Personal Loans

Personal Loans in Phoenix, Arizona

OneMain Financial Deer Valley Credit Union Arizona Central Credit Union
APR 18.00% to 35.99% Starting at 8.25% 7.99% to 17.99%
Borrowing limits $1,500 to $20,000 Up to $10,000 $500 to $15,000
Terms 24 to 60 months 24 to 60 months Up to 36 months
Origination fee Flat fee ($25 to $300) or percentage-based fee (1.00% - 10.00% of loan amount) Not specified None
Minimum credit requirement Not specified Not specified Not specified

OneMain Financial

OneMain Financial is clear and upfront about its personal loan terms, even outlining the origination fee you’ll pay. However, you should avoid paying upfront costs for a personal loan – which you can do so if you qualify with Arizona Central Credit Union.

Based off of OneMain Financial’s high starting APR and origination fee, this may be a lender willing to work with borrowers with less-than-perfect credit. (This is speculation, however.) One definite plus to working with this lender is that it offers up to $20,000, more than the other two lenders in this roundup.

Although most lenders only offer unsecured personal loans, OneMain Financial is different. If you pursue a larger loan amount, you may be asked to secure your loan using your vehicle. This won’t be a good solution for those who may struggle with payments, as you can lose an important asset should you default on the loan. However, if you choose this option, your vehicle will need to meet the following criteria:

  • Be no more than 10 years old
  • Meet value requirements
  • Titled in your name and have valid insurance associated with it

How to qualify

  • Have a copy of a valid, government-issued ID such as a driver’s license or passport
  • Have a Social Security card
  • Proof of residence such as a driver’s license, utility bill or a signed lease that prove current address
  • Proof of income via a pay stub or tax return

Deer Valley Credit Union

Deer Valley Credit Union personal loan APRs are in line with Arizona Central Credit Union’s – but they are higher compared to other credit unions not found in this roundup. Meanwhile, the maximum borrowing limit is low, and it isn’t clear from the credit union’s website whether you’ll pay an origination fee.

One benefit to borrowing with Deer Valley Credit Union, however, is that it does not restrict how you use your personal loan funds, and you can apply through a simple online loan application. Like Arizona Central Credit Union, Deer Valley Credit Union offers a suite of other financial products, from bank accounts to auto loans and home equity lines of credit.

How to qualify

  • If you’re under the age of 18, you will need a co-applicant
  • Must be a member, which requires the following: Work for an affiliated employer or organization; live, work or worship in one of 107 ZIP codes in Arizona; be related to an existing member; or pay $5 to join

Arizona Central Credit Union

Of the lenders in this roundup, Arizona Central Credit Union has the lowest starting APR, and it boasts no application or processing fees. But it does have the shortest repayment terms. The low maximum borrowing limit is an outlier among other lenders; a maximum 60-month repayment period is commonplace, including both Deer Valley Credit Union and OneMain Financial.

Interestingly, Arizona Central Credit Union offers a personal loan option called the “You-Name-It Loan,” which claims to offer rates that are up to four times cheaper than the average credit card APR of 25.99%. (Data from CompareCards shows an average APR of 24.14% in February 2020.)

How to qualify

  • Provide a valid Social Security number and government-issued ID number
  • Must be a member, which requires the following:
    • Open a checking account and make a minimum of 10 transactions within 60 days
    • Set up a direct deposit of at least $250
    • Sign up for electronic statements
    • Provide personally identifying information and documentation
    • Work with or belong to an Arizona Central Credit Union partner

Explore lenders with LendingTree

The above lenders aren’t your only personal loan options, though they do have local branches. If you want to explore other personal loan lenders, including those that strictly operate online, you can fill out a simple form on LendingTree. Afterward you’ll see personalized offers from up to five lenders, depending on your eligibility.

Click below to get started. But do note that prequalification doesn’t guarantee you’ll be approved if you formally apply with a lender.

