Top Lenders & Best Picks for You

Best Personal Loans in Colorado Springs, CO

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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Lender in Colorado Springs, CO: LightStream

MoneyGeek assessed personal loan lenders in Colorado Springs based on more than 30 different parameters. To find the top lenders in the area, we considered APR ranges, terms, fees, credit scores, income requirements, BBB ratings and customer service, among others.

If you live in Colorado Springs, LightStream is the best overall lender for personal loans. However, remember that the best company might still vary based on whether you have good or bad credit, as well as the purpose of your loan and other factors. You can read further to find which company is the best for you based on your specific requirements.

Best Overall Personal Loan Lender in Colorado Springs: 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, 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%

    Cons

    • Minimum credit score of 660
    • Conducts hard credit checks
    • Imposes restrictions on usage of funds
    • Debt consolidation loans will not be paid directly to the third-party lender
    • 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
    LightStream

Best Personal Loan Lender for Bad Credit in Colorado Springs: 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

    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

    Cons

    • Debt-to-income limit of 45%
    • Up to 8% origination fee
    • Up to 35.99% interest rate
    • Charges late fees
    • 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
    Upstart

Best Personal Loan Lender for Good Credit in Colorado Springs: 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

    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

    Cons

    • Minimum gross income requirement of $50,000
    • High credit score requirement
    • Debt-to-income limit of 43%
    • 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
    SoFi

Best Lender for Debt Consolidation in Colorado Springs: 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

    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

    Cons

    • $50,000 loan limit
    • Up to 35.47% interest rate
    • Up to 8% origination fees
    • Has late fees
    • Many restrictions on fund usage
    • 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
    Upgrade

Best Lender for Home Improvement in Colorado Springs: 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

    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

    Cons

    • High credit score requirement
    • $50,000 minimum gross income requirement
    • Origination fees up to 6%
    • Interest rates up to 35.99%
    • Charges late fees
    • 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
    Best Egg

How to Choose the Best Lender in Colorado Springs For You

According to a Lending Tree report, more than 19.4 million people in the U.S. have personal loan debt, totaling $151 billion. In Colorado, the average personal loan debt is $21,783. When applying for a personal loan in Colorado Springs, lenders will consider your credit score, income, job history, debt-to-income ratio and more. If you’re wondering how to find the best lender in the city, you should follow these steps:

1
Ask Yourself the Important Questions

It is imperative that you first assess your financial situation and funding needs before applying for a personal loan. You should be prepared to answer the following questions:

  1. How much money do I require? Some lenders have lower loan amounts available than others, so choose a company that can meet your requirements.
  2. What is my credit score? Many lenders require applicants to have at least average credit. Still, there are also some options for borrowers with bad credit scores, like Upstart.
  3. How much can I afford to pay each month? Make absolutely certain that you can easily add your monthly loan payment to your budget.
  4. What must the term of my loan be? Most lenders offer terms ranging from roughly two years up to as long as seven years.
2
Do Your Research

After evaluating your financial situation, it's time to choose a lender who can fund your financial needs. Once you've narrowed down your research to a few lenders, it is time to learn how they operate and get familiar with their terms and conditions. It is also important to compare the features of each lender you're considering to determine which one best suits your needs. You will also need to consider the loan's long-term influence on your finances.

Ultimately, the term of your loan should not interfere with your long-term financial goals, such as buying a house. If your lender runs a hard credit check, your credit score may drop. If you don’t want your scores to be affected, opt for a lender who uses soft checks. MoneyGeek only makes generic recommendations, so it's important that you conduct your own research in this area.

3
Wait

Choosing a personal loan can be a hard decision to make. You will need to compare features, costs, interest rates and offers from many lenders. Give yourself a few days to think about which lender to choose. A personal loan can be a big financial commitment. You want to make sure that you're making the best choice for your money.

4
Read the Fine Print

It's easy to miss the most important details if you don’t read the fine print of a potential loan agreement. You may not be aware of additional costs until it’s too late. This is why it’s important to examine all of the charges involved with a loan, such as interest, penalties and late fees, when choosing a lender. Any collateral requirements or conditions on the loan's use are further factors to consider. The fine print of the lender reveals all of the loan's terms and conditions, so it's best to read and understand it thoroughly.

5
Apply

Once you've completed all of your preparations, read the fine print and thought things through, it’s time to submit your application. The loan application process necessitates the submission of identification and residency documentation, as well as proof of income and employment. If you have any doubts, contact the lender to better understand the loan and address any questions you may have.

What to Do if You Can’t Get a Personal Loan in Colorado Springs

If your loan application is rejected, it can be because of a low credit score, a high debt-to-income ratio or an inaccurate application form, among other factors. By contacting the lender, you can learn why you were rejected and how you can better your chances of future acceptance.

Certain lenders may agree to give you a loan if you reduce the length or amount of the loan, as long as you fulfill all of the other requirements. Co-signing a loan or providing collateral may help you be accepted. However, you should not reapply for a personal loan until you have resolved the exact reason for your rejection.

Being rejected may lead some to take out high-interest loans like payday loans. Apart from the exorbitant interest rates associated with payday loans, taking one out could negatively impact your credit score. In short, payday loans are almost never recommended.

Frequently Asked Questions About Personal Loans in Colorado Springs

The best personal loans in Colorado Springs are determined by factors like your individual circumstances, credit history and income. Here is a list of frequently asked questions concerning Colorado Springs personal loans and lending firms:

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

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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.