Quick Look: The Best Personal Loans in Arizona
- Best for No Origination Fees: SoFi
- Best for Debt Consolidation: Payoff
- Best for Excellent Credit: Marcus
- Best for Joint Loans: Prosper
- Best for Emergency Loans: Avant
A personal loan through a bank or credit union can help make your current financial situation less prickly. Maybe you need extra cash to cover expenses or to pay for something specific, like a new oven for your kitchen.
Take a look at Benzinga’s list of the top providers of personal loans in Arizona to get started today.
Best Personal Loans in Arizona
Searching for a small personal loan that will help you take back control of your finances? There are several options available, and you can choose from one of the many platforms listed below. Simply review how each platform works, check your eligibility and apply when you’re ready.
SoFi
Sofi has long prided itself on helping consumers refinance debt, get out of debt and manage their finances in an all-in-one setup. When you look for personal loans through SoFi, you can choose terms from 2 to 7 years, pay no late fees, origination fees, etc.
SoFi also makes personal loans easy with:
- A powerful mobile app
- Unemployment protection
- No collateral required
- U.S.-based customer service associates
You don’t need to become a member to relish in some of the benefits that target borrowers, and you can open other accounts with SoFi at any time. Because you’re not paying fees, you have more money to pursue other financial goals. SoFi is also a good option for those in Arizona who might want to centralize their finances and make it easier to see the “big picture” of where their money is going.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Happy Money
The Happy Money, formerly Payoff, platform is perfect if you're chipping away at your debt to improve your credit score. The platform provides the convenience of an online lender and rolls all your monthly payments into one.
There’s no uncertainty here — Happy Money is clear about its borrower standards.
The following are Happy Money’s borrower requirements:
- Credit score of at least 640
- Debt-to-income ratio (DTI) under 50%
- Must have used credit for 3 or more years
- 2 open credit lines with no more than 1 installment plan loan
- No current delinquent accounts
- No delinquencies occurring in the last 12 months for over 90 days
Marcus
Marcus is the personal banking arm of Goldman Sachs, and it offers you the opportunity to obtain a personal loan for everyone, with terms and values that suit most situations. You can even get an APR discount just for setting up autopay.
Marcus also offers:
- No fee, unsecured loans
- A soft credit check to pre-qualify
- Customer support availability every day of the week
Origination fees are competitive, but it can take a little time to get your loan funded. There are several repayment plans to choose from, no collateral is needed and you can even defer a payment after making your first year’s worth of payments on-time. This works well for Arizona residents who need to get through a rough patch with their finances but also plan to get back on track quickly.
Prosper
Prosper personal loans are designed to be as easy as possible for you to manage. You can select how much you need, look at the best uses for these loans and check your rate without affecting your credit. You can choose a 3 or 5-year term, there are not prepayment penalties and then you can get your loan funded right away. This is among the simplest options for Arizona residents, and it ensures that you can manage emergencies, unexpected expenses, home improvements, etc.
This is also a good option when you don’t have many financial institutions in your area and want to look online before committing to any loan products.
Avant
Avant is a lender Arizonans can turn to when they must access needed capital. When you apply with Avant, you can complete the entire process online, pay a low origination fee, never worry about a prepayment fee and manage your loan online.
The website is easy to view even on a mobile device, and your business can take advantage of:
- No collateral, unsecured financing
- An online loan eligibility calculator
- Loans that could be as high as $35,000
- A range of loan terms that suit your situation
With a great customer service team and available funding for any number of situations, you can turn to Avant when it’s time to finance emergencies, unexpected expenses, etc. You can get the money you need right now, continue with your daily routine and get back on the path to financial freedom.
Personal Loan Considerations
Taking out a personal loan can be a smart financial decision, depending on your circumstances. Pay special attention to the terms and conditions and pick a loan that makes sense for you.
Watch out for predatory lenders. Use vetted platforms like our recommended lenders and approach paycheck advances with caution. You can also try a digital financial platform like MoneyLion if you need a small personal loan.
Personal Loans vs. Credit Cards
Personal loans are usually a 1-time loan with a fixed payment period and fixed-interest rate. The benefit to choosing a personal loan is that the interest rate is often lower than credit card interest rates. If you need a large chunk of credit at once, a personal loan is your best bet. Plus, these loans are often easier to manage a credit card and less tempting. A personal loan has a purpose—a credit card feels more like an opportunity.
Credit cards often have a variable interest rate and offer a revolving line of credit. This means you can continue to use credit as you pay for it. If you don't want to risk paying off a loan early or late or want a continuous line of credit, a credit card is likely what you’re looking for. Remember, however, that credit cards come with fees and inquiries that could potential impact your spending power.
Frequently Asked Question
What happens if I can’t repay my personal loan on time?
Many personal loans have strict payment terms. You can face late payment fees, collateral seizure or prepayment penalties for paying outside of those terms. Look for loans without prepayment penalties.
Do I need collateral to obtain a loan?
Some loans (like secured loans) require you to put up collateral. For example, when you take out a car loan, your car is the collateral — if you stop making payments, your lender can seize your car. Many lenders offer unsecured options with higher fees and rates.