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

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Edited byMargarita Barresi

Updated: December 28, 2023

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

To establish our rankings and rate the best personal loan lender in Scottsdale, MoneyGeek reviewed more than 35 different data points. The parameters considered include APR ranges, loan repayment terms, minimum credit score and income requirements, loan accessibility, fees and penalties and Better Business Bureau (BBB) ratings. Because every borrower has a unique financial profile and funding needs, the best lender for each person can vary. Consequently, we studied several characteristics to identify the best lenders for individuals with good and poor credit scores, as well as those needing debt consolidation and home improvement loans.

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Best Overall Personal Loan Lender in Scottsdale: LightStream

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Best Personal Loan Lender for Bad Credit in Scottsdale: Upstart

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Best Personal Loan Lender for Good Credit in Scottsdale: SoFi

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Best Personal Loan Lender for Debt Consolidation in Scottsdale: Upgrade

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Best Personal Loan Lender for Home Improvement in Scottsdale: Best Egg

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

Personal loans are generally used for debt consolidation, home improvements, medical expenses or for funding a vacation or education. Personal loan eligibility is based on several factors, including credit history and score, income and debt-to-income ratio. In Arizona, borrowers average $20,113 in personal loan debt with an interest rate of 8.93%.

If you're looking for the best personal loans in Scottsdale, MoneyGeek recommends taking the following steps.

1

Ask Yourself the Important Questions

Before choosing a lender and filling out a personal loan application, answer the following questions:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much is my current debt?
2

Do Your Research

When you take out a personal loan, you're signing up to repay a substantial sum of money, plus interest and fees, over several years. That's why it's important to research potential lenders to make sure you find one that works well with your specific needs. Keep in mind that MoneyGeek only provides general suggestions, so you should conduct your own research before selecting a lender.

3

Wait

Once you’ve selected a lender, take a few days to think things over before applying. Personal loans are a big financial commitment, so weigh your options thoroughly before applying. Remember that some lenders conduct hard credit checks that can affect your credit score.

4

Read the Fine Print

Know the costs, interest rates and penalties before signing up with a lender. Carefully read the loan agreement. You don’t want to be surprised with costs and fees down the road.

5

Apply

You’ll need to provide the lender with your identification, address and income data. Most lenders allow you to apply online, by phone or in person.

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

Lenders decline loan applications for many reasons, including bad credit, not meeting the minimum income requirements, a significant debt-to-income ratio or incomplete documentation. If you apply and get rejected, don't be discouraged. Your lender may suggest options like cutting the loan's repayment term or decreasing the loan size to improve your chances. If you still have trouble being accepted, you can consider getting a co-signer or getting a collateralized loan.

Refrain from taking out payday loans, even during emergencies. These loans generally involve shorter repayment terms and higher interest rates. Even if you pay off a payday loan on time, your credit score will not change. In contrast, failing to pay or paying late can damage your credit.

Frequently Asked Questions About Personal Loans in Scottsdale

Your income and credit history, as well as the amount and purpose of the loan you're seeking, will help you determine the best possible lender. MoneyGeek answers frequently asked questions about personal loans in Scottsdale to get you started in your search.

LightStream is the best personal loan provider in Scottsdale. SoFi is best for individuals with good credit. Upstart is ideal for those with bad credit. Upgrade and Best Egg are the best debt consolidation and home improvement loan companies, respectively.

Upstart offers the most affordable personal loans in Scottsdale.

It all depends on the lender. Some lenders impose limits on how you can use borrowed funds. Contact the lender to find out whether you can use your loan to fund a vacation.

In Scottsdale, you can generally use personal loans for home improvements. However, always ask the lender whether it places any restrictions on fund use.

You can use personal loans in Scottsdale for many purposes. However, some lenders restrict using their loans to refinance mortgages or other loans, pay for education, engage in illegal activities, buy companies or make investments.

Some lenders allow you to borrow up to $100,000.

Same-day funding is possible with some lenders. However, with other lenders, the funding process might take up to a week.

Yes. However, certain lenders may impose a prepayment penalty if you pay off your personal loan early. For further information, contact the lender or study the loan's fine print.

Our Personal Loan Methodology

METHODOLOGY

We reviewed more than 30 personal loan providers by collecting and analyzing over 35 data points across six major categories: affordability, loan accessibility, user-friendliness, customer service, lender transparency and flexibility.

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 interests in mind. Our personal loan recommendations and expert tips are meant to help you choose a lender that meets your needs.

sources

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.