Top Lenders & Best Picks for You
Best Personal Loans in Denver, CO
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Denver
- The Best Personal Loan Lender for Bad Credit in Denver
- The Best Personal Loan Lender for Good Credit in Denver
- The Best Personal Loan Lender for Debt Consolidation in Denver
- The Best Personal Loan Lender for Home Improvements in Denver
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Denver
MoneyGeek's Picks for Best Personal Loan Lenders in Denver, CO
To find the best personal loan lenders in Denver, MoneyGeek evaluated companies for over 30 data points. We considered loan affordability and accessibility, APR ranges, repayment terms, credit score and income criteria, origination and late fees, fund release time, customer service and Better Business Bureau (BBB) ratings.
Based on our evaluation, LightStream offers the best personal loans in Denver. However, depending on your profile and needs, a different lender may be more appropriate for you. For example, SoFi is the best option for borrowers with good credit, while Upstart is the best for those with poor credit. Upgrade and Best Egg are our top picks for debt consolidation and home improvement, respectively.
Best Personal Loan Lender Overall in Denver: LightStream
Best Personal Loan Lender for Bad Credit in Denver: Upstart
Best Personal Loan Lender for Good Credit in Denver: SoFi
Best Personal Loan Lender for Debt Consolidation in Denver: Upgrade
Best Personal Loan Lender for Home Improvement in Denver: Best Egg
How to Choose the Best Personal Loan Lender in Denver for You
According to our research, the average personal loan debt in Colorado is roughly $21,783. Lenders evaluate your employment history, current debt, income and creditworthiness to determine your loan limit and rate. Before applying for a personal loan, you should take the following steps to make sure it’s the best decision for you:
Ask Yourself the Important Questions
By taking a step back and asking yourself these four key questions, you may make smarter financial decisions.
- How much funding do I need? The amount of funding you need will determine which lenders are available to you, as most companies offer different loan limits.
- What is my credit score? Most lenders have a minimum credit score requirement. To save time, you should only apply for a loan if you meet the lenders’ criteria.
- Can I afford the monthly payment? It’s important to understand that a loan is a long-term commitment — in some cases, loan repayment can take up to five years. Because of this, it’s important to make sure that you’re financially able to make the repayment terms of your loan.
- How much debt do I already have? If you have other debts to pay off, adding another loan to your list may not be the best option. To set yourself up for financial success in the future, you may want to first consider paying off any existing debt that you have before applying for another loan.
Do Your Research
Although MoneyGeek’s recommendations are a good place to start, you should research different lenders’ rates and loan terms to find the best one for you.
Wait
After you’ve done your research, it's a good idea to wait a day or two before applying for a loan. During this time, you can weigh your options and consider possible alternatives to taking out a personal loan.
Read the Fine Print
It's easy to ignore the fine print included in a loan agreement. However, you should always thoroughly read the conditions of your loan to check for any hidden fees or additional costs, like prepayment penalties, late fees and origination fees. If you have any questions, you should contact the lender for clarification.
Apply
Once you’ve chosen a lender, it’s time to submit your loan application. During the application process, lenders will often require that you provide your personal identification, address and proof of income. Although applying online may be more convenient for some, you may also be able to apply over the phone or in-person, depending on the lender.
What to Do if You Can’t Get a Personal Loan in Denver
Your loan application may be denied for a variety of reasons, including a low income, poor credit history or incomplete application. If your loan is denied, you shouldn’t panic — most of the reasons that cause a loan to be denied can be improved over time.
After your application is rejected, you should contact the lender's representative via phone or email to ask why you weren’t approved. That way, you can modify your application before reapplying with the lender or applying with a different lender.
Rather than taking out a high-risk payday loan, we advise that you work on improving your personal loan application. Payday loans have extremely high interest rates and short repayment fees. If you’re unable to repay it in a timely manner, your credit score will be negatively impacted.
Frequently Asked Questions About Personal Loans in Denver
The best personal loan lender for you is based on your unique needs and financial situation. To help you find the best lender for you, we've answered some of the most commonly asked questions concerning personal loans in Denver, Colorado.
LightStream is the top overall personal loan provider in Denver. However, SoFi is the best lender for individuals with good credit and Upstart offers the best personal loans for those with poor credit. Upgrade and Best Egg are the top options for debt consolidation and home improvement loans, respectively.
Upstart offers personal loans in Denver with APR starting at 3.22%.
Most lenders will allow you to use your personal loan to fund a vacation, but some lenders will have restrictions on the usage of funds. Before you apply for a loan, you should check with the lender to see if there are any restrictions on fund usage.
The majority of personal loan lenders allow funds to be used for home improvement. Still, it’s important to check with the provider to make sure this is an acceptable use of funds.
Some lenders do not permit the use of their loans to refinance mortgages or other loans, pay for schooling, acquire a company, buy bonds or stocks or engage in illegal or gambling activities.
The amount you can borrow varies by lender, but you can borrow from $1,000 up to $100,000 in Denver.
Each lender has a different loan disbursement period. In Denver, you’ll typically receive the funds from your loan in one to seven days.
Some companies will charge you a prepayment fee for repaying your loan early. You should check with your lender to see if this fee is included in your loan agreement.
Our Personal Loan Methodology
We looked at 35+ unique data points from over 30 personal loan providers in six major categories: loan affordability, accessibility, customer friendliness, customer service, flexibility and lender transparency.
We analyzed many unique data factors under each rating criteria category that we believe hold the most weight when choosing a personal loan provider. APR ranges, available loan amount, minimum credit score, minimum income amount, application costs and disbursement period are all aspects to consider.
Since we think of you, the consumer, we consider each lender's customer service, company ratings and additional services like prequalification, payment alternatives and mobile applications that might make your experience easier and more accessible.
Our recommendations are made with your best interests in mind after rigorous analysis and assessment. Our personal loan suggestions and professional advice are intended to assist you in selecting the right lender for your circumstances.
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
our editorial policies and expert editorial team.