 to 84 months, providing flexibility for borrowers. It particularly excels in making the loan application process efficient and straightforward.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Doesn't charge an application or loan origination fee

    Cons

    • Need to be a member to apply
    • Provides limited details on loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Arizona

  • PenFed
    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up for the best personal loan lender in Arizona with a score of 96 out of 100. Its APR range of 7.99% to 17.99% is competitive, sitting below the other lenders' rates. PenFed distinguishes itself particularly in repayment term flexibility, offering terms up to 60 months.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • No origination fee

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    PenFed
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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI. Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans, and 40% to 45% or below for unsecured personal loans.

Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Arizona Loan Payment

According to our analysis, lenders in Arizona offer personal loan products averaging about 49 months, but this can change depending on the financial institution and the borrower's credit profile. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Jul 26, 2024

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    Best Personal Loan Lender in Arizona for Bad Credit

  • Happy Money
    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick for the best personal loan provider for those with low credit in Arizona, boasting a MoneyGeek score of 94 out of 100. Despite not being a lender itself, Happy Money partners with various federally insured institutions to offer loans, ensuring access to competitive rates. With APRs ranging from 11.72% to 17.99%, these loans are available to those with a credit score of at least 640. Happy Money particularly excels in providing detailed information upfront and maintaining a high level of customer service and educational materials for borrowers.

    Pros

    • Tailors partnerships with 10 federally insured lenders specifically for loan origination.
    • Clearly delineates credit score and requirements for loan eligibility.
    • Does not require a payment for the application process.

    Cons

    • Partner lenders charge an origination fee
    • Longer time to wait for loan approval than competitors
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    Best Personal Loan Lender in Arizona for Debt Consolidation

  • Alliant Credit Union
    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    The best personal loan lender for debt consolidation in Arizona is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. Although Alliant requires borrowers to be members for at least 90 days to be eligible for a personal loan, its competitive offerings make it stand out. Alliant's APR range is notably low, from 10.99% to 13.99%, demonstrating its commitment to affordability. It particularly excels in competitive rates and fees.

    Pros

    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • No prepayment penalties

    Cons

    • An online-only credit union, no physical branches
    • Must be a member for 90 days to apply
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible because personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Arizona

When seeking a personal loan in Arizona, consider your creditworthiness, including your credit score, income and debt-to-income ratio. Lenders will also evaluate factors such as reputation, APR ranges, minimum credit scores and loan term flexibility.

A strong credit score is key to securing favorable loan terms; enhancing your score may lead to lower APRs, which can significantly reduce your borrowing costs. Refer to the table below to understand how your credit score might influence your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Arizona

Personal loans offer considerable advantages, such as potentially lower interest rates than credit cards and the convenience of consolidating various debts into one manageable payment. They can also provide quick financial relief with a straightforward application process that, in many cases, allows for versatile use of the borrowed funds.

But consider the potential downsides, like origination fees and prepayment penalties, which can increase the cost of borrowing. Assessing the pros and cons of personal loans will help you make a judicious financial choice.

The pros and cons of personal loans

  • Lower interest rates than many credit cards
  • Consolidation of multiple debts into one payment
  • Swift approval and access to funds
  • Potential to enhance credit score through on-time repayments
  • Potential for high origination fees increasing loan costs
  • Prepayment penalties for early loan settlement
  • Risk of asset forfeiture with secured personal loans
  • Enticement to accumulate excessive debt due to easy approval

FAQ About Arizona Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

What is the best lender in Arizona for personal loans?
Where is the best place to get a personal loan in Arizona?
What has the best personal loan interest rates in Arizona?
What can I use a personal loan for in Arizona?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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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.

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