1. Home
  2. Personal Loans

Best Personal Loans in Phoenix, AZ

Dec. 13, 2019, 12:13 a.m.

Personal loans are flexible and can help complete a home improvement project or cover educational expenses. Choose a company that offers low interest rates and flexible loan terms. Our partners at ConsumerAffairs researched the best personal loans in Phoenix to narrow down your choices.

×
#1
RECOMMENDED
Best Egg

Won't impact your credit score!

VISIT WEBSITE
CALL FOR QUOTES
(877) 850-2322
Sponsored Ad
#1 MOST POPULAR
Best Egg
Best Egg
Features
  • Available in Phoenix
  • Won't impact your credit score
  • Select the term that works best for you
  • No prepayment penalties
Read More
VISIT WEBSITE
CALL FOR QUOTES
(877) 850-2322
Sponsored  Ad
#2
FreedomPlus
FreedomPlus
Features
  • Available in Phoenix
  • Equal Housing Opportunity
  • Loans from $7,500-$40,000
  • 24-60 month repayment
Read More
VISIT WEBSITE
CALL FOR QUOTES
(800) 368-0061
Sponsored  Ad
#3
Credit Direct Loans
Credit Direct Loans
Features
  • Available in Phoenix
  • Direct cash deposit
  • Loans up to $40,000
  • Get approved online
Read More
SunWest Federal Credit Union
SunWest Federal Credit Union
Features
  • Fixed interest rate
  • Apply online
  • Registered nonprofit
  • No collateral required
Read More
Location
11839 N. 29th Dr.
Phoenix, AZ 85029
(602) 866-1100
Arizona Central Credit Union
Arizona Central Credit Union
Features
  • Loans from $500-$15,000
  • No application fees
  • 36-month repayment terms
  • Not-for-profit
Read More
Location
2020 N. Central Ave., Ste. 100
Phoenix, AZ 85004
(866) 264-6421
Alliance Bank of Arizona
Alliance Bank of Arizona
Features
  • M-Th: 9am - 4pm
  • F: 9am - 5pm
  • Closed Sat and Sun
  • westernalliancebancorporation.com
Location
1 E. Washington St.
Phoenix, AZ 85016
(602) 389-3500
Arizona Bank and Trust
Arizona Bank and Trust
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • arizbank.com
Location
2036 E. Camelback Rd.
Phoenix, AZ 85016
(480) 717-4300
Cash 1 Loans
Cash 1 Loans
Features
  • M-Sat: 8am - 9pm
  • Sun:10am - 6pm
  • cash1loans.com
Location
4246 W. Northern Ave.
Phoenix, AZ 85051
(623) 939-4300
Cash Time Loan Centers
Cash Time Loan Centers
Features
  • M-Sat: 9am - 6pm
  • Sun: 10am - 5pm
  • cashtime.com
Location
3925 N. 67th Ave.
Phoenix, AZ 85033
(623) 848-6900

How to choose a personal loan in Phoenix

Phoenix skyline

Personal loans are known as “unsecured” debt and are not backed by collateral like your home or car. They can be used to consolidate high-interest debt, for emergency expenses, vacations, home renovations or even dream weddings.

A personal loan in Phoenix has several advantages:

  • Flexibility. A personal loan is multi-purpose. It can be used for anything.
  • No collateral required. These loans are unsecured, meaning you don’t have to secure it with your vehicle or house. There is typically less paperwork and quicker availability.
  • Fixed interest rate. Unlike credit cards, a personal loan has a fixed rate at a fixed term. You don’t need to worry about increasing rates or a ballooning monthly payment, a concern with other loans.

Finding the right loan depends on factors such as your credit score and repayment term. Types of personal loans in Phoenix include:

  • Unsecured. This type of personal loan isn’t backed by collateral, which makes them riskier for lenders that may charge higher annual percentage rates (APRs).
  • Secured. These loans, such as mortgage and car loans, are backed by collateral that can be taken by the lender if you default.
  • Fixed rate. The interest rate doesn’t change, which is good for those who want to make regular monthly payments at a fixed rate.
  • Variable rate. The interest rate on your loan will change based on market rates.
  • Debt consolidation. This loan rolls multiple unsecured debts into a single new loan at what should be a lower interest rate.

Another popular personal loan is a payday loan, which is a short-term loan that you repay all at once when you get your next paycheck. While payday loans are no longer legal in Arizona, some Phoenix businesses offer alternatives to online payday loans, such as installment loans or a flexible line of credit.

The typical requirements for Phoenix personal loans include:

  • Minimum credit score: 640
  • Maximum debt-to-income ratio: up to 45 percent depending on income, loan amount and credit rating

Your credit score, credit history and income aren’t the only factors lenders take into consideration when you apply for a personal loan. Some companies will also consider your line of work and education level.

Best Egg

Best Egg

CALL FOR QUOTES

(877) 850-2322 VISIT BEST EGG

Best Egg offers customers several fixed rate term options with no prepayment penalties. Approved funds are transferred electronically in as little as one business day. The company provides manageable loans and clear-cut payment plans. Online reviews from Phoenix note Best Egg’s easy application process and professional staff.

Sponsored Ad

FreedomPlus

FreedomPlus

CALL FOR QUOTES

(800) 368-0061 VISIT FREEDOMPLUS

FreedomPlus' rate is based on your job profile, payment history and other personalized factors. Customers can qualify for exclusive rate discounts just for applying with a co-borrower, using a loan to pay off debt or having retirement assets. Arizona residents can also discuss their financial goals with a loan consultant over the phone.

Sponsored Ad

Credit Direct Loans

Credit Direct Loans

With Credit Direct Loans, you can get approved for a personal loan and have funds deposited in your bank account within 24 hours. You can be approved for a personal loan for any expense within minutes after an online application process. The company specializes in consolidation loans.

Sponsored Ad

SunWest Federal Credit Union

SunWest Federal Credit Union

SunWest Federal Credit Union offers several personal loan options and funds can be issued as a check or deposited into a SunWest account. However, several customers note the credit union’s unprofessional staff and lack of online features.

Arizona Central Credit Union

Arizona Central Credit Union

Open since 1939, Arizona Central Credit Union offers personal loans in Phoenix up to $15,000 with competitive interest rates and no application or processing fees. Use the company’s online calculator to easily see what you can afford. Online reviews are mixed, with some complaining about the company’s poor customer service.

Advertising Disclosure Learn more

The information on our website is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use. We may receive advertising revenue from some partners. See our FAQs for more information. At ConsumerAffairs we take privacy seriously, please refer to our Privacy Policy to learn more about how we keep you protected. You’re responsible for yourself so please remember that your use of this site constitutes acceptance of our Terms of Use. Copyright © 2019 Consumers Unified LLC. All Rights Reserved. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission.