Best Debt Consolidation Loans in Tucson of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Tucson
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Tucson
- Best Debt Consolidation Loan Lender for Bad Credit in Tucson
- Best Debt Consolidation Loan Lender for Good Credit in Tucson
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Tucson
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Tucson
Best Debt Consolidation Loan Lenders in Tucson, AZ
MoneyGeek examined more than 30 data points — comparing loan terms, Better Business Bureau (BBB) ratings, APR ranges, origination costs and other fees — to assist you in finding the best debt consolidation loan lender in Tucson.
Remember that the best lender may differ for each borrower, but after MoneyGeek’s analysis of various lenders, LightStream emerged as the overall best debt consolidation loan in Tucson. MoneyGeek's guide is your companion in finding the right debt consolidation loan provider for your needs and goals.
Best Overall Debt Consolidation Loan in Tucson, AZ: LightStream
Runner-Up for Best Debt Consolidation Loan in Tucson, AZ: SoFi
Best Debt Consolidation Loan for Bad Credit in Tucson, AZ: Upstart
Best Debt Consolidation Loan for Good Credit in Tucson, AZ: Upgrade
How to Choose the Best Debt Consolidation Loan in Tucson, AZ, for You
Arizona has an average personal loan debt of $20,113. Before applying for a debt consolidation loan in Tucson, carefully consider the loan amounts, interest rates, repayment terms and any potential fees.
You should take a few important factors into account before applying for a debt consolidation loan.
Ask Yourself the Important Questions
You must first decide whether obtaining a debt consolidation loan would be a wise choice for you before evaluating which lenders' eligibility standards you meet. To choose the best debt consolidation loan in Tucson, you should ask yourself the following questions:
- How much cash do I need? Determine how much money you'll require, then choose a lender who can provide that amount.
- What’s your credit score? Your ability to obtain loans and the interest rates you will pay are both influenced by your credit score.
- Will I be able to afford the needed monthly payment? Payment delays will result in late penalties and the decline of your credit.
- Do you have existing debts? Avoid a high debt-to-income ratio because lenders may consider it when determining your eligibility.
- Can you pay off your debt in other ways? You might not require a loan if there are other options to address your debt reduction needs.
Do Your Research
Complete your homework before applying for a debt consolidation loan in Tucson. To find out which lender offers the best rates, you may compare APRs from different lenders.
Make sure you understand where the money can be used because some lenders have restrictions on how you may use the loan. Doing your research ahead of time can save you a lot of hassle in the long run.
Wait
You will be responsible for paying back your debt consolidation loan for several years. Take some time to reflect after you've gathered all the information you need. Don't take any action until you are convinced that you can meet all of the loan's demands.
Read the Fine Print
It is always a smart idea to study the fine print before submitting your loan application for debt consolidation. Do not presume that you are familiar with all aspects of the loan because not reading the fine print could end up costing you a lot of money.
Apply
After completing these steps, you will move on to the most important step in the debt consolidation loan application procedure. You will be required to provide certain supporting documentation and information during the application process. You can do this either in-person or online, depending on the lender.
What to Do if You Can’t Get a Debt Consolidation Loan in Tucson, AZ
Despite the possibility that your initial debt consolidation loan application may be declined, you should not lose hope. Asking your lender why it denied your application is the best course of action. For example, inadequate income, poor credit scores and a high debt-to-income ratio are some of the common causes of loan rejection.
You might be able to bargain with your lender to ask for a lesser loan amount or a shorter repayment period when you know why your application was denied. If the lender won’t allow it, you might want to think about submitting an application to another debt consolidation lender.
Payday loans may tempt some disheartened borrowers, but MoneyGeek strongly discourages readers from taking out these loans. Payday loans have extremely high APRs and very brief repayment periods. They can often make your financial troubles significantly worse.
Calculate Your Monthly Payment
Keep in mind that interest is added to monthly payments for debt consolidation loans. To easily determine whether you are in a position to take out a loan, MoneyGeek provides a debt consolidation loan calculator.
Frequently Asked Questions About Debt Consolidation Loans in Tucson, AZ
Your financial needs are the most important consideration when choosing a lender. To help you decide, MoneyGeek answers some frequently asked questions about debt consolidation loans in Tucson.
According to MoneyGeek's analysis of many local lenders, LightStream offers the best debt consolidation loan in Tucson. Remember that a different lender might be a better fit for you based on your specific needs.
If you're looking for the best debt consolidation loan in Tucson with the lowest APR, Upstart is a good option for you because it provides a low interest rate.
Each lender has different restrictions. For instance, you cannot consolidate debt for investments or business purposes with some lenders, although this is not a restriction with others.
Up to $100,000 in debt can be consolidated in Tucson, though each lender may have different limits.
Depending on the lender, it can take up to two days to get a debt consolidation loan in Tucson. That said, there are many lenders offering next- or same-day funding.
You have the option of paying your debt before it's due. If you pay off your loan early, some lenders may charge a prepayment penalty, but many don't. For more details, review the fine print of the loan agreement.
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
- LightStream. "About Us." Accessed October 3, 2022.
- LightStream. "Rates and Terms." Accessed October 3, 2022.
- SoFi. "Credit Card Debt Consolidation Loans." Accessed October 3, 2022.
- SoFi. "Personal Loans." Accessed October 3, 2022.
- Upstart. "This Is Upstart." Accessed October 3, 2022.
- Upstart. "What Are the Minimum Credit Requirements to Receive a Loan?." Accessed October 3, 2022.
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
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