Arizona is a state in the southwestern region of the United States. It became a part of the country as a territory in 1863 and achieved statehood on February 14th, 1912. 

As a part of America’s “Sun Belt,” Arizona has always been a destination for people looking to take advantage of its arid, warm climate. The state’s low humidity level has positive effects on chronic diseases like asthma, arthritis, bronchitis, and osteoporosis. The state’s ideal geography also makes it the home of the Grand Canyon, and the Colorado River gorge that is considered one of the Wonders of the World. The site hosts over six million visitors every year. 

Arizona has seen a steady population growth since the 1950s, which led to the rapid growth of sprawling suburbs around cities like Tucson and Phoenix, which is now the 5th largest city in America. Arizona is the 14th largest state by population, home to more than 7.1 million people. Within the past decade, Arizona has increased by more than 12%. 

Top 10 Cities in Arizona (by population) 

  1. Phoenix 1,608,139
  2. Tucson 542,629
  3. Mesa 504,258
  4. Chandler 275,987
  5. Gilbert 267,918
  6. Glendale 248,325
  7. Scottsdale 241,361
  8. Peoria 190,985
  9. Tempe 180,587
  10. Surprise 143,148

According to the U.S. Census Bureau, the state has an employment rate of 56%, with a median household income of around $62,000. Major employers in Arizona include the education, healthcare, retail, and financial services industries.  

Personal Loans in Arizona 

Arizona residents have options for loans from banks, credit unions, and other financial institutions. Among them, personal loans are some of the most versatile loans available.  Simply put, a personal loan is a loan that can be used for any purpose the borrower sees fit. Personal loans are installment loans that you repay in fixed amounts over time. Typically, these installment payments are due every month. 

Types of Personal Loans in Arizona 

People can get personal loans to cover various expenses, and different needs call for different types of loans.

Secured and Unsecured Personal Loans

Personal loans in Arizona can come in two different forms. The ideal personal loan depends on the borrower’s needs and how much money they want to borrow. The two basic types of personal loans are secured and unsecured. 

Secured Personal Loan

A secured personal loan needs collateral. Collateral is property owned by the borrower. Collateral is like a piece of insurance for the lender. If you can’t repay the loan, the lender may take your collateral to sell and recoup the money they lost lending to you. However, collateral lowers the loan’s risk, so lenders can provide installment loans with fixed rates and flexible payment plans. Mortgages and car loans are good examples of secured personal loans. 

Unsecured Personal Loan

Unlike secured loans, unsecured personal loans do not require collateral. It is a loan backed by your creditworthiness. That means that unsecured loan approval will largely depend on your credit score and credit history. Since they are a higher risk to the lender, unsecured installment loans have tighter loan terms and higher interest rates. Student loans are one of the best examples of an unsecured loan. 

How Credit Scores affect Personal Loans in Arizona

While personal loan options can vary from state to state, the best personal loans depend on your credit score. 

What Is a Credit Score?

Your credit score is a number that rates your overall creditworthiness or ability to repay debt responsibly. All of your creditors (utility companies, lenders, credit card issuers, etc.) report your financial behavior to data collection companies called credit bureaus. These credit bureaus use this information to calculate your credit score. A credit score typically ranges from 300-850. 

Good Credit vs. Bad Credit 

People with fair to excellent credit (a score of 650 or above) are seen as low risk, as they have consistently managed debt well and made payments on time. That means that they can find the best personal loans—ones that have good loan terms with low-interest rates.  

On the other hand, a person with bad credit is usually seen as a higher risk, as their credit history may show a record of late or delinquent payments. Because of that fact, a less-than-perfect history can affect your options for a personal loan.

How to Take Out a Personal Loan in Arizona 

To get a personal loan in Arizona, you need to fill out an application with the lender of your choice. Each lender uses their criteria to decide if they want to approve or deny your application. You should consider any potential lender carefully. Before you apply for any loan, take a look at any information you can find about application fees and interest rates—these fees increase any loan amount you need. While some loan approval decisions take days to process, some lenders provide instant approval for personal loans.

When a loan is approved, the lender will give a loan agreement that explains the loan terms. These terms are essentially the rules by which you must agree to follow in exchange for the loan amount. The significant parts of the loan term will include the monthly payment amount, schedule for repayment, and the loan’s annual percentage rate (APR).

After you accept the terms and sign the loan agreement, your lender will either send you a check for the loan proceeds or transfer the loan amount to the savings or checking account of your choice.

When managing your personal loan, you must make every payment on time. Making payments on time will help you avoid late fees and penalties that add to your balance. Additionally, some loans have pre-payment penalties for repaying debt before the last payment is due. 

Alternatives to Personal Loans in Arizona 

Some Arizona residents may determine that even the best personal loan options aren’t right for them. If you are one of those people, here are some personal loan alternatives. 

Credit Card 

A credit card gives you access to an unsecured line of credit. Instead of borrowing a lump sum of money, a credit card allows you to borrow the specific amount you need. You can use credit cards almost globally to pay for goods, services, and living expenses. Because banks, credit unions, and other financial institutions secure them, you can easily cancel and replace credit cards they become lost or stolen.  

Because a credit card is essentially an unsecured loan, credit approval depends on your credit history. However, credit cards are available for people with bad credit.

Credit products, like credit cards, don’t just offer spending power. Debt consolidation credit cards are an excellent way to avoid using personal loans by allowing you to repay multiple accounts and focus on making a single payment. If your credit card comes from your bank, you can easily set up automatic payments from your bank account.  

Although they have their benefits, it’s essential to learn how to manage a credit card wisely. If it’s possible, you should pay off your credit card balance every month.  But if you can’t, make every effort to pay more than the minimum payment due every month. Either of these actions will help you save money in interest and late fees. 

Payday Loan 

A payday loan is a short-term loan that costs borrowers a lot of money in the long run. Payday loans are available in most parts of the country in thousands of locations. These fast cash loans have incredibly high-interest rates and hidden fees and require making payments quickly to avoid penalties or additional fees. These tight terms cause many payday borrowers to go into default, resulting in severe financial hardships. 

Why Should You Choose CreditNinja?

If you need to get a personal loan in Arizona, CreditNinja can help you get your finances back on track. 

The best personal loan you can get is the one you can get as soon as possible. And that’s why CreditNinja’s application process is ready whenever you are

  • Our online applications take minutes. 
  • Most applications are approved within 24 hours.
  • Funds are deposited to your bank account the next business day. 

The best personal loan you can get is the one you can get as soon as possible. And that’s why CreditNinja’s application process is ready whenever you are

  • Our online applications take minutes. 
  • Most applications are approved within 24 hours.
  • Funds are deposited to your bank account the next business day. 

CreditNinja customers avoid the hassle and expense of predatory online payday loans with competitive loans and quality customer service. We even offer loans for bad credit that can get you the extra cash you need now! 

CreditNinja services are available across Arizona.  Apply today, or contact us for more information.

What our borrowers are saying

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.