Best Debt Consolidation Loans in Mesa of 2024

Updated: September 18, 2024

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Mesa, AZ

MoneyGeek evaluated providers for more than 30 data points to choose the best debt consolidation lenders in Mesa. Among these factors included interest rates, repayment terms, applicant requirements, fund disbursement time and more.

Based on this analysis, LightStream ranked as the best overall debt consolidation loan lender in Mesa. However, the best option for you will vary based on your borrower profile. For instance, those with excellent credit may receive the best debt consolidation loan from Upgrade.

Best Overall Debt Consolidation Loan in Mesa, AZ: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream is an online consumer lender that offers loans at a fixed, low-interest rate with no fees or prepayment penalties. A LightStream personal loan is best for those with excellent credit scores, as they will be eligible for the lender’s lowest starting APR. Its variable loan amounts, ranging from $5,000 to $100,000, also make the lender an ideal choice for those needing to consolidate a moderate to large amount of debt.

    By enrolling in autopay, borrowers can receive a discount of 0.5% on their APR. To further reduce their interest rate, borrowers can take advantage of its Rate Beat Program, which offers to match or best competing lenders’ offers by 0.10%. Simply submit proof of loan approval two business days before your loan is funded to receive the discount.

    Pros

    • Fast loan approval
    • Rate Beat Program
    • Autopay discount
    • No prepayment, origination or late fees

    Cons

    • Restrictions on fund usage
    • Hard credit pull from TransUnion or Equifax
    • Good-to-excellent credit score requirement
    LightStream

Runner-Up for Best Debt Consolidation Loan in Mesa, AZ: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    With SoFi personal loans, you can consolidate debt ranging from $5,000 to $100,000 at a fixed interest rate. The lender also offers one of the highest maximum loan amounts, making it a great option for those that need to consolidate a large amount of debt.

    Additionally, the lender has no origination fees, closing fees or prepayment penalties, helping borrowers get out of debt faster. If you plan to pay off your loan much earlier than expected, you may actually receive a discount on interest charges.

    Pros

    • No hidden fees
    • Soft credit pull
    • Unemployment protection
    • Autopay discount

    Cons

    • High minimum loan amount
    • Co-applicant must be living at the same address
    SoFi

Best Debt Consolidation Loan for Bad Credit in Mesa, AZ: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    If you have been working on improving your credit and need to qualify for a debt consolidation loan, Upstart is a good lender to start with. Upstart is a lending platform powered by artificial intelligence that evaluates more than just your credit score when assessing your loan eligibility and terms. This means even borrowers with a credit score of 300 may still be able to qualify.

    However, take note that loans from Upstart feature one of the highest maximum APR. This means that you may end up paying a significant amount in interest if you have a poor financial profile. It also charges origination fees, which you may want to include when calculating your potential expenses. Aside from Upstart, you can also explore other personal loan lenders for bad credit.

    Pros

    • Low minimum credit score requirement
    • Soft credit inquiry for eligibility check
    • Lends to full-time, part-time and self-employed individuals
    • No prepayment penalty

    Cons

    • Potentially high interest rates
    • Origination fee
    Upstart

Best Debt Consolidation Loan for Good Credit in Mesa, AZ: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Founded in 2016, Upgrade is a financial technology company that offers personal loans for debt consolidation as well as other financial products like credit cards and credit lines. Upgrade personal loans have a fixed interest rate and no prepayment penalties. However, much like any lender, interest rates for Upgrade personal loans depend on the borrower’s creditworthiness. In addition to Upgrade, there are several lenders offering competitive rates on personal loans for borrowers with excellent credit.

    Pros

    • No prepayment penalty
    • Soft credit check to verify eligibility
    • Mobile application

    Cons

    • Potentially high interest rates
    • Late payment fee
    • Not available in all states
    Upgrade

How to Choose the Best Debt Consolidation Loan in Mesa, AZ, for You

In Arizona, the interest rate on personal loans averages at 8.93%. To start identifying potential lenders, you can look for ones that offer an interest rate lower than this. Factors such as credit score, current debts, income and other financial information are considered to determine your eligibility.

