Best Personal Loans in Colorado
We have found 111 personal loans in Colorado. Compare and choose the best loan for your purpose.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Personal Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.
Marcus does not charge origination, late payment and check processing fees.
- Minimum credit:Poor (300-579)
- Origination fee:10%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment penalty
- Next day funding
- Cons:
- Origination Fee
- Extra Fees
Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.
The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).
Borrowers need credit scores of 580 or higher.
Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 0% to 8%.
- Minimum credit:Good (670-739)
- Origination fee:5%
- Funds available in:3-6 business days.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment or late fees
- Free monthly FICO score updates
- Cons:
- Co-signers are not accepted
- Origination Fee
- Slow funding
- Not available in all states
The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.
The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.
- Minimum credit:Poor (300-579)
- Origination fee:3 - 6%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Quick, easy online application
- Fast funding
- Cons:
- Origination fee
LendingClub offers loans of $1,000 to $40,000.
The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.
LendingClub charges an origination fee of 3% to 6% on personal loans.
- Minimum credit:Good (670-739)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Rate discount for autopay
- No Fees
- Cons:
- Not available to residents of Mississippi
- No secured loan option
SoFi loans range between $5,000 to $100,000.
The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.
The loan is not available in Mississippi.
SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.
- Minimum credit:Fair (580-669)
- Origination fee:2.41 - 5%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Simple application process
- Cons:
- Origination fee
- Extra Fees
- No Autopay Discount
- Not available in all states
Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.
If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.
- Minimum credit:Good (670-739)
- Origination fee:0.99 - 8.99%
- Funds available in:1-3 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval
- Low fixed rates
- Fast funding
- Cons:
- Fee charged
Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
Best Egg origination fees vary from 0.99% to 8.99%.
The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).
- Minimum credit:Poor (300-579)
- Origination fee:$25 - $500
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Secured and unsecured options
- Poor-credit applicants considered
- Cons:
- Origination fee
- Extra Fees
- High Rates
OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.
You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.
OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.
The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.
- Minimum credit:Good (670-739)
- Origination fee:Depends on the lender
- Funds available in:24 hours
- Loan Purpose:Personal Loan
- Pros:
- Checking rates will not affect your credit score
- Personal information is not sold to lenders
- Available rates and lenders will appear based on preferred settings, with no bias
- Receive actual rates based on your credit profile, not estimates
- Cons:
- Not a direct lender
Credible.com is a financial marketplace that helps thousands of Americans to get personal loans at the best rates they qualify for.
On Credible.com you can apply for a personal loan of up to $100,000. Then it will match your application with offers on the market and help you to find the lowest rate, based on your credit profile.
Credible.com is free to use and doesn't have any hidden fees.
TOP 5 banks offering personal loans in Colorado
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Personal loans in Colorado
All of us sometimes find ourselves in need of considerable sums of money to cover major expenses, whether it’s buying a car, home improvement, wedding, or something else. Personal loans constitute an important source of funding for such necessities. In this article, we will introduce you to the art of choosing your perfect personal loan in Colorado.
Must-knows about the Best Personal Loans in Colorado
To avoid getting yourself into a sticky financial situation, you should always consider some essential criteria that will affect your future obligations.
The most important of these is the annual percentage rate. The APR takes into account most of your expenses during the course of one year: not just interest payments, but also various fees. Always watch out for additional fees. One that is usually present is an upfront processing payment known as the origination fee. It’s usually some percentage of the loan amount.
Bigger loans typically imply more thorough background checks on part of the lender. You should not expect to be granted huge sums of money offhand. This is one reason not to ask for more than strictly necessary. If in doubt, consider the so-called flexible loans offered by some companies. These allow clients to withdraw their loan in parts over time so that you don’t have to pay interest on the unused fraction.
You may also consider secured loans, contingent upon collateral. Their terms may otherwise be more favorable to the borrower.
What Do I Need to Apply for a Personal Loan?
The most important thing is the credit score. This reflects the history of your behavior with borrowed assets. A high score is guaranteed to greatly improve your chances of success and broaden your opportunities. The worst admissible score in Colorado is 300 (Poor).
Loans may also require collateral, in which case you will temporarily deposit something of value in exchange for getting the loan. Such loans commonly feature better terms, such as the APR.
Compare the Best Colorado Lenders for Personal Loans
The following table we compiled shows a side-by-side comparison of some of the leading lenders in CO. For each one, we show details, such as their minimum credit requirements, APR, origination fee, and available amounts.
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Credible | 5.4 - 35.99% | $600 - $100,000 | 1 - 7 years | Depends on the lender | From Good (670-739) to Excellent (740-799) | Check rates On Credible.com |
It can be seen that LightStream and Upstart offer some of the best terms on the market, with low APR and no origination fee (or possibly a small one in the case of Upstart).
Simple Tips for Increasing Personal Loan Approval Odds in Colorado
Improve your credit score
Your credit score is one of the first things the lender will look at when considering your application. It is essential to maintain a good standing with lending institutions. Some tips to follow in this regard are:
- always pay on time;
- don’t take too much money;
- don’t take too many loans;
- stay on guard regarding credit reports, as many of them have been found erroneous.
Don’t ask for more than you can return
Lenders always take into account the applicants’ regular income. If they decide it is not sufficient for consistent on-time payments, you will be rejected. Other requirements are also relaxed for smaller loans; for example, you might get away with a slightly lower rating. For this reason, make sure not to borrow more than absolutely necessary.
Close existing debt
This will greatly alleviate the risks for lenders. If possible, pay off your existing debts first and only then apply for a loan.
Find a co-applicant
Loans can be granted to several people at once (usually no more than 2 - 4), who will all share the right to use and the responsibility to return the money. As such, their financial circumstances are considered together. A better-off joint applicant can enhance your chances of getting approved.