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Best Personal Loans in Phoenix, AZ

A personal loan can help during a financial crisis. But before taking out a loan, borrowers need to consider a lot of factors, starting with how much they want to borrow, how long they plan to pay it off and most importantly, whether they are prepared for such a long financial commitment.

In Arizona, the personal loan debt averages at $20,113. Metropolitan areas like Phoenix typically have a much higher average than other cities. In this research, MoneyGeek found the companies with the best personal loans in Phoenix for different types of borrowers.

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Last Updated: 10/26/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Phoenix: LightStream

Personal loan lenders look at your financial standing to assess your loan eligibility and calculate your rate. You can select a loan term length that works best for you — either a short-term loan or long-term loan. The latter reduces your monthly payments but increases the amount of time you pay back the loan.

In Arizona, the average personal loan debt is $20,113. This average can differ between cities, with metropolitan areas generally having higher averages than non-metropolitan areas. MoneyGeek found the best personal loan in Phoenix for different types of borrowers.

Best Overall Personal Loan Lender in Phoenix, AZ: 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

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Phoenix, AZ: 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

    on Upstart Website

Best Personal Loan Lender for Good Credit in Phoenix, AZ: 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

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Phoenix: 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

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Phoenix: 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

    on Best Egg Website

How to Choose the Best Personal Loan Lender In Phoenix for You

As a borrower, there are a lot of factors you must consider before applying for a loan. Your credit score, current debt and income are all important. For example, the average credit score in Arizona is 714. Some lenders may require a lower credit score, making it easier for borrowers with relatively low credit scores to qualify. In addition, the average personal loan interest rate in the state is 8.93%. By considering your options, you may be able to find a personal loan with a lower interest rate.

MoneyGeek lists what you should take into consideration before applying for a loan. Here’s a step-by-step guide on how to choose the best personal loan lender in Phoenix.

1

Ask Yourself the Important Questions

Taking out a personal loan is a big financial decision, which is why you need to think it through carefully. Here are a few things you need to ask yourself to help you decide if applying for a loan is right for you:

  • How much funding do you need?
  • What is your credit score?
  • Can you afford the monthly payment?
  • How much debt do you already have?
2

Do Your Research

Understanding debt and how to pay it off is just the start. You also want to know the different options you have in your city and how much you can potentially save by comparing different loan packages. Know that a personal loan is a long-term commitment: you will have to make monthly payments for about two to four years on average.

MoneyGeek’s research is already a good resource that helps you understand what you need to know about personal loans. But, you can also learn about more options outside of our recommendations that may better fit your specific financial situation.

3

Wait

After getting to know your options and having a chosen lender in mind, wait it out for one to two more days before making a decision. It is important to think things over and really see if you can afford to make monthly payments before applying.

4

Read the Fine Print

The fine print will tell you about the fees, charges and all the terms and conditions of your loan. Know whether it comes with a fixed or adjustable interest rate, which tells you whether you will be paying the same or a different amount every month.

5

Apply

Once you feel good about your chosen lender, have read the fine print and thought it over, now you can apply for the loan. At this stage, prepare all the necessary documents, including your proof of income, as these will be required during the application process. For your security, calling or visiting the lender personally can be much safer than applying online.

What To Do if You Can’t Get a Personal Loan in Phoenix, AZ

Keep in mind that there is a possibility that your personal loan application may be denied based on a number of reasons. For instance, your application is more likely to be denied if you are trying to borrow more than you can afford. Other reasons include low credit scores, loan purpose mismatch, not meeting the basic requirements and many other things.

If your personal loan application in Phoenix has been denied, you may want to understand exactly why to improve your chances of getting approved in the future. Find out the reason you were denied and try to fix this particular factor before sending in another application.

In case of a loan purpose mismatch, you may want to look at other options. Let’s say you want to consolidate your credit card debt through a personal loan. You may have higher chances of getting a balance transfer credit card instead of a personal loan. Or let’s say you have been planning to start a business. There are small business loans that can better cater to your needs.

What you want to avoid is a payday loan. These are short-term loans that charge the highest interest. As the name suggests, you would need to pay the said loan after receiving your next paycheck.

Frequently Asked Questions About Personal Loans in Phoenix, AZ

Here are some frequently asked questions borrowers may have about personal loans in Phoenix:

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight 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.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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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.