MoneyGeek recommends taking the following steps to decide if a debt consolidation loan in Mesa is the best option for you:

1
Ask Yourself the Important Questions

If you plan to simplify your payments through a debt consolidation loan, it’s important to ask yourself a few questions.

  • How much funding do you need? It’s important to know how much you need in a debt consolidation loan because this will dictate the lenders that are available to you.
  • What’s your credit score? Your credit score will impact your loan eligibility and the loan terms available to you.
  • Can you afford the monthly payments? Prior to applying for a loan, you should assess your capacity to make monthly payments. To reduce the amount you’ll pay in interest and repay your debt faster, you can make higher monthly payments.
  • Do you have existing debts? Evaluate your existing debts to assess your loan needs. Be mindful that some types of loans, like those for post-secondary education, are eligible for debt consolidation.
  • Is your debt manageable through other means? Consider alternative solutions besides debt consolidation. If the interest rate you receive for a debt consolidation loan is higher than your individual loans, it may not be the best option for you.
2
Do Your Research

Prior to applying, it's a good idea to do your own research. Taking out a debt consolidation loan is a long-term financial commitment that requires a thoughtful approach. MoneyGeek strives to provide you with the most comprehensive resources based on different average consumer profiles, but our results might not be best suited for you. Doing your own research is still the best course of action.

3
Wait

Once you have chosen a specific lender, you should wait one or two days before applying. By taking a step back, you can view your situation more objectively.

4
Read the Fine Print

The fine print contains all the important details of your loan from your monthly payments, interest rates, late payment charges, origination fees, prepayment penalties and more. Reading the fine print upfront will allow you to better plan, as you’ll avoid unexpected costs and surprise expenses.

5
Apply

Once you have read the fine print and are confident with your chosen lender, it’s time to apply. During the application process, lenders will ask for your financial documents, including proof of income and credit information. Most lenders allow you to apply through their website, but you can also apply in person or over the phone.

What to Do if You Can’t Get a Debt Consolidation Loan in Mesa, AZ

If your application is rejected due to a low credit score, high debt-to-income ratio or incomplete application, you shouldn’t worry. Your application may get approved if you agree to modified terms. After your application is rejected, you should call your lender to ask why your loan was denied and whether you can make adjustments in your application to make it acceptable to the lender. Lowering the loan amount or selecting a shorter repayment period often does the trick.

When absolutely necessary, you can try with another lender, but only after asking for the reasons so you can adjust or improve on them in your next application. If a debt consolidation loan is not an option, there could be other ways to repay your existing debt, such as home equity loans and HELOCs, which often have longer repayment periods than personal loans. MoneyGeek warns borrowers against payday loans, which come with excessively high interest rates and unrealistically short repayment periods.

Calculate Your Monthly Payment

A debt consolidation loan is paid back in monthly installments along with interest. You can use MoneyGeek’s debt consolidation loan calculator to give you an idea of how much your monthly payments will be. Determine whether your finances could cover your monthly payments before signing an agreement.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

Frequently Asked Questions About Debt Consolidation Loans in Mesa, AZ

To help you understand more about the best consolidation loans in Mesa, we answered some of the most frequently asked questions below.

What is the best debt consolidation loan lender in Mesa?

LightStream was ranked as the top company overall, followed by SoFi. Both lenders have competitively low rates and a wide range of loan terms.

Which lender in Mesa has the lowest interest rates for debt consolidation?

In Mesa, the debt consolidation loan lender with the lowest interest rates is Truist.

What kind of debts can I not use my debt consolidation loan for in Mesa?

Lenders may have restrictions on the usage of your loan. To see if your lender has any limitations, you should contact them directly.

How much debt can I consolidate in Mesa?

This varies by lender, but in Mesa, you can consolidate up to $100,000. How much you can qualify for will, however, depend on your creditworthiness.

How long does it take to get a debt consolidation loan in Mesa?

After your loan application is approved it can take anywhere from one day to up to a week to receive your debt consolidation loan.

Can I pay off my loan early in Mesa?

Yes, you can repay your loan early. However, do take note of prepayment penalties that your lender must have indicated in the fine print.

Methodology

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 ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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