Best Personal Loans in Colorado Springs, CO

LightStream, a part of Truist Financial Corporation, is an online lender that offers a wide range of personal loans. In addition to its A+ rating from the Better Business Bureau, the company has several impressive features that warrant its status as the top overall lender in Colorado Springs. There are no hidden costs, and the firm offers autopay discounts and joint loans without having a minimum income requirement. If your application is complete and accepted, you will most likely get your funds on the same day.

Those with credit scores below 660, however, are not eligible for a loan with LightStream. The company also doesn’t accept applicants who want to borrow money with a cosigner. Their loans also can't be used to pay for another LightStream loan, college tuition or business expenses.

Pros

• No origination fees, late fees or prepayment penalties
• No minimum income requirement
• Loans of up to $100,000 offered
• Same-day loan processing
• Auto-pay discount of 0.5%

• APR range: 4.49% to 20.49%
• Minimum/maximum loan amount: $5,000-$100,000
• Minimum credit requirements: 660
• Repayment terms: 24-84 months
• Time to receive funds: Same-day

Upstart, founded in 2012, provides personal loans through its artificial intelligence lending platform. In addition to the BBB's A+ rating, MoneyGeek deemed it the best lender for people with bad credit as it accepts borrowers with low credit scores. It also has a low minimum income requirement of $12,000. The lender handles loans the next day and does soft credit checks that leave your credit score intact.

If you're taking out a loan from Upstart, there are a few things to note. For starters, the interest rates and origination fees could be quite high depending on your credit score. Secondly, the maximum loan amount is $50,000, so it may not be a good option for you if you need more than that. Finally, this lender has a debt-to-income limit of 45%, so people with significant existing debt may be rejected.

Pros

• Low minimum credit score requirement
• Low minimum income requirement
• Conducts soft credit inquiry
• Funding within the next day
• No prepayment penalty

• APR range: 3.22% to 35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day

SoFi's financial offerings include personal loans. The company has served more than 2.5 million consumers as of 2021. MoneyGeek ranked the lender as the best for borrowers with good credit based on its unique features. If you suddenly become unemployed, its Unemployment Protection program allows you to defer your loan payments. Additionally, SoFi's customers can acquire same-day loans up to $100,000 with no origination, late or prepayment fees.

They also conduct soft credit inquiries, which will not affect your credit scores. With automated payments, you can save an additional 0.3% on your monthly payments.

However, only customers with good credit will qualify for SoFi personal loans, as the lender requires a score of at least 680. Furthermore, SoFi has a minimum gross income requirement of $50,000 and a debt-to-income limit of 43%.

Pros

• Up to $100,000 loans available
• 0.3% autopayment discount rate
• Conducts soft credit checks
• No origination fees
• No prepayment penalty

• APR range: 5.74% to 20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12 to 60 months
• Time to receive funds: Two days

MoneyGeek chose Upgrade as the best debt consolidation lender in Colorado Springs for several reasons, including its A+ BBB rating. To consolidate debt, Upgrade directly transfers funds to the third-party lender. Moreover, your loan application will not affect your credit score negatively as the lender does soft inquiries. For reduced premiums, you can choose to set up automatic payments and receive a discount of 1%.

However, the lender's loans cannot be used to fund educational costs, investments, gambling activities or business purchases. The loan's APR depends on your credit score, and you may end up having a very high APR if your credit score is on the lower end of the spectrum. As a result, consumers searching for low-interest loans (or those without origination fees) may want to seek out a different lender.

Pros

• Pays creditors directly for debt consolidation
• 1% autopayment discount rate
• No prepayment penalty
• No minimum income requirement
• Reasonable minimum credit score requirement

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36 to 60 months
• Time to receive funds: Same day

Marlette Funding, a financial services company, established Best Egg in 2014 as an online loan platform. MoneyGeek recognized it as the best lender for home improvement loans, and the Better Business Bureau gave it an A+ rating. It may be encouraging to know that the lender performs a soft credit check that has no effect on your credit score. Paying your debt early carries no penalty, and you can save 0.5% on your premiums if you automate your payments.

However, the lender has its pitfalls. It only accepts borrowers with credit scores of at least 700 and an annual gross income of at least $50,000. Furthermore, Best Egg has potentially high origination fees and interest rates.

Pros

• No restrictions on fund usage
• No prepayment penalty
• 0.5% autopayment discount
• Conducts soft credit pull
• Loans funded next-day

• APR range: 4.99% to 35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day