Bad Credit Personal Loans in Arizona

If you are considering getting a personal loan in Arizona, and you have bad credit, there is some basic information you might like to know. While in the past getting a loan with bad credit may have been a challenge and difficult, getting a bad credit loan has gotten more accessible in recent years. In this article, you will discover:

  • What kind of loans are available in Arizona?
  • What products or services can a loan for bad credit be used for?
  • How can I apply for a bad credit loan with Bad Credit?

Read on to understand how bad credit personal loan options* work in the great state of Arizona.

Bad Credit Personal Loan Options in Arizona

In the state of Arizona, bad credit loans are short-term financial solutions specifically designed to help customers who need to borrow money but may not qualify with current credit scores for loan options offered through conventional lenders. If you have bad credit or no credit history, there are several loan products that may be available to help rebuild your credit profile and gain access to the services and products you may need.

Because lending laws vary from state to state, it’s essential to know which lending products are available for you to choose from based on where you live. For instance, even though payday loans are legal in thirty-seven states, they are not allowed in Arizona. Therefore, borrowers with less-than-ideal credit may need to compare the advantages and disadvantages of individual lending options based upon their requirements and the state in which they reside.

Understanding Arizona Loan Types for Bad Credit

In Arizona, several legal financing options are available for customers with bad credit to choose from. Bad credit loan options include personal loans, auto loans, and home loans. While home and auto loans must be used for dwellings and vehicles, personal bad credit loans are more generalized and do not have restrictions on a borrower’s reason for the financing.

happy couple being consulted and discussing

Bad Credit Personal Loans

Bad credit personal loans work similarly to an installment loan financed by a conventional lending institution. Cash is borrowed from a lender, and repayment occurs through fixed monthly payments over an agreed-upon length of time.

Unsecured loans are cash loans that do not require any form of collateral to obtain. After reviewing credit history and proof of income, a lender may or may not approve the application for a loan. If approved, the lender may be able to transfer funds directly into a borrower’s bank account as soon as the next business day. Unsecured loans typically do not carry restrictions.

Couple reviewing their finances.

Secured loans are associated with lower interest rates and have more desirable loan terms than unsecured loans. For example, suppose a potential borrower’s credit score does not meet a lender’s loan application criteria for approval. In that case, the borrower may still obtain the financing they need through a secured bad credit personal loan.

Unsecured bad credit personal loans – Some bad credit personal loans are unsecured, meaning you don’t need to put down any form of collateral to get the loan.

Secured bad credit personal loans – This type of loan may require collateral. They are less common but available depending on the lender.

Bad Credit Auto Loans

In Arizona, there are two types of bad credit auto loans available for borrowers to consider: car title loans and traditional car loans. Car title loans are short-term loans that can be potentially costly for the borrower. In this type of lending agreement, a title loan lender gives a borrower cash in exchange for the physical title of the borrower’s vehicle.

The more familiar traditional auto loan is also available through direct lenders. However, qualifying for reasonable loan rates with a bad credit score or credit history may be difficult. As a result, used car dealerships may offer in-house financing options to assist customers with bad credit in getting into a vehicle within their budget.

Senior couple driving in a convertible

Bad Credit Home Loans

Acquiring a home in Arizona with bad credit may be challenging. For a standard home loan from a conventional lender, the minimum credit score needed to apply is typically 620, with no recent bankruptcies, foreclosures, judgments, or collections. Potential borrowers with a credit score of at least 580 may qualify through the FHA. For those who have served or are serving (or have another qualified status), a VA loan may be an option.

happy family moving boxes into new house

What Products or Services Can a Bad Credit Loan Get You?

Potential borrowers in Arizona might use bad credit loans in many different ways to help get themselves back on their feet financially. Generally speaking, almost any product or service one might need may be able to be financed through a bad credit loan.

You might be wondering: Is a lease the same as a loan?

Leases & loans are quite different – here’s what you need to know:

  • A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
  • A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.

Uses for Bad Credit Loans in AZ

In Arizona, bad credit loans may help a consumer bridge a gap in funds to access necessary goods quickly. Broken appliances, car accidents, and necessary home repairs can happen at any time, especially at the most inconvenient of timing. Despite the bad timing, some things must get fixed as soon as possible.

Products financed through bad credit loans include refrigerators/appliances, air conditioners, mattresses, jewelry, and electronics. Here are some ideas for products that a bad credit loan may be able to provide access to:

Product or Service: Furniture

Average Price**: $400 – $10,000

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Product or Service: Mattresses

Average Price**: $250 – $3,000

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Product or Service: TVs

Average Price**: $300 – $3,500

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Product or Service: Refrigerators

Average Price**: $1,000 – $2,500

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Product or Service: Washers and Dryers

Average Price**: $300 – $2,000

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Arizona Bad Credit Loans in Summary

Even though state and local laws exist to protect borrowers, some loan types that exist may or may not be ideal for your financial situation. In Arizona, the good news is there are lending options* available to help secure financing for the products or services borrowers may need. Remember to make sure to research the loan type that may be best for you and your financial needs.

family having fun hikes through mountains and deserts

Arizona Bad Credit Loans FAQs


Q: What Kinds of Loans for Bad Credit Can You Get in Arizona?

A: Several financial options exist for potential borrowers lacking good credit or less-than-perfect credit. Lenders in Arizona offer secured and unsecured bad credit personal loans, auto loans, and home loans.


Q: What Is Considered “Bad Credit”?

A: Credit bureaus such as Equifax define fair to poor credit as a credit score of less than 580. Conventional financial institutions tend to approve loans to those with higher credit scores, so applicants with credit scores of 670 or below may be best served with alternative lending types, known as bad credit loans.


Q: Where’s the Best Place to Get a Bad Credit Loan?

A: Potential options for obtaining a bad credit loan include personal loan lenders and in-house retailer financing. Some lenders can provide secured loans directly to your merchant of choice as soon as the next business day.


Q: How Can I Apply for a Bad Credit Loan?

A: If you’re interested in applying for a loan in our network of providers, all you need to do is fill out an application online. You may even find out within minutes what the outcome of the loan decision is.


Q: How Much Money Can I Borrow with a Bad Credit Loan?

A: How much money you may borrow depends upon the loan type considered, and the lender you chose. How much you may be approved to borrow largely varies from one lender to another, and your eligibility for a loan depends on your income, expenses, and other factors. You may apply online here* to find out how much you can qualify for, if approved.