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Best Personal Loans in Mesa, AZ

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek factored in more than 30 data points to evaluate lenders in Mesa, Arizona. We considered a lender’s affordability and availability, loan terms, origination and late fees, minimum credit score requirements, APR ranges, disbursement time, income requirements, customer service and some factors.

Our research indicates that LightStream is the best personal loan lender in Tucson overall. However, different lenders may better fit your financial needs. For example, Upstart is the best choice for those with poor credit, while SoFi is best for persons with good credit. Upgrade is best for debt consolidation, and Best Egg is the top choice for those planning home improvements.

Best Overall Personal Loan Lender in Mesa: 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 2012, LightStream offers fixed-rate loans from $5,000 to $100,000, with repayment terms of up to 84 months. The company also promotes environmentally friendly and paperless transactions with its app-ready services that help answer pre-application questions. LightStream also plants a tree for every loan it makes.

    LightStream offers loans to customers with a credit score of at least 660. With competitive fixed rates and flexible terms, it can deliver a loan directly to your bank account as soon as the same day — with no fees and no penalties for early payment.

    Pros

    • Loan amounts up to $100,000
    • Same-day funding available
    • Low fixed rates
    • Has a mobile app
    • Offers 0.50% rate discount with automatic payments

    Cons

    • Requires minimum credit score of 660
    • Requires substantial credit history
    • Does not allow payment due date changes
    • Does not directly pay creditors in case of debt consolidation
    • Conducts hard credit checks
    LightStream

Best Personal Loan Lender for Bad Credit in Mesa: 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

    Upstart, a lending platform that offers loans to borrowers with a low minimum gross income requirement of $12,000, was founded in 2012. It aims to help you get budget-friendly rates fast — you can receive an approval decision instantly with no upfront credit report required.

    Unlike many other lenders, Upstart looks beyond your credit score when considering you for a loan; it considers your occupation and employer, degrees earned, your area of study, the school or university you attended and other indicators.

    With an APR range of 3.22% to 35.99%, some Upstart personal loans come with a high fixed-interest rate. The maximum amount you can borrow is $50,000.

    Pros

    • Low credit score requirement of 300
    • Long repayment terms
    • Low minimum gross income requirement
    • No fund use restrictions
    • Considers factors outside your credit score

    Cons

    • Late fee of $15
    • No mobile app for loan management
    • Origination fee of up to 8% of the loan amount
    • Lower loan amount range compared to others
    • Website requires constant security check
    Upstart

Best Personal Loan Lender for Good Credit in Mesa: 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

    Mesa residents with good credit can apply for a SoFi loan and reap the benefits of low rates and flexible repayment terms. You may opt to borrow from $5,000 to $100,000 with no origination or prepayment fees. The lender does not charge late payment fees, either.

    Moreover, SoFi’s unemployment protection helps individuals who lose their jobs, without affecting their credit scores. The company will temporarily modify the terms of the loan while the borrower is unemployed.

    If you have low credit scores and an unimpressive payment history, SoFi might not be the best fit for you. The company does not charge hidden fees, has great customer service and offers high loan amounts, but requires a credit score of at least 680.

    Pros

    • Auto payment discount of 0.3%
    • Soft credit review
    • Loans up to $100,000
    • No origination fee, hidden fees or prepayment penalties
    • Doesn’t care about long credit history, just how responsible you are with your payments.

    Cons

    • Requires credit score of at least 680
    • Only applicants with a minimum gross income of $50,000 are eligible
    • Does not accept borrowers with new/no credit history
    • Not suitable for those who want to have cosigners
    • 45% debt-to-income limit
    SoFi

Best Personal Loan Lender for Debt Consolidation in Mesa: 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

    Founded in 2016, Upgrade caters to individuals looking to consolidate debt. Its loans cannot be used for post-secondary education costs, paying student loans, investing or gambling. Upgrade requires a relatively low credit score of 560.

    Debt consolidation gathers your bills into one monthly payment and is a good option for paying off credit card debt. Once approved, Upgrade pays your creditors directly, which may take up to 14 business days.

    Pros

    • Auto payment discount of 1%
    • Pays third-party creditors directly for debt consolidation loans
    • One-day funding for low loan amounts
    • Soft credit check
    • Low minimum credit score requirement of 560

    Cons

    • High APR of up to 35.47%
    • Charges origination fee from 3% to 8%
    • Late payment penalties
    • Employment and income review and verification
    • Restrictions on certain fund use
    Upgrade

Best Personal Loan Lender for Home Improvement in Mesa: 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

    Best Egg, a personal loan provider established in 2014, offers a wide range of loans. With a Better Business Bureau or BBB rating of A+, Best Egg offers home improvement loans with concrete terms, competitive interest rates and fixed monthly payments. Best Egg’s APRs range from 5.99% to 35.99% for loan amounts from $2,000 to $50,000 with three- or five-year terms.

