Top Lenders & Best Picks for You
Best Personal Loans in Aurora, CO
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Aurora
- The Best Personal Loan Lender for Bad Credit in Aurora
- The Best Personal Loan Lender for Good Credit in Aurora
- The Best Personal Loan Lender for Debt Consolidation in Aurora
- The Best Personal Loan Lender for Home Improvements in Aurora
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Aurora
MoneyGeek's Picks for Best Personal Loan Lenders in Aurora, CO
MoneyGeek examined over 30 data points for its analysis of Aurora’s lenders. Considerations included affordability, access, APR ranges, terms, credit scores, income requirements, origination and late fees, loan disbursement times, customer service and Better Business Bureau (BBB) ratings.
MoneyGeek identified LightStream as Aurora’s top personal loan lender. Nonetheless, depending on your circumstances, a different lender may be a better option. For Aurora residents with good credit, SoFi is the best option, while borrowers with poor credit should consider Upstart. Upgrade is the best option for consolidating debt, while Best Egg is the best pick for home improvements.
Best Overall Personal Loan Lender in Aurora: Lightstream
Best Personal Loan Lender for Bad Credit in Aurora: Upstart
Best Personal Loan Lender for Good Credit in Aurora: SoFi
Best Personal Loan Lender for Debt Consolidation in Aurora: Upgrade
Best Personal Loan Lender for Home Improvement in Aurora: Best Egg
How to Choose the Best Personal Loan Lender in Aurora for You
Personal loans are often used to pay for medical expenses, vacations, moving expenses or home improvements. Consider several factors, including your eligibility, lender interest rates and fees, before choosing a personal loan lender. Although each lender has its own eligibility requirements, most evaluate your credit score, monthly income and debt-to-income ratio. The average personal loan debt in Colorado is $21,783.
To find a suitable lender in Aurora, follow these steps.
Ask Yourself the Important Questions
You should ask yourself the following questions before picking a lender and applying for a personal loan:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Lenders differ in their terms and conditions, as well as their rates and fees. To determine which lender is right for you, you should compare multiple options before submitting a loan application.
Taking out a personal loan is a big commitment since you’ll be paying it back over two to four years or even longer in some instances. It’s important to think carefully before taking out a loan. Please keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.
Wait
Comparing rates and fees for several types of loans can be overwhelming when confronted with an array of features and offers from different lenders. Taking your time before making a decision can be beneficial. A personal loan is a significant financial decision, and you must be sure it’s the right one. Take time to examine your options after you have done your research.
Read the Fine Print
When researching personal loans in Aurora, it’s easy to overlook important details. Along with upfront fees clearly outlined in your lender's terms and conditions, you may also discover hidden costs after signing the loan application. Before finalizing a deal with a company, research its fees, including prepayment penalties, late and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.
Apply
After researching, reading the fine print and waiting to make a decision, you can submit your application. You should feel confident about your choice of lender at this point and have all the information you need to apply. A lender typically verifies a borrower's identity, address and income during the loan application process. You can usually apply online, by phone or in person.
What to Do if You Can’t Get a Personal Loan in Aurora
If your loan application is rejected, you should contact the lender to find out why and determine if you can make any changes, such as shortening the loan terms or lowering the loan amount. You may also have the option of obtaining a cosigner or a collateral-based loan.
Alternatively, you can apply to a different lender if you need a loan urgently. However, it's best to avoid doing this until you've corrected whatever reason led to your application’s rejection.
Some people may seek extremely high-interest payday loans if a lender has rejected them. However, your credit score will not improve despite paying promptly and in full. You may also be responsible for any unpaid interest plus the remaining balance if you fail to pay promptly. When you pay late, you may be contacted by a collection agency, which may damage your credit.
Frequently Asked Questions About Personal Loans in Aurora
By considering your financial needs, credit history and income level, you can determine the right Aurora personal loan lender for you. The following are some of the most frequently asked questions about personal loans in Aurora, Colorado.
The best overall personal loan lender in Aurora, Colorado is LightStream. However, for those with good credit, the best lender is SoFi, and for those with bad credit, the best is Upstart. For debt consolidation, the best option is Upgrade, whereas, for home improvement loans, the best is Best Egg.
Upstart offers the lowest interest rate personal loans in Aurora. If you qualify, you can obtain a personal loan with an APR of 3.22%.
Among the reasons for taking out a personal loan are vacation expenses. However, not all lenders allow their loans to be used for any purpose. Find out if your personal loan has any restrictions on how you may use it.
You can usually fund home renovations with personal loans. To make sure there are no restrictions in place, ask the lender.
You can use a personal loan for almost anything, although some lenders limit how you can use the funds. A lender may prohibit using personal loans for refinancing mortgages or other loans, paying for educational expenses, making business purchases, buying bonds or securities, or engaging in illegal or gambling activities.
Depending on the lender, you may qualify for a loan between $1,000 and $100,000.
Processing a personal loan can take anywhere from a day to a week, depending on the lender.
Prepayment penalties may apply if you pay off a personal loan before the end of its term. Some lenders, however, do not charge a penalty for early payments. You can find more information by contacting the lender or reading the loan agreement.
Our Personal Loan Methodology
Using 35+ individual data points, we examined more than 30 personal loan lenders across six key categories: affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We reviewed several individual data points for each ranking category that we feel have the most influence on choosing a personal loan lender. These factors include a range of APRs, the loan amount, minimum credit score, minimum income amount, application fees and loan processing time.
MoneyGeek values you, the consumer, so we take into account each lender's customer service, business rating and any additional features that might make your experience easier and more accessible, such as prequalification, payment options and mobile apps.
With your best interests in mind, we carefully consider and calculate our picks. When choosing a lender that meets your needs, our recommendations and expert tips are meant to help you make the right decision.
sources
- LightStream. "Frequently asked questions." Accessed June 15, 2022.
- LightStream. "About Us." Accessed June 15, 2022.
- SoFi. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "About Us." Accessed June 15, 2022.
- Best Egg. "Personal Loans." Accessed June 15, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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