Best Personal Loans in Fort Collins, CO: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

Personal loans are a long-term commitment — most take between two and four years to repay — so it’s important to first ensure that it’s the best financial decision for you. Start by asking yourself the following questions:

• How much funding do I need? It’s important to accurately estimate the amount of funding you need to avoid paying more in interest or taking out a second personal loan. Your loan amount will also determine which lenders are available to you.
• What is my credit score? This is easily one of the most important factors to consider when obtaining a personal loan because it will impact your eligibility for a loan and the terms available to you. If your credit score is low, consider improving it to receive a better rate on your personal loan.
• Can I afford the monthly payment? While a higher monthly payment will allow you to repay your loan at a lower interest rate, it’s important that it fits into your budget. If you find that a high monthly loan payment would leave little money for other expenses, consider different loan terms.
• How much debt do I already have? It’s important to evaluate your existing debt relative to your income because lenders will look at your DTI ratio when assessing your eligibility for a loan.

Do Your Research

To find the best personal loan in Fort Collins, you should compare lenders to see which best fits your profile. Evaluating lenders for their key features, such as APR rates, minimum credit score and income requirements, loan limits and terms, will help you choose the best one for your situation. Taking the time upfront to complete research will help you save money in the long run.

MoneyGeek’s guide is a great place to start when looking for the best lenders, but our recommendations are based on generic borrower profiles rather than your individual needs.

Wait

Once you’ve identified the lender that best suits your needs, wait a few days to think through your decision. It’s important to be confident in your choice, since a personal loan will take several years to repay, and, if improperly managed, could damage your finances in the long term.

During this time, you can consider other financing options that are available to you. If you find that a loan may negatively impact your financial situation, you should consider alternative options.

Read the Fine Print

To avoid missing key details, like fees for loan origination, late payments or early payments, it’s important that you read the fine print of your loan agreement.

Missing these could lead to unexpected charges that add up over the life of your loan. If you don’t understand any terms or fees, you should reach out to your lender directly for clarification.

Apply

If you are happy with your decision and chosen lender, you can submit your loan application. Most lenders offer online applications that can be completed in minutes, but you will need to provide supporting documents that verify your identity and employment status.

Make sure that you provide all the required details in the application to facilitate approval. In case you need help applying, most lenders provide online support, and, depending on the lender, you may also call or visit the lender for application assistance.