Updated: November 20, 2024
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Debt consolidation loans are unsecured personal loans used to pay off multiple debts, including student loan debt, at a lower interest rate.
MoneyGeek analyzed 25 lenders and found PenFed to be the top choice for debt consolidation loans in Arizona, with a MoneyGeek score of 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Arizona Central Credit Union and Arizona Financial Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationArizonaBest Debt Consolidation Loans in Arizona
PenFed offers the best debt consolidation loan in Arizona, with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.
PenFed offers an APR range of 8.99% to 17.99%, which can help borrowers in Arizona secure a loan with favorable interest rates. It provides flexibility for those needing to consolidate larger amounts of debt, with a loan amount range of up to $50,000. It also disburses funds quickly in one to two business days, ensuring borrowers can access their funds promptly.
Alliant Credit Union is another solid option for a debt consolidation loan in Arizona, with a MoneyGeek score of 95 out of 100. It offers a low APR starting from 10.49%, which can significantly reduce the interest you pay on your consolidated debts.
Alliant Credit Union offers a high loan amount range of up to $100,000, allowing you to consolidate multiple debts into one manageable payment. Flexible repayment terms ranging from 12 to 60 months allow you to choose a plan that fits your budget. The lender also has same-day fund disbursement, which means you can start managing your debts immediately.
Wells Fargo offers the best debt consolidation loan in Arizona for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR ranges from 7.49% to 24.99%, and it provides loans from $3,000 to $100,000.
Wells Fargo has no origination fees and offers rate discounts. Borrowers can receive funds quickly, within one to three business days, which helps consolidate debts quickly. Its flexible repayment terms of 12 to 84 months allow borrowers to choose a plan that fits their budget, making it easier to manage monthly payments.
PNC offers the best debt consolidation loan in Arizona for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000, making it suitable for various financial needs.
PNC's flexible repayment terms can help borrowers who need more time to pay off their debt without straining their monthly budget. Quick fund disbursement ensures you can consolidate your debts promptly, avoiding additional interest charges.
Rocket Loans offers the best debt consolidation loan in Arizona for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds the same day.
Rocket Loans features a fast approval process, which means you can consolidate your debts immediately. Its flexible loan terms allow you to choose a repayment plan that fits your financial situation, making it easier to manage your consolidated debt.
Using a debt consolidation loan in Arizona can simplify your finances by merging multiple payments into one and potentially lowering your interest rate. However, debt consolidation may not be the best move if the new loan's interest rate is higher than your current debts. It's also not ideal if you have a low credit score or are offered unfavorable loan terms. Consider your specific situation before deciding.
Good Credit
Having good credit can qualify you for better terms on a debt consolidation loan in Arizona, affecting interest rates and monthly payments.
High-Interest Debt
Consolidating high-interest debt with a debt consolidation loan in Arizona can lower your interest rates, saving you money.
Multiple Monthly Payments
Combining multiple monthly payments into one with a debt consolidation loan in Arizona makes managing your finances easier.
Lower Monthly Payments
A debt consolidation loan in Arizona can help you achieve lower monthly payments, easing your financial burden.
The average amount of personal debt in Arizona is $115,963, which is higher than the overall average debt in the U.S. of $104,215. In Arizona, the average monthly debt is around $9,664.
Using a personal loan to consolidate debt in Arizona can simplify your payments and potentially lower your interest rates. Going into the process uninformed can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.
Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can worsen your financial situation. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.
Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure the loan can be used for debt consolidation. Look at APRs, loan limits and how soon you can receive the funds.
Some lenders offer additional features that give you long-term benefits. In Arizona, lenders like PNC and Santander offer rate discounts, which can save you money over time.
Be aware of lender features that could be drawbacks. In Arizona, lenders like Achieve and Discover charge an origination fee and a late fee. These fees can impact your short and long-term finances.
Prequalification helps you gauge your eligibility without affecting your credit score. It involves a soft credit check, giving you an idea of loan terms you might qualify for.
Complete your loan application by preparing necessary documents like proof of income, identification and bank statements. This step speeds up the process and ensures accuracy.
Lenders might deny your loan application due to factors like a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Arizona, check your credit report for errors and work on paying down existing debts to improve your financial standing.
Consider reaching out to credit counseling agencies such as Evergreen Financial Counseling or OnlineBankruptcyClass.com to help manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer high-interest debt to a card with no interest for a set period, making it easier to pay down your balance.
People consider debt consolidation for the potentially lower interest rates, which can save money over time. The average APRs you can qualify for vary between cities. For example, Chandler has an average APR of 10.3%, while Gilbert's average APR is 13.6%.
Another option to find the best debt consolidation loan in Arizona is to consider other local lenders. This can help you secure the most favorable terms and rates available.
| Sierra Pacific Credit Union | Phoenix | From 9.99% | Undisclosed | Undisclosed | No Data |
| Vantage West Credit Union | Tucson | 10.99% to 23.99% | Up to 84 months | $1,000 to $40,000 | 100 |
| America First Credit Union | Gilbert | 12.99% to 18% | Up to 60 months | Undisclosed | 100 |
| Arizona Financial Credit Union | Scottsdale | 11% to 13.50% | 36 to 60 months | From $500 | 99 |
| Arizona Financial Credit Union | Gilbert | 11% to 13.50% | 36 to 60 months | From $500 | 99 |
MoneyGeek addresses common questions about debt consolidation loans in Arizona to help you understand your options.
A debt consolidation loan in Arizona is an unsecured personal loan used to pay off high-interest debt. Borrowers choose this option to simplify their payments and potentially secure a lower interest rate.
PenFed is the best overall debt consolidation loan lender in Arizona. However, the best lender for you might vary depending on your priorities and needs.
Yes, you can get a debt consolidation loan in Arizona even if you have bad credit. However, the terms might not be as favorable.
Yes, a credit counseling agency in Arizona can help manage your debt by providing advice and creating a debt management plan.
Consider getting a debt consolidation loan if you have good credit and can qualify for better terms or if your household budget can handle the new monthly payment without sacrificing essential expenses.
MoneyGeek analyzed 27 national lenders licensed to do business in Arizona based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.
We conducted our analysis in September 2024.
About Zachary Romeo, CBCA
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.
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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