Best Personal Loans in Peoria, AZ: Top Lenders & Best Picks for You
Updated: September 18, 2024
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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.
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.
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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.
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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.
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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.
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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.
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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.
You must first decide if getting a personal loan is the most beneficial option for you. Start by answering the following questions:
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.
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.
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.
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.
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.
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.
LightStream is the top provider of personal loans in Peoria overall. However, based on your needs, the ideal choice for you can vary.
Upstart has the lowest interest rate for a personal loan in Peoria. Depending on the borrower, different rates may apply.
A personal loan in Peoria can be used for vacations. However, fund usage is restricted by some lenders. Before submitting a loan application, be sure to look through these limitations.
Yes, many borrowers finance home upgrades using the money they borrow. Best Egg is the best option in Arizona for this purpose.
The limitations on how funds may be used differ by lender. Common limitations include those relating to investing, gambling, paying for college education and engaging in illicit activities. Ask your lender for information about their specific restrictions.
You might be able to borrow as little as $1,000 or as much as $100,000 depending on the lender. The maximum loan amount, however, may be capped by some lenders at $50,000 or less.
Funding may take up to seven days, depending on the lender. However, a lot of businesses provide same-day financing.
You can repay your debt ahead of schedule in Peoria. That said, some lenders impose penalties for early repayment. Ask your lender if they charge prepayment penalties to ensure you aren’t caught off-guard by unexpected fees.
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.
About Christopher Boston
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.
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
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