Best Personal Loans in Colorado Springs, CO

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Vectra Bank Colorado is the best personal loan lender in Colorado Springs, Colorado, with a MoneyGeek score of 96 out of 100. It offers flexible repayment terms, has quick application and approval processes and is credible and transparent about its loan terms and process. Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100. It offers strong customer service, competitive interest rates and broad repayment terms.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks for the best personal loans in Colorado.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Colorado Springs, Colorado. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Colorado Springs, CO

Company logo for Vectra Bank Colorado
Vectra Bank Colorado

MoneyGeek Score96
APR Range10.50% to 25.17%
Loan Amount Range$2,500 to $100,000
Repayment Terms12 to 36 months
Time to Receive FundsUndisclosed
Overview

Vectra Bank Colorado is the best personal loan lender in Colorado Springs, Colorado, with a MoneyGeek score of 96 out of 100. Its A+ rating from the BBB demonstrates its solid reputation. It is also a member of the FDIC, and borrowers can have full confidence in its stability. Borrowers benefit from a 0.25% rate discount with autopay, making it an attractive option for those looking for long-term savings. However, the minimum loan amount is $2,500, which might be higher than some need. Additionally, it does not offer a prequalification process, so borrowers need to commit to a complete application to check their eligibility.

Best Online Personal Loan in Colorado Springs, CO

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Colorado Springs, Colorado, with a MoneyGeek score of 93 out of 100. Its personal loan offerings include a loan amount ranging from $5,000 to $45,000 and repayment terms from 36 to 60 months. Borrowers can appreciate the 0.25% autopay discount and the absence of origination fees. However, applicants should be aware of the high minimum loan amount requirement and a late fee policy that imposes a 5% or $28 charge for missed payments.

Calculate Your Monthly Payment in Colorado Springs, CO

In 2022, the United States Census Bureau reported the median annual household income in Colorado Springs, Colorado, at $78,568. Whether your income is above or below this median value, your ability to afford the monthly loan payments is key. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan with a 10% interest rate and a three-year repayment term, your monthly payments would be $323, which totals $3,876 per year. This amount represents 5% of the median annual household income in Colorado Springs, Colorado.

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Updated: Dec 13, 2024

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Runner-Up for Best Personal Loan in Colorado Springs, CO

Company logo for Aventa Credit Union
Aventa Credit Union

MoneyGeek Score95
APR Range9.49% to 17.99%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Aventa Credit Union is the runner-up for the best personal loans in Colorado Springs, Colorado, with a MoneyGeek score of 95 out of 100. It allows joint applications, making it easier for borrowers to qualify by combining income sources. It also offers a competitive APR as low as 9.49%, appealing to those looking for affordable borrowing options. However, membership is needed to apply, which might not be suitable for everyone. Another point to note is the lack of a prequalification option, which could make it challenging to gauge eligibility without impacting credit scores.

Other Options for Personal Loans in Colorado Springs, CO

Company logo for Air Academy Credit Union
Air Academy Credit Union

MoneyGeek Score94
APR Range10.99% to 17.99%
Loan Amount RangeUndisclosed
Repayment TermsUp to 72 months
Time to Receive FundsUndisclosed
Overview

Air Academy Credit Union is a strong choice for personal loans in Colorado Springs, Colorado, with a MoneyGeek score of 94 out of 100. It has four branches in the area and accepts joint applications, making the loan process more accessible for couples or co-applicants. However, membership is needed to apply, which may limit access for some. Additionally, there is no option to prequalify, which means you cannot gauge your loan eligibility without undergoing a full credit check.

Company logo for Credit Union of Colorado
Credit Union of Colorado

MoneyGeek Score93
APR RangeFrom 12%
Loan Amount RangeUp to $50,000
Repayment TermsUp 60 months
Time to Receive FundsUndisclosed
Overview

Credit Union of Colorado, with a MoneyGeek score of 93 out of 100, is another good option for personal loans in Colorado Springs, Colorado. It is federally insured by the NCUA and holds a BBB rating of A+. However, its borrowing limit is $50,000, and there is no option to prequalify.

National Lenders With Physical Locations in Colorado Springs, CO

Borrowers in Colorado Springs, Colorado, seeking the best personal loans who favor face-to-face interactions can choose from various national lenders with local branches. The lenders available in the city include Wells Fargo, PNC, U.S. Bank, OneMain Financial and Keybank. Each national lender offers different loan options and terms, so potential borrowers may benefit from visiting each branch to discuss their needs and compare offerings.

KeybankUndisclosed$2,000 to $100,000Up to 84 months
OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
U.S. Bank8.74% to 24.99%$1,000 to $50,00012 to 84 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Colorado Springs, CO

Your loan application in Colorado Springs, Colorado, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are some steps you can take to navigate this setback.

  1. 1

    Find out the reason for the denial

    Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons helps improve your weak areas and prevent another loan application denial in the future.

  2. 2

    Modify your loan terms

    You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

  3. 3

    Look for another lender

    Different lenders have varying eligibility criteria for personal loan approval. It's important to shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to find the best lender for your needs and circumstances.

  4. 4

    Explore credit counseling services

    Lenders often look at your debt-to-income ratio when evaluating your loan application. Consider a credit counseling agency to manage your credit card debt better and develop your budget. You can search for credit counseling services from the Colorado Attorney General's list of active debt management services providers. The Department of Justice's list of approved credit counseling agencies is another resource to check.

FAQ About Personal Loans in Colorado Springs, CO

We addressed some common questions about the top personal loans in Colorado Springs, Colorado, offering valuable insight to assist your decision-making.

Who is the best overall personal loan lender in Colorado Springs, Colorado?

What are personal loans used for in Colorado Springs, Colorado?

What are the interest rates on personal loans in Colorado Springs, Colorado?

What are the benefits and drawbacks of personal loans?

What are some personal loan red flags to look out for?

How to apply for a personal loan online?

Can I get a personal loan with bad credit in Colorado Springs, Colorado?

What are the best low-interest personal loans in Colorado Springs, Colorado?

What is an installment loan? Is there a difference between personal loans and installment loans in Colorado Springs, Colorado?

Is there a difference between credit union loans and bank loans in Colorado Springs, Colorado?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.