Best Personal Loans in Phoenix, AZ

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Updated: November 21, 2024

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Arizona Central Credit Union is the best personal loan lender in Phoenix, Arizona, with a MoneyGeek score of 97 out of 100. It is renowned for its quality service, competitive interest rates and credibility. Laurel Road is the best lender for online personal loans. It has a MoneyGeek score of 93 out of 100 and offers strong customer service, broad repayment terms and credibility.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks for the best personal loans in Arizona.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Phoenix, Arizona. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Phoenix, AZ

Company logo for Arizona Central Credit Union
Arizona Central Credit Union
MoneyGeek Score97
APR RangeFrom 9.99%
Loan Amount Range$500 to $30,000
Repayment Terms12 to 60 months
Time to Receive FundsUndisclosed
Overview

Arizona Central Credit Union is the best personal loan lender in Phoenix, Arizona, with a MoneyGeek score of 97 out of 100. It is federally insured by the NCUA, which offers members a high level of security. Additionally, it has a BBB rating of A+, reflecting its strong reputation. On the downside, it doesn't allow prequalification, which may be inconvenient for potential borrowers. There is also little information about its loans on the website, making it harder for applicants to gather all necessary details before applying.

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SEE THE BEST PERSONAL LOANS IN OTHER CITIES

Best Online Personal Loan in Phoenix, AZ

Company logo for Laurel Road
Laurel Road
MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Phoenix, Alabama, with a MoneyGeek score of 93 out of 100. It offers a loan amount range of $5,000 to $45,000 with repayment terms between 36 and 60 months. It provides a 0.25% autopay discount and does not charge origination fees, adding to the cost-effectiveness of its loan options. On the other hand, individuals seeking smaller loan amounts might find its $5,000 minimum loan amount a bit steep. Additionally, a late fee of 5% or $28 applies, which can add up if payments are missed.

Calculate Your Monthly Payment in Phoenix, AZ

The United States Census Bureau reported the median annual household income in Phoenix, Arizona, as $75,969 in 2022. Whether your income is above or below the median value, your ability to afford the monthly loan payments is key. Use our personal loan calculator to estimate your monthly loan payments and the total loan cost by entering the loan amount, rate and terms.

For instance, a $10,000 personal loan with a 10% interest rate and three-year repayment term costs $323 per month or $3,876 per year. This amount is 5% of the median annual household income in Phoenix, Arizona.

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Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

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Runner-Up for Best Personal Loan in Phoenix, AZ

Company logo for Arizona Financial Credit Union
Arizona Financial Credit Union
MoneyGeek Score95
APR RangeFrom 11%
Loan Amount RangeFrom $500
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Arizona Financial Credit Union is the runner-up for the best personal loans in Phoenix, Arizona, with a MoneyGeek score of 95 out of 100. It is federally insured by the NCUA and holds an A+ rating from the BBB. It offers a minimum loan amount of $500 and does not charge a prepayment penalty. However, you must be a member to apply, and its website lacks detailed information about personal loans.

Other Options for Personal Loans in Phoenix, AZ

Company logo for Copper State Credit Union
Copper State Credit Union
MoneyGeek Score94
APR RangeFrom 10.5%
Loan Amount RangeUp to $10,000
Repayment Terms24 to 60 Months
Time to Receive FundsUndisclosed
Overview

Copper State Credit Union is another good choice for personal loans in Phoenix, Arizona, with a MoneyGeek score of 94 out of 100. It is federally insured by the NCUA, providing a layer of security for borrowers. Additionally, it offers a personal loan calculator on its website, allowing users to estimate their loan terms conveniently. However, the borrowing limit is $10,000, which may not be sufficient for larger financial needs. Membership is also required to apply for a loan, which might add an extra step to the application process.

National Lenders With Physical Locations in Phoenix, AZ

In Phoenix, Arizona, borrowers seeking the best personal loans who value face-to-face interactions can select from various national lenders with local branches. These lenders include Wells Fargo, PNC, U.S. Bank and OneMain Financial. They each offer different loan options and services to meet individual financial needs.

OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
U.S. Bank8.74% to 24.99%$1,000 to $50,00012 to 84 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Phoenix, AZ

Your personal loan application in Phoenix, Arizona, can get denied due to various reasons like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to navigate this setback.

  1. 1
    Find out the reason for the denial

    Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.

  2. 2
    Modify your loan terms

    You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

  3. 3
    Look for another lender

    Different lenders have varying eligibility criteria for personal loan approval. Shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to find the best lender for your particular needs and circumstances.

  4. 4
    Explore credit counseling services

    Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to manage your credit card debt better and develop your budget. The Department of Justice's list of approved credit counseling agencies can help you find one. You can also request assistance from the Financial Counseling Association of America.

FAQ About Personal Loans in Phoenix, AZ

To aid your decision-making process, we addressed common questions regarding top personal loans in Phoenix, Arizona.

Who is the best overall personal loan lender in Phoenix, Arizona?
What are personal loans used for in Phoenix, Arizona?
What are the interest rates on personal loans in Phoenix, Arizona?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Phoenix, Arizona?
What are the best low-interest personal loans in Phoenix, Arizona?
What is an installment loan? Is there a difference between personal loans and installment loans in Phoenix, Arizona?
Is there a difference between credit union loans and bank loans in Phoenix, Arizona?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.

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