Top Lenders & Best Picks for You

Best Personal Loans in Tucson, AZ

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

To assist you in finding the best personal loan lenders in Tucson, MoneyGeek analyzed 30 data points to discover which lenders are better suited to various financial needs. Our research examined a lender’s affordability and availability, loan terms, origination and late fees, minimum credit score requirements, APR ranges, disbursement time, income requirements, customer service and some factors.

This study indicates that LightStream is the best lender for personal loans in Tucson overall. However, given your specific needs and circumstances, you may be better off with a different lender. For instance, Upstart is the ideal choice for people with poor credit, SoFi is best for persons with good credit, Upgrade is the best alternative for debt consolidation, and Best Egg is the top choice for those planning a home improvement.

Best Overall Personal Loan Lender in Tucson: 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

    As the online branch of Truist Bank, LightStream provides Tucson customers with low-interest, fixed-rate personal loans. LightStream is MoneyGeek's top recommendation for personal loans in Tucson. This lender does not impose origination charges, prepayment penalties or late fees. In addition, it has no employment or minimum income criteria. If you need a large personal loan, LightStream may approve you for up to $100,000 and deposit the funds into your bank account the same day you apply.

    However, LightStream has several restrictions on how borrowers can use funds. For instance, you cannot use a LightStream personal loan to pay education fees, set up a business, purchase bonds and stocks or refinance an outstanding LightStream loan. In addition, this lender undertakes a thorough credit analysis, whereas many of its counterparts commence the application process with queries that have no bearing on credit scores.

    Pros

    • Prompt loan approval and funding
    • Loans of up to $100,000
    • $100 backup guarantee
    • Offers competitive rates
    • Same-day loan processing

    Cons

    • Requires a minimum credit score of 660
    • Demands a long credit record
    • No option to pre-qualify
    • Restricted fund use
    • Performs a rigorous credit history inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Tucson: 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

    MoneyGeek discovered that Upstart is the best personal loan lender for those with bad credit in Tucson. Upstart, a 2012-established lender with an A+ rating from the BBB, often does not place restrictions on how a personal loan might be used. The fact that Upstart offers loans to consumers with credit scores as low as 300 significantly contributes to the firm's high position in this category. Upstart processes loans quickly, often within two days, and conducts a soft credit analysis, so your credit score is not compromised.

    However, if you do not like to pay potentially high interest rates or if you need to borrow a substantial amount, Upstart may not be optimal. The firm’s maximum personal loan amount is $50,000.

    Pros

    • Requires a minimum credit score of only 300
    • No prepayment penalty
    • No restrictions on fund utilization
    • Delivers funds as soon as the next business day

    Cons

    • Possibly high interest rates
    • Loan approval could be subject to lengthy delays
    • Added origination fee in the APR
    • No mobile application for loan management
    • Only two possible repayment terms for borrowers
    Upstart

Best Personal Loan Lender for Good Credit in Tucson: 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

    If you have good credit and are looking for the best personal loans in Tucson, SoFi is your ideal option. Social Finance, or SoFi, was established in 2011 and provides clients with a multitude of loans and other services. MoneyGeek ranked it as the top option for customers with excellent credit for various reasons, such as its A+ BBB rating. The company does not impose any origination fees, late fees or prepayment penalties.

    If you have a credit score of at least 680, you can borrow up to $100,000 and get the funds the same day. You can save 0.25% on personal loan interest rates with SoFi by setting up automated payments. The company also conducts soft credit checks, which have no impact on your credit score.

    Moreover, if you lose your job unexpectedly, SoFi's unemployment protection program allows you to pause your debts and reduce monthly installments. However, those who need cosigners on their new loan, make less than $50,000 annually or have a credit score lower than 680 may not find SoFi a viable option.

    Pros

    • Soft credit check does not affect your credit rating
    • Loans of up to $100,000
    • Option for same-day loan funding
    • No origination, prepayment or hidden charges
    • A 0.25% discount for auto payment

    Cons

    • Requires a 680+ credit score
    • Maximum 45% debt-to-income ratio
    • Gross income of at least $50,000
    • No cosigner option
    • Rigorous loan eligibility standards
    SoFi

Best Personal Loan Lender for Debt Consolidation in Tucson: 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

    Upgrade is the best personal loan lender for debt consolidation in Tucson. It was established in 2016, making it a relatively new organization. Upgrade pays third-party creditors directly if customers wish to combine their obligations. The firm’s soft credit checks won’t adversely impact your credit score.

    Upgrade does not charge prepayment penalties. Nevertheless, the lender places several constraints on fund use. Upgrade’s personal loans may also have a higher interest rate depending on your credit rating, rendering this company unsuitable for individuals looking for low APR loans.

