Best Personal Loans in Gilbert, AZ: Top Lenders & Best Picks for You

Updated: September 18, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Gilbert, AZ

MoneyGeek collected and analyzed over 30 data points to determine its top picks for the best personal loan lenders in Gilbert, Arizona. Our comprehensive analysis included the credit and income requirements, terms and conditions as well as fees and penalties that are associated with the loan.

Using these parameters, we’ve identified the best overall personal loan lender in Gilbert for the average borrower. However, keep in mind that the most suitable option for you will always depend on your personal situation and financial goals.

Best Overall Personal Loan Lender in Gilbert: 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

    Founded in 2013, LightStream is an online consumer lender that is part of Truist. It offers personal loans that can be used for a wide range of purposes. Borrowers will also appreciate the generous loan amounts of up to $100,000. On top of an automatic payment discount, there are also no origination and prepayment fees.

    LightStream’s minimum credit score requirement is 660. This means that the average resident in Gilbert will find it relatively easy to secure a personal loan. The application process is also very convenient and can be done entirely online, with funds deposited to your account within the same day.

    However, this lender might not be the best option if you plan to use your loan to finance your postsecondary education.

    Pros

    • High maximum loan amount of $100,000
    • Wide range of repayment terms
    • No prepayment penalty
    • Doesn’t charge late or origination fees
    • A+ BBB rating

    Cons

    • Lowest APRs require excellent credit
    • No option to have a co-signer
    • Hard credit inquiry
    • Direct payment to third-party creditors isn’t available
    • With restrictions on the usage of funds
    LightStream

Best Personal Loan Lender for Bad Credit in Gilbert: 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

    Launched in 2012 by former Google employees, Upstart is a digital lending platform that uses artificial intelligence (AI) to expand Americans’ access to affordable credit.

    Upstart is MoneyGeek’s top recommendation for people with bad credit who are looking for a personal loan. Borrowers with credit scores of at least 300 will qualify with the option for joint loans to further boost their chances of getting approved. You can get your funding within the next business day.

    On the downside, this lender has origination fees of up to 8% of the loan amount, and the maximum loan amount that you can get is $50,000. This loan cap is smaller than what most lenders offer.

    Pros

    • Low minimum credit score requirement of 300
    • A+ BBB rating
    • No prepayment penalty
    • Performs soft inquiries for credit checks

    Cons

    • Potentially high APR
    • Origination fees
    • Late fees
    • Relatively low loan limit of $50,000
    • No co-signers
    Upstart

Best Personal Loan Lender for Good Credit in Gilbert: 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

    SoFi, or Social Finance, was established in 2011 by Stanford business students to provide its members with an alternative way of taking control of their financial future. To accomplish this, the company applies a four-pronged approach that includes tackling debt, building a safety net fund, investing and saving for retirement.

    SoFi is MoneyGeek’s top pick for the best personal loan for people with good credit because of the many noteworthy perks that it offers. It has an unemployment protection benefit that temporarily modifies your monthly payments and even helps you find a new job. You’ll also get to save money due to the lack of origination, prepayment and late fees.

    That said, if you need immediate funds over $20,000, be prepared to wait a bit longer since this will require more underwriting review time.

    Pros

    • A+ BBB rating
    • No origination, prepayment and late fees
    • Provides loss of employment protection
    • Autopay discount
    • Soft credit inquiry

    Cons

    • Doesn’t allow co-signers
    • Won’t accept those with new or no credit
    • Lowest rates require excellent credit scores
    • Requires proof of sufficient income
    SoFi

Best Personal Loan Lender for Debt Consolidation in Gilbert: 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

    Upgrade is a solid option for borrowers in Gilbert who are looking for a personal loan for the purpose of debt consolidation.

    Established in 2016, this company provides personal loans in all states through a digital application process. Borrowers can get fast funding with same-day disbursement of loan amounts ranging from $1,000 to $50,000. Payments for debt consolidation are also sent directly to third-party creditors, which equates to less stress for you.

    Upgrade’s flexible loan repayment terms also allow borrowers to customize their payments to fit their personal budget and schedule, thereby minimizing the risk of late payments and defaulting.

    On the downside, this lender charges origination fees and won’t accept people with new or no credit.

    Pros

    • Pays third-party creditors directly
    • A+ BBB rating
    • No prepayment penalty
    • Soft credit inquiry

    Cons

    • No co-signers
    • Imposes restrictions on the usage of funds
    • With origination fees
    • Late payment fees
    • Won’t accept people with new or no credit
    Upgrade

Best Personal Loan Lender for Home Improvement in Gilbert: 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

    Gilbert residents who need to finance their home remodeling projects should explore Best Egg’s personal loan offerings.

    This lender will allow you to check your rate within minutes through its website. Best Egg only does a soft credit inquiry, which doesn’t impact your credit score, so you can easily check if you qualify without any worries. On top of the autopay discount, Best Egg also has zero prepayment fees and sends offer codes to prescreened borrowers.

    However, the tradeoff is that it charges origination fees and has potentially high APRs for borrowers with poor credit. We suggest that you explore other lenders with no origination fees and with better rates.

