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

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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

If you need funds, getting a personal loan is a smart move. MoneyGeek has analyzed over 30 data points for personal loans in Peoria to help you make the right choice, including interest rates, loan amounts, repayment terms and more.

Other elements that may affect your loan eligibility include your credit standing, employment and income. MoneyGeek also identified customer-friendly features that these lenders offer to make conducting transactions easier for you, like smartphone apps.

Best Overall Personal Loan Lender in Peoria: 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

    LightStream, the online consumer lending arm of SunTrust Banks introduced in 2013, was identified by MoneyGeek as the best provider of personal loans in Peoria. You can receive the verdict of your LightStream loan application and get funding on the same day. It's crucial to be aware that the lender runs a hard credit check that has the potential to harm your credit history.

    In terms of customer service, LightStream received an A+ BBB rating. Moreover, origination, prepayment and late fees are not charged by the lender. There are also no origination fees. However, there are restrictions when it comes to fund usage. For instance, you cannot refinance an existing LightStream loan or use a personal loan to pay for college.

    Pros

    • A+ BBB rating
    • No late, origination or prepayment fees
    • High maximum loan amount
    • Quick loan funding
    • Autopay discount

    Cons

    • No co-signers
    • Runs hard credit check
    • New borrowers cannot qualify
    • Restrictive usage of funds
    • Lower loan amounts unavailable
    LightStream

Best Personal Loan Lender for Bad Credit in Peoria: 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

    For those with bad credit, Upstart is MoneyGeek's top recommendation for personal loans in Peoria. In 2012, this artificial intelligence (AI) lending platform was introduced and since then, it has approved loans totaling about $20.8 billion.

    You can still qualify for an Upstart personal loan if you have a credit score of 300. The lender performs a soft inquiry initially, which has no impact on your credit report. Only when you accept the rate and move forward with the request will a hard inquiry be made.

    However, you have to take note that if you require a significant amount of cash, you might not find Upstart to be a desirable option since the maximum loan amount is $50,000.

    Pros

    • A+ BBB rating
    • Runs soft credit inquiry
    • Low credit score requirement
    • Quick loan disbursement
    • Low minimum loan amount

    Cons

    • Maximum borrowing limit of $50,000
    • Potential origination fee
    • Late fees
    • No co-signers
    • No autopay discount
    Upstart

Best Personal Loan Lender for Good Credit in Peoria: 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

    Since 2011, SoFi has provided a range of financial services, including personal loans. According to MoneyGeek's analysis, SoFi is the top provider of personal loans in Peoria for borrowers with good credit. The lender is an excellent alternative for people searching for a large loan amount because it offers up to $100,000.

    A soft credit inquiry is performed by SoFi. This won't lower your credit score. Additionally, borrowers are eligible for unemployment insurance, which, in the event of a job loss, may temporarily change the payment arrangements. Moreover, prepayment penalties, origination costs and late fees are not associated with a SoFi personal loan. By selecting automatic payment, you can also receive a discount.

    Pros

    • A+ BBB rating
    • Soft credit check
    • High maximum loan amount
    • Provides autopay discount
    • No origination and late fees

    Cons

    • No co-signers
    • High minimum loan amount
    • Good-to-excellent credit score requirement
    • Won’t accept people with new or no credit
    • Requires minimum gross income
    SoFi

Best Personal Loan Lender for Debt Consolidation in Peoria: 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 neobank that launched in 2017. It is the best option for debt consolidation among the lenders offering personal loans in Peoria. You can get up to $50,000 in funding from Upgrade within the next day, with no prepayment fees or minimum gross requirements.

    For personal loans from Upgrade, a credit score of just 560 is required. Upgrade accepts joint applications, which raises the possibility that personal loans for borrowers with bad credit might be granted. Take note that the funds may only be used in certain ways. Upgrade personal loans are not appropriate for you if you're seeking ways to pay for investments or further education.

    Pros

    • A+ BBB rating
    • Performs soft credit check
    • Autopay discount
    • Doesn’t impose prepayment penalty

    Cons

    • Late fees
    • Origination fees
    • Relatively high maximum APR
    • Unavailable for new or no credit borrowers
    • No co-signers
    Upgrade

Best Personal Loan Lender for Home Improvement in Peoria: 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

    Consider Best Egg if you're searching for the best personal loans in Peoria to pay for your home upgrades. The company, which started in 2014, received an A+ rating from the Better Business Bureau (BBB). You will not be approved for a Best Egg personal loan if your credit score is below 700.