    Pros

    • Soft credit inquiry has no bearing on credit ratings
    • No prepayment charges
    • Payments made directly to third-party creditors
    • No income restrictions
    • Low minimum loan levels

    Cons

    • Origination fees ranging from 2.9% to 8%
    • $50,000 loan maximum
    • Higher interest rates than the competition
    • Use of the funds is subject to restrictions
    • Charges late fee
    Upgrade

Best Personal Loan Lender for Home Improvement in Tucson: 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

    MoneyGeek has determined that Best Egg offers the best personal loans for home improvement in Tucson. The organization utilizes soft credit checks to ensure your credit score is unaffected. Once accepted, you can receive your funding the following business day with no limitations on how you can spend it. In addition, there are no prepayment penalties.

    However, a few factors may disqualify Best Egg as your home improvement loan provider. For example, Best Egg requires a minimum credit score of 700 and charges up to 5.99% in origination fees. In addition, Best Egg only provides loans up to $50,000, so if your home remodeling project requires a larger sum, this lender may not be a good fit.

    Pros

    • Loan funding on the next business day
    • No prepayment charges
    • Soft credit checks have no impact on credit scores
    • No usage limitations
    • Direct payments to third-party creditors for debt consolidation loans

    Cons

    • Requires minimum credit score of 700
    • Minimum annual income of $100,000 required for lowest APR
    • Origination costs between 0.99% to 5.99%
    • No option for joint loans
    • No rate discounts
    Best Egg

How to Choose the Best Personal Loan Lender in Tucson for You

The average personal loan debt in Arizona is $20,113. You can use a personal loan for a variety of financial needs, such as medical expenses, moving expenditures, home improvement, debt consolidation, education costs and emergency expenses.

But before applying for a personal loan in Tucson, Arizona, you must consider several variables to determine whether or not a personal loan is appropriate for your requirements. MoneyGeek has defined the steps below to assist you in making an informed decision.

1
Ask Yourself the Important Questions

Answering the following questions will assist you in making a sound financial decision.

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

While a personal loan might help you meet your financial obligations, it can be an expensive financing option. Typically, you make monthly payments for two to four years. Conducting your own research can help you avoid potential problems.

Examine all the elements that could impact your loan eligibility. These variables may include your income, credit score and debt-to-income ratio. You must also check rates from various lenders to verify you are receiving the best deal. Ensure that your loan can be used for its intended purpose, as some lenders set restrictions on how funds are utilized.

While MoneyGeek prepared this guide to assist you in selecting the best personal loan lender, our suggestions may not apply to your specific circumstances. Therefore, undertaking your own research will help you find the most suitable lender for your financial requirements.

3
Wait

A personal loan is a substantial obligation; you must ensure you can repay it. Therefore, examine every feasible possibility and then take a break. Reconsider your decision after two days of reflection. A clearer mind can result in better financial choices.

4
Read the Fine Print

Check for details you may have overlooked during your analysis. These may include origination costs, minimum income criteria and prepayment penalties. Getting acquainted with this important information can save you money in the long run.

5
Apply

Once you are confident in your lender choice, submit your application. Ensure you have the information and documentation your lender may need, such as identification, proof of address and income verification. Most lenders allow you to apply online, by phone or in person.

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

It is normal to experience disappointment if your personal loan application is declined. First, contact your lender to ask why you were denied. A low credit score, limited income or a high debt-to-income ratio could be the cause. Then, inquire whether there’s anything you can change about your loan application to make it more acceptable. For example, you can reduce the loan's term or principal amount.

You can also seek out a different lender. However, it is more important to address the issue that caused your loan application to be denied in the first place. Restore your credit or increase your income so you won't be rejected the next time you apply.

Additionally, avoid payday loans. They may be an enticing borrowing option, but they have significant downsides. Typically, these loans are repaid within two to four weeks at a steep interest rate.

Frequently Asked Questions About Personal Loans in Tucson

The ideal personal loan provider can differ based on your needs, credit score and income. MoneyGeek responded to some frequently asked questions regarding personal loans in Tucson to assist you in determining which lender is most suited to your needs.

What is the best personal loan lender in Tucson?
Which lender in Tucson has the lowest interest rate?
Can I use a personal loan for vacations in Tucson?
Can I use a personal loan for home improvement in Tucson?
What can I not use my personal loan for in Tucson?
How much can I borrow in Tucson?
How long does it take to get a personal loan in Tucson?
Can I pay off my loan early in San Jose?

Our Personal Loan Methodology

At MoneyGeek, we examined over 30 personal loan companies based on more than 35 data points in six primary categories: consumer-friendliness, loan affordability, accessibility, customer service, flexibility and lender transparency.

Within each category, we studied several data aspects that, in our view, carry the most weight when choosing a personal loan lender. These factors include APR ranges, minimum income requirements, available loan amounts, minimum credit score requirements, disbursement time and application fees.

MoneyGeek values you, the client, so we also analyze each lender's customer support, business ratings and added features that may make your experience easier and more efficient, such as prequalification, mobile applications and alternative payment methods.

Our suggestions are created with your best interest at heart, having followed deliberation and analysis. Our personal loan suggestions and expert guidance are meant to aid you in picking the most suitable lender for your needs.

sources
Shield Insurance

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.

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