    Pros

    • No prepayment penalty
    • Conducts soft credit checks
    • A+ BBB rating
    • Has autopay discount

    Cons

    • No co-signers
    • High minimum credit score requirement of 700
    • Low maximum loan amount
    • Origination fees
    • Late fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Gilbert for You

Personal loans have increased in popularity in recent years. In Arizona, the average consumer has $20,113 in personal loan debt and is paying 8.93% in interest. But before you apply for a loan, it is important to evaluate several factors that can have a long-term impact on your financial well-being.

Here is MoneyGeek’s expert guide to finding the best personal loans in Gilbert.

1
Ask Yourself the Important Questions

Look at a personal loan just like you would any other type of loan. With proper planning and sound money habits, it could be a great tool that can help you reach your financial goals. However, it could just as likely get you in a financial bind if you fail to consider a few critical factors before applying.

Ask yourself the following:

  • How do you intend to use the loan and how much funding do you need?
  • What is your credit score? Does it meet the lender's minimum requirement?
  • Do you have a steady and sufficient income? Will it be enough to cover the monthly loan payments in a timely fashion?
  • What is your debt-to-income ratio? Can you handle another financial obligation?
2
Do Your Research

Typically, a personal loan requires a long-term commitment of making monthly payments for two to four years, on average. You cannot take this lightly, which is why it is important to perform your own extensive research to develop a thorough understanding of exactly what you’re getting into. Before applying for a personal loan, make sure you’re getting the best possible deal given your financial situation by comparing rates and terms from multiple lenders.

To help you in this complicated process, MoneyGeek has developed this guide as an excellent starting point in your search. You should still do your own research, especially if you have unique circumstances and specific needs that demand additional attention.

3
Wait

Once you’ve done your research, give yourself a much-needed break from all the stresses of actively looking for and evaluating the many loan options that are available. Take a day or two to relax and let your emotions settle before finalizing your decision on whether to apply for a personal loan or not. Resist the temptation to apply for the loan and to use it immediately. A personal loan is a big commitment, and you need to be 100% certain that it is the right path forward for you. You can also use this time to narrow down your choices of your preferred lenders or find alternative funding options.

4
Read the Fine Print

After you’ve settled on a particular lender, don’t be blindsided by unexpected fees and unnecessary charges. Take the time to read the fine print. It is your responsibility to keep tabs on the terms and conditions of your chosen lender. Avoid putting yourself into another financial dilemma by making sure you understand everything that is stated in the fine print of the loan agreement. Noting these little things, such as prepayment penalties, origination fees and late fees, will keep you from accumulating unnecessary expenses and will help you save big bucks in the long run.

5
Apply

At this point, you’re already completely confident about your decision to take out a personal loan, have outlined all the details that you need to apply and are sure that you meet the lender’s minimum requirements. You’re now ready to start the application process. Generally, lenders will require you to present your identification, proof of income and address verification, so it is best to keep these handy. Most lenders nowadays have a fully digital application process, which is preferred by many borrowers for its convenience. But if you want a more personalized service or would want to make a few inquiries before signing the application, don’t hesitate to call or visit the lender’s branch nearest to you.

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

Not all personal loan applications in Gilbert get approved. MoneyGeek recommends that you take the following steps if you find yourself in this situation.

First, reach out to your lender to ask why your loan application was denied. Was your credit score too low? Did the lender find your current income insufficient for the loan amount that you’re asking for? Do you have other existing debt that you’re still paying off?

Lenders might view these factors as red flags and question your ability to meet the loan’s monthly payments. During your discussion, take the opportunity to check if the lender can consider a modified application, such as having a lower loan amount or a longer repayment term.

Next, try to improve your financial standing. Perhaps you could get a different type of loan that is best for rebuilding credit.

Also, don’t be shortsighted by limiting your options to just personal loans. Explore the possibility of taking loans from family and close friends. However, we strongly advise you to avoid taking out a payday loan. This comes with a very high interest, which can quickly snowball into another huge debt that you’ll have to repay.

Frequently Asked Questions About Personal Loans in Gilbert

Your personal financial situation, especially your credit standing and income, will determine which lender in Gilbert will be best suited for your needs. Below are MoneyGeek’s answers to some of the most common questions about personal loans in Gilbert, Arizona, to help you learn more about your options and some key information.

What is the best personal loan lender in Gilbert?
Which lender in Gilbert has the lowest interest rate?
Can I use a personal loan for vacations in Gilbert?
Can I use a personal loan for home improvement in Gilbert?
What can I not use my personal loan for in Gilbert?
How much can I borrow in Gilbert?
How long does it take to get a personal loan in Gilbert?
Can I pay off my loan early in Gilbert?

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek compared over 30 personal loan lenders based on six key categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

This led to our analysis of more than 35 individual data points, which we think are most important when choosing a personal loan lender. Some of these individual data points are APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Our analysis also included each lender’s reputation for customer support and business ratings as well as additional features that could make your personal loan experience easier and more accessible, such as prequalification, payment options and mobile apps.

We carried this out to give you our top picks for each category. We hope that you’ll use our personal loan recommendations and expert tips to make the best decision when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

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.

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.

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