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Best Personal Loans in AZ
Discover the best personal loans in Arizona with our comprehensive guide. Delve into the competitive financial landscape of the Grand Canyon State, where borrowers can find a variety of loan options, competitive interest rates, and tailored repayment plans to suit their individual needs. Explore...
Written by:Daniel Lewis
At Finimpact, we understand the importance of finding the right lender for your financial needs. That's why we've meticulously picked the best lender options for loans in AZ, carefully vetting and reviewing each lender to ensure they meet our high standards. By providing in-depth loan reviews, we offer a trusted source of information to help you secure the best loan terms available in Arizona.
Top Picks for Personal Loans in AZ
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
Our rigorous research process takes into account factors such as interest rates, repayment terms, and customer service quality. It's essential to have a trusted source guiding your loan decisions. Trust Finimpact to help you navigate the competitive landscape of loans in Arizona with confidence.
Top Personal Loans in AZ: Full Overview
Best Overall
LightStream — Best Overall Personal Loan
APR.
2.99% to 19.99%
Loan Amount
$5,000-$100,000
Min. Credit Score
Not Disclosed
Key Features
- Funding as soon as the same day
- Allows joint applications
- No origination fee
Pros & Cons
- Low APRs for good credit
- Loan amounts up to $100,000
- Check your rate with no impact on your credit
- Auto-pay discount available
- Not available for borrowers with bad credit
- Rates without auto-pay are .50% higher
- Minimum loan amount of $5,000
Overview
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Main Features
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Avant — Best for Small Personal Loans
APR.
9.95% to 35.99%
Loan Amount
$2,000-$35,000
Min. Credit Score
580+
Key Features
- Low credit score requirements
- Allowed to refinance personal loans
- No prepayment penalties
Pros & Cons
- Low loan amounts available
- Check your rate with no impact on your credit
- Mobile app available
- Available for fair and poor credit
- Administration fee up to 4.75%
- Potential for a high APR
- Lower borrowing limits than other lenders
Overview
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Main Features
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
SoFi — Best for Loans with No Origination Fee
APR.
6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- No origination, prepayment, or late payment fees
- Joint applications accepted
- Offers .25% discount for autopay
- Borrowers up to $100,000
Pros & Cons
- Loan amounts up to $100,000 available
- Check your rate with no impact on your credit
- No origination fees or hidden fees
- Unemployment protection offered
- Same-day funding available
- High minimum loan amount of $5,000
- Not available for bad credit
- Lowest rates require auto-pay
Overview
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Main Features
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Upgrade — Best for Emergency Loans
APR.
5.94% to 35.97%
Loan Amount
$1,000-$50,000
Min. Credit Score
Not disclosed
Key Features
- Funding as soon as the next day
- Can be approved with fair credit
- Variety of discounts on rates
Pros & Cons
- Check your rate with no impact on your credit
- Funding in as little as one day
- Generous loan amounts available
- Choose from flexible repayment terms
- Origination fee charged on every loan
- Potential for a high APR
Overview
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Main Features
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
OneMain Financial — Best for Loans with Bad Credit
APR.
18% to 35.99%
Loan Amount
$1,500-$20,000
Min. Credit Score
Undisclosed
Key Features
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
Pros & Cons
- Available for bad credit borrowers
- Visit 1,400 nationwide locations
- Check your rate with no impact to your credit
- Flexible repayment options
- Lower loan amounts than other lenders
- Potential for a very high APR
- High origination fees likely
Overview
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Main Features
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
The Role of Credit Scores in Loan Approvals
Your credit score plays a significant role in loan approvals, as it reflects your creditworthiness and financial responsibility. Lenders use credit scores to evaluate the risk associated with lending money to you and to determine the interest rates and terms of the loan. A higher credit score increases your chances of getting approved for loans with favorable terms and lower interest rates.
- FICO score ranges: Credit scores typically range from 300 to 850, with scores above 670 considered good to excellent. Higher scores indicate lower credit risk for lenders.
- Payment history: A history of timely payments can positively impact your credit score, as it demonstrates financial responsibility. Late or missed payments can lower your score and hinder loan approvals.
- Credit utilization: Keeping your credit card balances low relative to your available credit limit can improve your credit score. Aim for a credit utilization ratio below 30% for optimal results.
- Credit history length: A longer credit history, reflecting responsible borrowing and repayment, can contribute to a higher credit score. Maintain old accounts in good standing to improve your score.
- Credit mix: A diverse mix of credit types, such as credit cards, mortgages, and auto loans, can positively impact your credit score, as it demonstrates your ability to manage different types of debt responsibly.
Pros and Cons of Co-Signing a Loan in AZ
Co-signing a loan in AZ involves sharing the responsibility for the borrower's debt, which can have both advantages and disadvantages. It is essential to carefully consider the potential benefits and risks before deciding to co-sign a loan for a friend or family member. By understanding the implications of co-signing, you can make an informed decision and protect your financial well-being.
| Pros | Cons |
| Improved loan approval chances: Co-signing a loan can significantly increase the likelihood of loan approval for the primary borrower. | Credit risk: As a co-signer, you share responsibility for the loan, meaning your credit score can be negatively impacted if the borrower defaults or misses payments. |
| Lower interest rates: A co-signer with a strong credit score can help the primary borrower secure a lower interest rate. | Debt liability: If the primary borrower is unable to repay the loan, you may be held responsible for the outstanding debt. |
| Strengthening relationships: Co-signing a loan can foster trust and strengthen relationships with the borrower. | Relationship strain: If the borrower fails to make timely payments, it can strain your relationship and create tension. |
| Credit building: Co-signing a loan can help the primary borrower build their credit history. | Co-signer credit impact: The loan will appear on your credit report, affecting your debt-to-income ratio and potentially limiting your ability to obtain credit for yourself. |
| Collateral risk: If the loan is secured, you may lose the collateral (e.g., a car or home) if the borrower defaults on the loan. |
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
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