Best Personal Loans in Phoenix, AZ

Moneygeek reviewed personal loans in Phoenix and found that LightStream is the best option overall. It achieved an A+ BBB rating and comes with no origination or late fees. Borrowers are not required to show proof of employment either. There are also no gross income requirements, which makes it a lot easier for all kinds of borrowers to apply compared to other lenders.

LightStream’s online loan calculator asks for your desired amount, then immediately shows your possible monthly payments and different rates based on your preferred loan terms. To be eligible, you need a good to excellent credit score of at least 660. With LightStream, you can get the funds on the same day your loan application is approved.

If you have bad credit, it can be difficult to find personal loans with low-interest rates. In Phoenix, the best personal loan lender for those with a poor credit score is Upstart.

Upstart is an artificial intelligence lending platform that has a minimum credit score requirement of 300, making it easy for borrowers with low to bad credit to qualify. The highest amount you can borrow from this lender is $50,000. It comes with an 8% origination fee and a late payment fee. If you can’t pay your bills on time, Upstart gives you a ten-day grace period to settle your account.

SoFi has an A+ BBB rating and also offers a low interest rate of 5.74% to borrowers with excellent or good credit scores. It does not charge an origination fee and conducts soft credit inquiries. Borrowers who sign up for an automatic repayment get a discount of 0.3%.

SoFi loan amounts range from $5,000 up to $100,000, which you can pay off within one to six years. You will need a minimum credit score of 680 and a $50,000 gross income to qualify for their personal loan.

With SoFi’s online tool, you can view your possible rates without the negative impacts of hard credit inquiries. SoFi also provides Unemployment Protection, which pauses your payments if you unexpectedly lose your job.

Upgrade has restrictions on how their funds can be used. They don’t allow the use of personal loans for funding post-secondary education and investments. However, Upgrade is the best personal loan lender in Phoenix if you are planning to consolidate your debt.

Rather than paying multiple debts with separate high-interest rates, you can streamline them through a personal loan that offers an interest rate of 5.94% up to 35.97%, depending on your creditworthiness. A minimum credit score of 560 is required to be approved for an Upgrade personal loan in Phoenix. If you miss a payment, you may be charged a $10 late fee.

Best Egg is the best personal loan in Phoenix for home renovations. It gained a reputation as one of the best low-cost lenders with a loanable amount between $2,000 and $50,000. When you borrow loans from Best Egg, interest rates start as low as 4.99%. Borrowers who sign up for an automatic payment can get a discount of 0.5%, as well.

However, you want to be cautious about the 6% origination fee and other late fees. You need a minimum credit score of 700 and a gross income of $50,000 to qualify for Best Egg. To be eligible for a loan, applicants must also be currently employed.