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

LightStream, an online lender, is a part of the Truist Financial Corporation (formed after the 2019 merger of SunTrust and Branch Banking and Trust). Eligible borrowers can obtain loans between $5,000 and $100,000 and get funded the same business day without paying an origination fee. There are no fees associated with paying off the loan early, either. The lender’s flexible payment terms range from 24 to 84 months, with potential discounts for borrowers setting up automated payments. The BBB awarded LightStream an A+ rating, which further adds to its standing as the best overall lender in the city.

However, a minimum credit score requirement of 660 makes Lightstream loans accessible only to those with good-to-excellent credit. The lender also prohibits fund use for consolidating or repaying an existing LightStream debt, financing postsecondary education or making business acquisitions. The lender is not a suitable match for those seeking to borrow less than $5,000.

Pros

• No origination fee or prepayment penalty
• Loans of up to $100,000
• Autopay discount
• Offers a mobile app

Your likelihood of being approved for a personal loan decreases if you have a low credit score or no credit history. Upstart, which has been in operation since 2012, is an online lender with a BBB rating of A+ that uses artificial intelligence to link borrowers (including those with poor credit and first-time borrowers) with lenders. The lender is the best alternative for people with bad credit or who are taking out loans for the first time, as it accepts those with credit scores as low as 300.

Loan amounts start at as low as $1,000 and go up to $50,000, along with an original fee. Those with good-to-exceptional credit will benefit from lower APRs. You can also anticipate a hard credit check during the application process, which negatively affects your credit score.

Pros

• Minimum credit score of 300
• Soft credit inquiry to check eligibility
• Part-time, full-time and self-employed individuals are accepted
• No prepayment penalty

SoFi, previously known as Social Finance, is a financial services company that offers several loan options and other services. MoneyGeek recommends it as the best Scottsdale lender for borrowers with good credit. Those with a credit score of 680 or above can qualify for a personal loan from SoFi for amounts of up to $100,000. Rate discounts are available for those who set up automatic payments.

SoFi offers an unemployment protection program. The program allows people who lose their jobs suddenly to delay or lower their monthly loan payments. However, during the application phase, the lender performs a hard inquiry that affects your credit score. Borrowers can improve their chances of approval by applying with a co-applicant.

Pros

• Loans up to $100,000
• No origination fee or no prepayment penalty
• 0.25% autopay discount
• Offers a mobile app
• Offers unemployment protection

In 2016, Upgrade was founded as a fintech startup to encourage good financial habits among its customer base by giving them access to financial products and free credit health tools. It has an A+ rating from the BBB. Upgrade is MoneyGeek’s pick for anyone needing a debt consolidation loan. The lender offers quick loan disbursement and fixed interest rates that relieve borrowers of the worry brought on by the possible volatility of APRs. In addition, if you prepay your loan, you won’t incur a fee.

That said, if the applicant has a credit score in the lower range, the APR for an Upgrade personal loan can be high. Additionally, all loans are subject to origination fees that range from 1.85% to 8%.

Pros

• Loans of up to $50,000
• No prepayment penalty
• Fixed-rate loans
• Has a mobile app

Through its affiliation with Cross River Bank, Best Egg has helped finance over a million loans since its inception in 2014. The company is operated by Marlette Funding, a financial technology company, and enjoys an A+ rating from the BBB. Best Egg offers loans for home improvement, ranging from $2,000 to $50,000. Depending on the borrower's creditworthiness, the interest rate can be high.

In light of the lender's strict minimum credit score requirement of 700, only applicants with excellent credit are approved for loans. The lender offers a convenient online application and usually disburses funds quickly. In addition, you won’t pay a penalty if you decide to pay off the loan early.

Pros

• Soft credit check to verify eligibility
• Fixed APR
• No prepayment penalty
• A+ BBB rating