Best Personal Loans in Lakewood, CO: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Lakewood
- The Best Personal Loan Lender for Bad Credit in Lakewood
- The Best Personal Loan Lender for Good Credit in Lakewood
- The Best Personal Loan Lender for Debt Consolidation in Lakewood
- The Best Personal Loan Lender for Home Improvements in Lakewood
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Lakewood
MoneyGeek's Picks for Best Personal Loan Lenders in Lakewood, CO
MoneyGeek evaluated and studied the lenders offering personal loans in Lakewood based on factors like minimum credit scores, income requirements, APR ranges and repayment periods. Also, we considered their customer service ratings, disbursement times and other crucial factors.
In this study, we found that LightStream is the overall best personal loan lender in Lakewood. Coloradans with good credit fare well with SoFi, while those with bad credit might find the best deals with Upstart. Upgrade is our top choice for debt consolidation, and Best Egg tops our list for home improvement loans in Lakewood, Colorado.
Best Overall Personal Loan Lender in Lakewood: Lightstream
Best Personal Loan Lender for Bad Credit in Lakewood: Upstart
Best Personal Loan Lender for Good Credit in Lakewood: SoFi
Best Personal Loan Lender for Debt Consolidation in Lakewood: Upgrade
Best Personal Loan Lender for Home Improvement in Lakewood: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Lakewood for You
Before choosing a personal loan lender in Lakewood, borrowers must know that it is a serious commitment. Aside from that, it’s also a must to check credit scores, outstanding debts and other liabilities. Some lenders are strict with income requirements, while others rely more on credit scores.
In Colorado, the average person has a credit score of 728 and $21,783 in personal loan debt at an APR of 9.40%. MoneyGeek shares some tips to help you make a wise decision.
Ask Yourself the Important Questions
Personal loans in Lakewood are significant and serious commitments. It’s best to determine how much you need and if you can repay the loan. Answer the following questions before proceeding with your search.
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
You must identify your preferences and needs to help you find the most suitable lender. Start by asking your friends and relatives or doing a quick search on the internet.
Check each lender’s pros and cons, and review the unique features and benefits, if applicable. Remember that the first lender you encounter may not be your ideal choice. So, it’s best to research further and shortlist your top picks.
Wait
After evaluating your preferences and comparing the lenders’ offers, it’s time to take a step back. Take time to ask yourself if a personal loan is the best decision for your current lifestyle and whether your chosen lender is truly your best option. Once you’ve signed the loan, you are committed to repaying it, so taking a few days to weigh your options is always advisable.
Read the Fine Print
Loan agreements contain vital details that may affect your monthly dues or repayment schedule. Generally, the fine print contains information about fees (e.g., late, origination or prepayment fees), documentation and other processes you’ll encounter during the loan application.
MoneyGeek advises that you review the fine print carefully to ensure you’re not missing any details that could cost you money in the long run.
Apply
When you fully understand personal loans and the application process, it’s time to start filling out the application form. Only use the legal name stated in your proof of identification to avoid any legal impediments.
Moreover, prepare other documents like proof of income, employment records, credit history, pay stubs and other lender-specific documents. Remember that some lenders allow online applications, but some will require you to submit your documents on paper.
What to Do if You Can’t Get a Personal Loan in Lakewood
There are times when loan applications are declined for various reasons. If this happens to you, the best thing to do is ask your lender what the causes are.
In some instances, your documents or requirements may not be complete. It’s best to ask your lender what requirements you missed so you can submit them. But, there are also instances in which your application was denied because of low credit scores or insufficient income. You can improve these factors before sending another application to a different lender.
Payday loans are enticing because they’re quick and easy to apply for, but they may cost you more in the long run. MoneyGeek advises against taking payday loans because they have high-interest rates and short repayment periods.
Frequently Asked Questions About Personal Loans in Lakewood
Finding the best personal loans in Lakewood relies on many factors. Some of those include your preferences, lifestyle and financial background.
MoneyGeek provides the answers to some of the most commonly asked questions about personal loans in Lakewood, Colorado, to help you make a good decision.
Overall, LightStream is the best personal loan lender in Lakewood. However, MoneyGeek found that borrowers with good credit fare best with SoFi, and bad credit borrowers fit well with Upstart. Upgrade and Best Egg are best for debt consolidation and home improvement, respectively.
Upstart offers the lowest interest rate in Lakewood, Colorado.
Yes. Generally, lenders allow loan proceeds to be used for vacations, leisure trips or recreational activities. However, check with your lender to see if they have any restrictions.
Yes, Best Egg is the best lender for this type of loan. That said, you should again make sure your lender does not restrict the usage of its personal loans.
Generally, loans cannot be used for business expenses, investments, gambling or illegal activities. However, various lenders provide specific restrictions, so it’s best to ask your preferred lender.
Personal loans in Lakewood typically range from $1,000 to $100,000, although each lender has its own funding limits.
Lenders provide different timeframes for loan approvals. Some lenders offer same- or next-day funding, while others can take several business days.
Yes, but some lenders charge a prepayment penalty fee.
Our Personal Loan Methodology
MoneyGeek reviewed more than 30 personal loan lenders using 35+ individual data points belonging to six vital categories: accessibility, consumer friendliness, customer service, flexibility, lender transparency and loan affordability.
Many individual points are considered in each ranking criteria category. We focused on APR ranges, available loan amounts, minimum credit scores, application fees, disbursement periods and income requirements.
To help you make the best decision possible, we included other crucial factors in this review that can make life easier for a borrower, such as customer support reputations, business ratings, unique features and benefits. We also considered accessibility, prequalification, payment options, online banking and mobile apps.
When choosing our top picks, we keep your best interests in mind. These personal loan recommendations and expert tips strive to help you make the right choice when finding the best personal loan lender for your needs and preferences.
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
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