Top Lenders & Best Picks for You

Best Personal Loans in Aurora, CO

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream is one of the nation's leading online lenders, offering fixed-rate loans for various purposes. Truist, a company formed in 2019 through the merger of BB&T and SunTrust, owns LightStream.

    Several features set this company apart. This bank, for instance, offers a loan maximum of $100,000. In addition, it doesn't charge origination, late, or prepayment fees and offers a rate discount of 0.5% for using autopay.

    The lender typically transfers funds directly to a customer's account within one business day after applying via the website or mobile app. Funds are, however, subject to usage limits. They can't be used to pay an existing LightStream loan, to pay for post-secondary education or to refinance a home.

    LightStream offers low-interest rates, but they are only available to borrowers with excellent credit scores.

    Pros

    • Loans of up to $100,000
    • No fees or prepayment penalty
    • Same-day loan processing
    • Offers competitive rates among online lenders
    • Offers 0.5% point rate discount for setting up autopay

    Cons

    • No option to pre-qualify on its website
    • Requires at least five years of significant credit history
    • Restrictions on usage of funds
    • Requires a minimum credit score of 660 to apply
    • Performs hard credit checks
    LightStream

Best Personal Loan Lender for Bad Credit in Aurora: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Since its founding in 2012, the BBB has given Upstart an A+ rating. Because there are few restrictions on how you may use funds, you can utilize an Upstart personal loan in Aurora for almost anything.

    Our top pick for the best lender for those with bad credit is Upstart because its minimum credit score requirement is 300 and minimum annual salary requirement is $12,000.

    The bank conducts soft credit checks, which will not impact your credit score. Upstart also processes personal loans quickly, making funds available the same or following day. The company only offers loans of up to $50,000. If you need a larger amount, you may need to explore other options.

    When you apply for a personal loan from Upstart with bad credit, you can expect to pay high interest rates.

    Pros

    • Ability to choose a custom payment date
    • Receive funds the next day
    • No prepayment penalty
    • Accessible to borrowers with fair credit
    • Offers prequalification with a soft credit check

    Cons

    • Doesn't allow cosigners
    • Doesn’t offer discounts
    • Charges origination fee
    • Maximum loanable amount is only $50,000
    • Charges a late fee of 5% of the unpaid amount or $15, whichever is higher
    Upstart

Best Personal Loan Lender for Good Credit in Aurora: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Social Finance, or SoFi, has provided loans and other products to customers since 2011. MoneyGeek has rated it the best Aurora personal loan lender for borrowers with good credit, and the BBB gives it an A+ rating.

    The bank requires a credit score of 680 or more to be eligible for a loan. If qualified, you can receive a loan of up to $100,000 two days after your loan application approval. In addition, setting up automatic payments can save you 0.25%. You won’t have to pay origination or late fees, and there’s no penalty for repayment.

    Additionally, the bank performs soft credit checks, which do not impact your credit score. If you lose your job, SoFi's unemployment protection program lowers your monthly loan payments.

    This lender may not be suitable for applicants who require a cosigner, do not meet the $50,000 income threshold or have a credit score below 680.

    Pros

    • Maximum loanable amount of $100,000
    • Auto payment discount of 0.25%
    • Performs soft credit inquiry without impacting your credit score
    • Loan funding within two days
    • No origination fee, late fee or prepayment penalty

    Cons

    • Requires a higher credit score of 680
    • Only those with a minimum gross income of $50,000 can apply
    • Debt-to-income limit of 45%
    SoFi

Best Personal Loan Lender for Debt Consolidation in Aurora: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade is a fintech startup founded by experienced executives in 2017. It offers a variety of features that make it appealing to potential borrowers. The company does not charge a prepayment fee, unlike most lenders. In addition, Upgrade directly pays third-party lenders if you consolidate your debts. The company conducts soft credit checks to avoid damaging your credit score.

    Upgrade can charge higher interest rates depending on your credit score, so its personal loans may not be suitable if you're looking for one with a low APR.

    Pros

    • No prepayment penalty
    • No fees
    • Same-day funding loan option
    • Conducts soft credit check that doesn't affect credit scores
    • Directly pays third-party creditors for debt consolidation

    Cons

    • Restricts use of funds
    • An origination fee of between 2.9% and 8%
    • High APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Aurora: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Since 2014, Best Egg has provided online loans to borrowers in 47 states. Through Cross River Bank and Blue Ridge Bank, it offers unsecured and secured personal loans in Aurora. The lender has an A+ rating from the BBB.

    If you qualify, you can choose from loans between $2,000 and $50,000 and can take advantage of services like Direct Pay to consolidate your credit cards. To ensure your credit score will not be affected, the company conducts soft credit checks. Additionally, it does not charge prepayment fees if you pay off your loan early.

    There is, however, an origination fee of up to 5.99%. Additionally, borrowers need a credit score of at least 700 as well as an income of at least $100,000 to qualify for the lowest rates. If you don’t meet these requirements, this lender may not be right for you.

    Pros

    • Conducts soft credit checks
    • Debt consolidation loans are paid directly to third-party lenders
    • No prepayment penalty
    • Available for a wide range of uses

    Cons

    • An origination fee of 0.99%–5.99% of your loan amount
    • High credit score and income requirements for lower rates
    • Loan amounts, terms and rates are unclear on its website
    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.

1
Ask Yourself the Important Questions

You should ask yourself the following questions before picking a lender and applying for a personal loan:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
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.

3
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.

4
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.

5
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.

What is the best personal loan lender in Aurora?
Which lender in Aurora has the lowest interest rate?
Can I use a personal loan for vacations in Aurora?
Can I use a personal loan for home improvement in Aurora?
What can I not use my personal loan for in Aurora?
How much can I borrow in Aurora?
How long does it take to get a personal loan in Aurora?
Can I pay off my loan early in Aurora?

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
Shield Insurance

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.

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