    You can apply for a Best Egg personal loan of up to $50,000 and get funding the next day. You may qualify for a loan with a low interest rate depending on your loan and credit score. You can also get an autopay discount.

    Pros

    • A+ BBB rating
    • No prepayment penalty
    • Quick loan disbursement
    • Soft credit inquiry
    • Autopay discount

    Cons

    • High minimum credit score requirement
    • Origination fee
    • No co-signers
    • Has minimum gross income requirements
    • Late fees
    Best Egg

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

In Arizona, the average personal loan debt is $20,113. This type of loan has an average interest rate of 8.93%.

When applying for a personal loan, you must also take into account a number of things, including your credit rating, income and outstanding debts. Based on your needs, MoneyGeek breaks down a few steps that could assist you in finding the best personal loans in Peoria.

1
Ask Yourself the Important Questions

You must first decide if getting a personal loan is the most beneficial option for you. Start by answering the following questions:

  • What is your credit score? When it comes to personal loans, your credit score is crucial. Before approving your application, lenders will evaluate your creditworthiness.
  • How much money do you require? Determine your objective. Why do you need a loan? Also, importantly, how much money will you need?
  • Can you pay the monthly bill? Keep your financial status in mind. Make sure you can pay your expenses on schedule each month.
  • Do you already have a significant amount of debt? Consider your options carefully before taking a personal loan if you already have other debt to pay off.
2
Do Your Research

Be prepared to complete your research before seeking a personal loan in Peoria. A personal loan is a commitment that might have a long-term impact on your budget.

Examine your selections and understand all the details in a loan package that are important to you. To get the greatest value, it's also crucial to check rates from several lenders. While MoneyGeek provides general information, not everyone will find our recommendations ideal. Based on your particular situation, it is best to explore all options.

3
Wait

Think about your choice for a day or two after acquiring all the essential information. Evaluate if obtaining a personal loan is the most appropriate decision for you.

Don't just pick the first lender you come across. Compare loan amounts and lender offerings. A personal loan is a significant commitment, so be aware of that. Before taking out a loan, you must be certain that you are completely prepared to assume all associated obligations.

4
Read the Fine Print

You can be more confident about your decision by reviewing the fine print. Make sure you comprehend every last detail by reading everything very attentively. Don't forget the little things. Examine all fees, including origination fees, late charges and prepayment fines. Even seemingly insignificant things can end up costing you more.

5
Apply

You can move forward with the application if you are certain of your choice. Review the lending institution's requirements. You normally need to disclose your identity, address verification and proof of income. However, these may differ depending on the lender. Most lenders accept applications online. While going or calling the lender can assist you in effectively addressing your issues, an online application is also a sensible option.

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

Borrowers must adhere to the conditions set by the lenders, and not every personal loan application is accepted. This can happen for a number of reasons, including insufficient income or poor credit.

If your loan application is rejected, you can do a few things to improve your chances of getting approved. After getting the decision, we advise contacting the lender by phone or email and learning the reason your loan application was rejected. Find out if there is a possibility to change the decision by reducing the loan amount or shortening the loan period.

You can choose to apply for a personal loan from another provider. However, it is recommended to address the issue that led to the denial of your loan application before going this route.

Payday loans should be avoided if possible. These have a lot of drawbacks despite their appealing features, including exorbitantly high interest rates and brief payback terms.

Frequently Asked Questions About Personal Loans in Peoria

To find the best personal loans in Peoria, it's essential to take your needs and circumstances into consideration. To assist you in making the best decision for your situation, MoneyGeek provides answers to some of the most frequently asked questions.

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

Our Personal Loan Methodology

MoneyGeek discovered the best personal loan in the state by evaluating over 30 lenders using 35+ different data points in six crucial categories: loan affordability, flexibility, lender transparency, accessibility, consumer friendliness and customer service.

A few of the particular data elements that we looked at inside each rating category include credit score requirements, loan amounts, APR ranges, income requirements, application costs and disbursement periods.

MoneyGeek values consumers, so we investigated each lender's track record for delivering top-notch service as well as any supplementary tools, including phone apps, pre-approval and quick payment solutions, that help speed up the process for you.

The recommendations MoneyGeek makes are those we think will work best for you. You can utilize our loan recommendations and expert guidance to help you make informed financial decisions when selecting a lender.

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.