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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
    • 4.49% to 20.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds
    LightStream

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


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds
    SoFi

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


  • Upstart
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Upstart

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


  • Upgrade
    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds
    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.

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.

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.