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Best Debt Consolidation Loan Lenders in Arizona

With a debt consolidation loan, you can combine multiple debts into a single loan and reduce the number of payments. Depending on your credit score, you may also qualify for a lower interest rate. MoneyGeek's data shows that Arizona's average personal loan debt is $20,113, while lenders charge an average interest rate of 8.93%.

When you apply for a loan, lenders evaluate your credit score, income level and other important financial factors. In this guide, MoneyGeek analyzed the lenders offering loans for debt consolidation in Arizona so you can find the best option.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Arizona

MoneyGeek analyzed different lenders offering debt consolidation loans in Arizona based on 30+ data points, including APR ranges, minimum credit scores, fees, loan amounts, disbursement times and more. Our analysis will help you find the lender that’s the best fit for your needs.

We found that Upgrade provides the best debt consolidation loans in Arizona, while LightStream is the runner-up. Upstart’s loans will suit you best if you have a bad credit score. For borrowers with a good credit history, SoFi would be the ideal option.

Best Overall Debt Consolidation Loan in Arizona: 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

Runner-Up for Best Debt Consolidation Loan in Arizona: 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 Debt Consolidation Loan for Bad Credit in Arizona: 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 Debt Consolidation Loan for Good Credit in Arizona: 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

How to Choose the Best Debt Consolidation Loan in Arizona for You

MoneyGeek’s data shows Arizona’s residents have an average credit score of 714. Besides your credit score, it’s also important to consider other financial factors like your income level and previous debts before applying for a loan. While a debt consolidation loan can help you lower your monthly payments, it may not be a good option if you don’t qualify for a lower interest rate.

If you want to choose the best lender for debt consolidation in Arizona, we recommend following these steps.

1

Ask Yourself the Important Questions

Analyzing your financial needs is essential to choosing the best lender. It’s good to know how much funding you need and the lender’s requirements, as it’ll help you save money and extra effort. MoneyGeek recommends asking yourself the following questions before applying for a loan:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2

Do Your Research

Before you finalize a lender, it’s best to do your research, shop around and compare the rates of different lenders. It’ll help you give a clear idea of what features you are looking for and which lender will suit you best. Conducting thorough research is essential, as a debt consolidation loan is a long-term commitment and involves a hard credit inquiry that can hurt your credit score. While MoneyGeek has provided you with comparisons of various lenders and other resources, it would help if you also researched them yourself, as our recommendations may not be ideal for you.

3

Wait

If you have found a lender that offers the best loan based on your needs, you should wait a few days before applying. You can research the lender’s customer service ratings and general reputation during this period. It would also be best to explore other means to meet your financial needs.

4

Read the Fine Print

It’s important to look at the lender’s loan agreement and read the fine print. It can help you understand the different fees charged by the lender and if there are any other hidden charges. See if the lender has application, origination or prepayment fees. Understanding the fine print can help you save a lot of money in the long run.

5

Apply

Once you’ve read the lender’s fine print, you can apply for a debt consolidation loan. At this stage, the lender may ask you for identification documents, income details and other financial information. While it’s easy to apply online, you can also visit the lender to apply if that seems more comfortable.

What to Do if You Can’t Get a Debt Consolidation Loan in Arizona

It’s not guaranteed that the lender will approve your debt consolidation loan after applying. Sometimes, lenders reject loan applications for various reasons, including a low credit score, insufficient income, incomplete application or a high debt-to-income ratio.

Once the lender lets you know about the rejection, you can ask them to inform you about the factor that caused the denial. You can then improve that factor and apply for the loan again. For instance, if the lender rejected your loan application due to a low credit score, you can get a credit card that helps you rebuild your credit history and then apply again. You can also change the loan amount or repayment term to see if it increases approval odds. While it may be tempting to re-apply with a different lender, you’re less likely to get approval without improving the factor which caused the denial in the first place.

You might also be thinking about getting a payday loan. However, MoneyGeek strongly recommends against it, as such loans have a very high APR and short repayment terms, often resulting in more debt.

Calculate Your Monthly Payment

A personal loan generally has to be repaid by the borrower in monthly installments, including interest. That’s why estimating whether you can afford a monthly payment before you get a new loan is essential. MoneyGeek’s loan calculator will help you understand if you can easily repay a debt consolidation loan.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in Arizona

The best debt consolidation lender will depend on your financial needs and various other factors. MoneyGeek researched the following frequently asked questions about debt consolidation in Arizona to help you understand how it works in the state.

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METHODOLOGY

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

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR range, available loan amount, minimum credit score, minimum income amount, application fee 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 chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing 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.