Personal loans in Arizona–A guide to securing the best deal

Learn everything you need to know about personal loans in Arizona, including the best options, requirements, and how to get the best rates.
By Justin Estes
•
25 October 2023
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Personal loans Arizona

If you are an Arizona resident in need of extra funds, consider a personal loan. Whether for debt refinancing, a major purchase, or emergency expenses, a personal loan can offer a cost-effective lifeline when used responsibly.

But to secure the right loan at competitive rates, it's essential to understand the landscape for personal loans in Arizona.

This comprehensive guide will walk through the leading Arizona personal loan companies, qualification criteria, interest rates, alternatives, and what you can do to get the best offers.

By the end, you'll have the knowledge to confidently pursue personal lending in Arizona tailored to your specific needs and financial situation.

Who offers the best personal loans in Arizona

Several reputable lenders provide personal loan services to Arizona borrowers. Here are some of the top options:

Upgrade—best online personal loans in Arizona

Upgrade’s modern technology provides an easy borrowing experience. Their online platform and data-driven models aim to expand access to affordable credit. Upgrade offers unsecured personal loans with predictable payments.

  • Rates from 5.94% - 35.97%
  • Loan amounts $1,000 - $50,000
  • Terms from 2-7 years
What we like:
  • Fast online application and automated decisions
  • Loans up to $50,000 for debt consolidation or major purchases
  • Funding as soon as 1 day after approval
What we don't like:
  • Require a minimum credit score of around 640
  • Rates and terms reflect credit risk, with maximums up to 35.97% interest
  • Not available in some states like Nevada and New Hampshire

LendingClub—best peer-to-peer lender

As one of the first peer-to-peer lenders, LendingClub matches borrowers with individual and institutional investors. Their online marketplace provides fixed-rate personal loans.

  • Rates from 6.95% - 35.89%
  • Loan amounts $1,000 - $40,000
  • Terms from 1-5 years
What we like:
  • Lower minimum credit scores of around 600
  • Loans for debt consolidation, home improvement, medical bills
  • Fast funding in as little as 2 days
What we don't like:
  • Origination fees from 3-8% deducted from loan proceeds
  • Investor demand can impact availability
  • Maximum rates not the most competitive

Lightstream—best for mid-sized loans

Lightstream, a division of Truist Bank, provides unsecured personal loans to borrowers with excellent credit. Their streamlined process delivers competitive rates and quick funding.

  • Rates from 7.99% - 25.49%
  • Loan amounts $5,000 - $100,000
  • Terms from 2-12 years
What we like:
  • No fees or prepayment penalties
  • Fixed interest rates with discount for autopay
  • Funding as soon as the same business day
What we don't like:
  • Requires pristine credit scores for the best rates
  • Maximum loan amount of $100,000
  • Limited terms up to 12 years

OneAZ Credit Union—best local partner

OneAZ Credit Union offers personal lending solutions to Arizona residents, with customized options based on creditworthiness and collateral. Their local branches provide personalized guidance.

  • Rates from 7.99% - 18%
  • Unsecured loan amounts $2,000 - $15,000
  • Secured loan amounts up to $50,000
  • Terms from 12-48 months
What we like:
  • Competitive rates and flexible terms
  • Secured lending up to $50,000 for qualified borrowers
  • Arizona-based lending with branches statewide
What we don't like:
  • Requires OneAZ membership and direct deposit
  • Unsecured lending capped at $15,000
  • Only available for Arizona residents

Oportun—best for low and limited credit history

Oportun issues affordable personal installment loans, both unsecured and secured, to borrowers with little or no credit history. Their alternative data models expand access to responsible credit.

  • Rates from 8.99% - 35.99%
  • Loan amounts $300 - $10,000
  • Secured loan amounts up to $18,500 in California
  • Unspecified terms
What we like:
  • Considers alternate data for approval decisions
  • Small personal loans starting at just $300
  • Numerous locations across multiple states
What we don't like:
  • Very high average interest rates compared to other lenders
  • Low maximum loan amount of $10,000
  • Unclear loan repayment terms

Requirements for personal loans in AZ

While criteria differ by lender, some typical qualifications for the best personal loan rates include:

  • A minimum credit score of around 640-660
  • Low debt-to-income ratio (ideally under 40%)
  • Verifiable income and employment
  • Positive payment history
  • No recent bankruptcies

Meeting these standards indicates your ability to manage and repay debt responsibly. It boosts the chances your application gets approved and at lower interest rates.

Applicants not meeting prime lending criteria may still qualify with certain lenders but should expect higher rates or smaller loan amounts.

Approach subprime lenders as a last resort and commit to improving your financial health over time.

Getting the best rates for personal loans in AZ

Interest rates and fees have a huge impact on your overall repayment costs. Follow these steps to secure the most competitive personal loan offer:

Check your credit reports and scores. Having credit scores of 700+ qualifies you for the lowest rates. Dispute and correct any errors on your reports before applying.

Calculate your debt-to-income ratio. Lenders prefer this stay under 40% or lower. Pay down balances as needed to lower the ratio if it's too high.

Shop and compare multiple offers. Each online application only causes a soft credit inquiry with minimal impact on your score. Applying directly on lender websites often provides better terms than third-party marketplace sites.

Consider a cosigner with better credit or provide collateral, like a savings account, if you don't meet the best unsecured rate requirements. This reduces the risk for the lender.

Opt for short loan durations, no longer than three years. This saves on interest and builds your credit through on-time repayments.

Apply only for the amount you need. Borrowing too much raises your debt obligations unnecessarily.

These proactive steps let you present as the most qualified, low-risk applicant to maximize your approval odds and interest rates.

With responsible borrowing and money management, a personal loan in Arizona can provide financial flexibility in creating the life you want.

Just be sure to weigh all alternatives and shop for the most favorable rates your current credit score will allow.