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6 Best Personal Loans in Arizona for 2020 • Benzinga

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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:

  • Best Educational Resources: Vantage West Credit Union
  • Best for Convenience: Arizona Federal
  • Best for Ethical Banking: Bank of the West
  • Best Nationwide Bank: Wells Fargo
  • Best for Debt Consolidation: Payoff
  • Best for Imperfect Credit: BadCreditLoans.com

Best Personal Loans Through a Credit Union in Arizona

You can apply for a personal loan through a credit union. This option can offer the potential of lower fees and a more intimate relationship with your loan officer. Credit unions are member-owned nonprofits and the organizations operate with member interests in mind.

Terms Offered

Up to 60 months

Loan Amounts

$500 to $20,000

Best Educational Resources: Vantage West Credit Union

Vantage West offers a myriad of educational tools, including free on-demand courses on retirement planning, preventing elder fraud and more.

Vantage West offers both personal and business accounts easily managed from the mobile app through its 19 locations throughout Arizona. The app allows for quick digital money transfer between accounts and to external accounts.

You can select from a variety of loans. Loan types include:

  • Home loans
  • Auto loans
  • Personal (Signature) loans
  • Shared-secured loans 
  • Debt consolidation loans
  • CashPlease loans
  • Citizenship loans, which are custom-fit small loans up to $1,500. Terms offered up to 24 months aid immigrants in paying for the costs associated with the naturalization process.

The credit union also focuses on community engagement. Its Thrive Series blog features local small business owners and representatives from philanthropic organizations. 

APR

Fixed: 8.75%, 9.25%, 10.25% depending on terms

Terms Offered

36, 46, 60 Months

Loan Amounts

$500 minimum

Best for Convenience: Arizona Federal

Arizona Federal’s 12 branches and over 5,000 co-op shared locations showcase no-fee ATMs, online banking, a mobile banking app and a money management tool.

Arizona Federal offers 4 types of personal loans — the closed-end personal loan detailed below, a shared-secured loan, a regular line of credit and the Sallie Mae Smart Option student loan. Auto loans, mortgages, home equity loans and recreational vehicle loans are also available. 

Arizona Federal offers several types of personal banking accounts — a free teen account, basic checking and Checking Plus, which pays dividends ranging from 0.01% to 0.10% annual percentage yield (APY) on any balance over $25. 

The credit union also services businesses and offers a few Visa credit cards exclusive to members.

Best Banks in Arizona Offering Personal Loans

Banks are known for convenience and online options. Anyone can borrow from a bank (provided you have the right credit score and other requirements) and credit unions can be limited to certain community members.

Check out our recommended banks that offer personal loans.

APR

Fixed, varies with terms

Terms Offered

12 to 60 months

Loan Amounts

$2,000 to $50,000

Best for Ethical Banking: Bank of the West

When you deposit money into your bank account, it’s used to facilitate other financial ventures like loans. Bank of the West is committed to funding sustainable, environmentally-conscious businesses so you can be sure your money is used ethically as it moves through the economy.

Bank of the West has several locations in Arizona. The bank offers unsecured loans to lenders with decent credit. You don’t need to put up collateral for an unsecured loan — your creditworthiness is what determines your eligibility. If you autopay from a Bank of the West banking account at the close of the loan, you are eligible for a 0.25% rate discount.

Bank of the West’s personal banking options include checking and savings accounts, CDs and IRA CDs. You can manage your account online or via the mobile app. 

Several Visa credit cards are also available for bank users, including a rewards card, a low interest card and a credit-building card secured by user deposits.

Terms Offered

12 to 84 months

Loan Amounts

$3,000 to $100,000

Best Nationwide Bank: Wells Fargo

Wells Fargo offers an easy online application and flexible personal loan terms if you prefer the familiarity of a large chain. Another major draw is that you’ll pay no origination fees or prepayment penalties as long as you pay your loan on time. 

Collateral is not required but secured loans are options for customers who have CDs or other accounts through Wells Fargo. You typically receive your money by the next business day via direct deposit once approved.

Wells Fargo offers its clients relationship discounts. If you set up automatic payments using your Wells Fargo bank account, you may be eligible. 

Wells Fargo serves personal, business and commercial customers. Its online banking capabilities are comprehensive, and a mobile app is available for iPhone and Android users. 

Best Personal Loans in Arizona from Online Platforms

The ability to do business digitally is increasingly important. Personal loans are no different, and it’s easier than ever to find an online platform that works for you. 

Take a look at our recommended online lenders.