    While Best Egg requires a minimum income of $50,000, it conducts a soft credit check that does not affect your credit score. The lender offers individuals who auto-pay a 0.5% discount and does not charge early payment penalties.

    Pros

    • Same-day access to funds
    • Debt consolidation loans are paid directly to third-party lenders
    • No fund usage restrictions
    • No debt-to-income limits
    • No collateral required

    Cons

    • Origination fee of 1%–6%
    • $50,000 minimum income requirement
    • Does not allow cosigners
    • Minimum credit score requirement of 700
    Best Egg

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

When you need a loan for home improvement, car purchases and other purposes, a lender in Mesa, Arizona, will typically look at your credit score, current and past debts and income, among other factors. Arizona residents have an average credit rating of 714 and a reported average personal loan debt of $20,113.

MoneyGeek recommends taking the following steps to choose the best personal loan lender for your needs.

1
Ask Yourself the Important Questions

If you've decided you need a loan, understanding your current situation can help you make the best financial choice. Ask yourself the following questions before applying for a personal loan:

  1. How much funding do I need?
  2. How much debt do I have right now?
  3. What is my current credit standing?
  4. Can I afford the monthly payment of a potential loan?
2
Do Your Research

Lenders offer various interest rates and repayment terms. Understand you must pay back the money you borrow within a specific timeframe, usually two to four years. Though MoneyGeek provides you with honest and reliable lender recommendations, it's always best to do your own research and compare rates in your area before making a decision.

3
Wait

Once you’ve done your research on the right lender that suits your needs, wait and think about applying for a loan. You won’t regret stopping for a moment to think things through. Be sure you're doing what's right for you because there are serious consequences to consider, particularly impact on your credit score. Don’t disregard the importance of your financial reputation and credit score, which can affect future loans, purchases and insurance.

4
Read the Fine Print

It’s easy to miss details when searching for the best personal loan options. Many fees are stated upfront in the lender's terms and conditions, but some elements like late fees and origination fees may be buried deep in the document. Paying attention to the small print can help you save money in the long run.

5
Apply

After carefully considering your options, you can submit your loan application. At this point, you need to provide your personal information, such as verified identification, address and proof of income.

Though technology has made it possible to apply for a loan online and through your mobile phone, many lenders allow you to also apply over the phone or in person.

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

Getting rejected for a personal loan is not out of the ordinary. If your application is rejected, ask the lender why and see if you’re eligible to reapply. You may want to reevaluate the loan amount or shorten your loan term.

You can consider applying for a loan from another lender, but it’s best to first address the issues that resulted in your rejection.

Some people turn to payday loans, but these come with very high-interest rates. Be careful with payday loans because they can negatively affect your credit scores if a collection agency contacts you for paying late. Even if you pay in full and on-time, your credit score will not increase.

Frequently Asked Questions About Personal Loans in Mesa

MoneyGeek answers frequently asked questions about personal loans in Mesa, Arizona.

What is the best personal loan lender in Mesa?

LightStream is the overall best personal loan lender in Mesa. However, different lenders may better fit your financial needs. Upstart is best for those with poor credit, while SoFi is best if you have good credit. Upgrade is best for debt consolidation, and Best Egg is the top choice if you’re planning home improvements.

Which lender in Mesa has the lowest interest rate?

Upstart has the lowest APR in Mesa, starting at 3.22%.

Can I use a personal loan for vacations in Mesa?

Personal loans can be used for different reasons, including vacations. Different lenders have different restrictions on how you can use your funds, so always check first.

Can I use a personal loan for home improvement in Mesa?

Almost all personal loans can be used for home improvement. However, always double-check with your lender.

What can I not use my personal loan for in Mesa?

Lenders typically prohibit using personal loans to buy stocks and bonds, gamble, pay for post-graduate education or participate in illegal activities. Always check with your lender to determine what restrictions it imposes.

How much can I borrow in Mesa?

You can take out a personal loan of up to $100,000 in Mesa.

How long does it take to get a personal loan in Mesa?

Lenders in Mesa have different processing periods for funding personal loans. Usually, it takes one to seven business days to get the loan amount after being approved.

Can I pay off my loan early in Mesa?

Lenders in Mesa may impose a prepayment charge if you decide to pay a personal loan before the end of your term. Prepayment penalty information should be available on the lenders’ websites.

Our Personal Loan Methodology

We looked at 35+ unique data points for over 30 personal loan providers in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility, and lender transparency.

Within each category, we analyzed data points we consider most valuable 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.

We value you, the customer, at MoneyGeek, so we consider each lender's customer service, business ratings, and additional services like prequalification, payment alternatives, and mobile apps that could make your experience easier and more accessible.

After thorough consideration and assessment, we make our recommendations with your best interests in mind. Our personal loan suggestions and expert advice are intended to assist you in making the best selection possible when shopping for a lender that suits your requirements.

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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