How to choose a personal loan in Phoenix

When shopping for financial products such as personal loans, you’ll want to take your time and do some comparison shopping to help ensure you’re getting the best offer available to you. When comparing lenders, you’ll want to ask yourself the following questions:

  • What are the qualification requirements?
  • What is the APR?
  • How long is the term length being offered?
  • Are there any fees or conditions?
  • Do they offer job loss protection?
  • Do they have payment due date flexibility if needed?

You can find personal loans at banks, online lenders and credit unions. Each has their benefits and drawbacks to consider as you explore lenders:

  • Credit unions generally have more flexible loan requirements, but you have to be a member to be eligible for a loan.
  • Banks typically have many branches where you can drop in for one-on-one support. But they often have high minimum credit score requirements for personal loans, and some big banks like Bank of America don’t offer this product. (Chase Bank, however, does and is the largest consumer bank in Arizona with 122 locations in Phoenix alone.)
  • Online banks, meanwhile, don’t have brick-and-mortar branches, but that lack in overhead costs can lead to lower interest rates for customers. Before working with an online bank, read customer reviews. Pay close attention to any complaints about customer service as communication is important when working with a digital lender.

How to find bad credit personal loans in Phoenix

If you’re looking for bad credit loans in Arizona, you should beware of predatory lenders that have extremely high interest rates and fees. You’ll need to spend time shopping around to find your best offers. You’ll also want to speak with lenders about evaluating alternative data not found in your credit report that could boost your reliability, such as your income and employment status, when reviewing personal loans in Phoenix.

There are financial institutions that offer bad-credit loans for Phoenix residents, such as Applewood Funding. Typically, loans for consumers with poor credit scores often have higher interest rates, so you may want to consider what other lending options are available to you before pursuing a bad-credit personal loan.

Consumer protections for Phoenix loans

The state of Arizona has protections in place to help ensure you aren’t taken advantage of by lenders when you take out personal loans in Phoenix.

Before you take out a loan, it’s important you read the fine print. In Arizona, lenders must:

  • Disclose loan requirements to consumers
  • Provide the disclosure requirements in both English and Spanish

You also have the right to take loan documents away from the consumer lender’s place of business to review before you make a decision.

Personal loans in Phoenix: FAQ

How can I find a list of banks in Phoenix?

The FDIC’s BankFind feature is a resource that can help you find local banks in Arizona.

How can I find a list of Phoenix-area credit unions?

If you’re looking for Phoenix area credit unions, check out the NCUA’s Credit Union Locator which can help you find credit unions located near you.

What are my other options if I’m looking for short-term loans in Phoenix?

Short-term loans allow you to borrow a lump sum of money that you typically pay back in a year or less. Be warned that although short-term loans can provide financial relief in an emergency, few short-term loan products offer reasonable interest rates.

What may be your best option is to find a personal loan lender that doesn’t charge a prepayment penalty. That way, even if you can only choose from longer repayment periods, you can pay back your loan early on your own schedule without being charged fees.

Where can I find a payday loan in Phoenix?

For those looking for payday loans in Phoenix, proceed with caution. Online payday loans aren’t legal in Arizona, though you may find some lenders can offer these loans to Arizona residents online from areas where payday loans are legal.

But there’s a good reason these types of loans are illegal. Payday loan APRs are typically around 400% due to insanely high fees. Couple that with extremely short repayment periods of a few weeks and it can be easy to get trapped in a debt cycle, where you need to continuously borrow more to stay afloat.

Can I find no credit-check loans in Phoenix?

In short, yes, you can find no credit loans in Arizona. You’ll have to do your research and find a lender that doesn’t require a certain credit score to qualify. It’s worth noting that lenders that accept lower credit scores on unsecured loans like traditional personal loans, often have much higher interest rates.

If you have poor credit but need a loan and are confident you can make on-time and in-full payments, a secured loan may be a better option.


To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Phoenix, Arizona. We then researched the first 100 unique lenders that appeared in our results, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.


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