Best Personal Loans in Lakewood, CO: Top Lenders & Best Picks for You

Updated: October 3, 2024

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WHAT WE’RE GEEKING OUT ON

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


  • 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

    Based on MoneyGeek’s research, Lakewood residents may find LightStream as the best overall personal loan lender. This lender was formed in 2019 after a merger of SunTrust and BB&T. LightStream offers personal loans that may be used for home renovation, debt consolidation, large purchases and more.

    Personal loans from LightStream range from $5,000 to $100,000 and can be repaid within 24 to 84 months. It requires a minimum credit score of 660. Funds can be disbursed within the same day once the loan application is approved.

    One of the best things about this lender is that it doesn’t charge late, origination or prepayment fees. Coloradans who wish to pay their loans early can do without incurring additional costs.

    LightStream’s APR range is reasonable. There are a few limitations on fund usage. Borrowers cannot use LightStream loans for business expenses, gambling, illegal activities or secondary education.

    Pros

    • Autopay discount
    • Maximum loan of $100,000
    • No late, origination or prepayment fees
    • Quick funding

    Cons

    • No co-signers allowed
    • Limits on fund usage
    • Requires good credit score
    • Conducts hard credit inquiry
    • Minimum loan amount of $5,000
    LightStream

Best Personal Loan Lender for Bad Credit in Lakewood: 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 was founded in 2012 by former Google employees, and it uses artificial intelligence (AI) to review a borrower’s qualifications for a personal loan. It started offering personal loans in 2014 and accepts loan applications from individuals with poor or incomplete credit.

    Lakewood residents can use the loan proceeds for home renovation projects, medical emergencies, debt consolidation and more. Upstart also offers car refinancing. Because Upstart doesn’t have strict credit score requirements, it heavily weighs a borrower’s employment status and gross income.

    Loan proceeds can usually be received by the next business day, which best suits individuals who need quick funding. However, Upstart charges late and origination fees. Upstart also has a low baseline APR and a high maximum APR, meaning the cost of your loan could vary significantly based on your creditworthiness.

    Low-income borrowers can check other lenders who may suit their preferences.

    Pros

    • Accepts borrowers with bad or incomplete credit
    • Minimum loan amount of $1,000
    • No prepayment penalty fee
    • Low baseline APR

    Cons

    • Has origination and late fees
    • High maximum APR
    • Only two repayment term options
    • Maximum loan amount of $50,000
    • No co-signers
    Upstart

Best Personal Loan Lender for Good Credit in Lakewood: 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, also known as SoFi, started as a student loan refinancing company in 2011. By 2015, it had started offering personal loans. Today, SoFi also has other personal finance products, like mortgages, credit cards, car refinancing and more.

    MoneyGeek found that SoFi is the best lender for Coloradans with good credit. It requires a minimum credit score of 680 to apply. This lender conducts soft credit checks that won’t negatively affect your credit scores. An autopay discount is also convenient for those who prefer scheduling online payments.

    This lender doesn’t charge origination and prepayment penalty fees, so Lakewood residents can pay their loans early without worrying about additional costs.

    What’s unique about this lender is its unemployment protection program. Individuals who involuntarily lost their jobs are protected, and SoFi holds their loan payments until they find another job.

    Pros

    • Autopay discount
    • Offers unemployment protection
    • Low maximum APR
    • No origination or prepayment fees

    Cons

    • High minimum loan amount
    • High minimum APR
    • Debt-to-income (DTI) limit of 43%
    • Minimum credit score requirement of 680
    • No co-signers allowed
    SoFi

Best Personal Loan Lender for Debt Consolidation in Lakewood: 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 relatively young company, as it was founded in 2017. It’s headquartered in San Francisco, California. MoneyGeek found this to be the best lender for debt consolidation in Lakewood. Upgrade has made over $19 billion of credit accessible to its customers in the past five years.

    Lakewood residents can consider this lender for consolidating debt because it directly pays third-party creditors. Funds are typically disbursed immediately, which suits individuals who need emergency funds.

    While Upgrade doesn’t charge prepayment penalty fees, it does charge late and origination fees. It has a low minimum APR, but borrowers with mediocre credit will likely pay a rate closer to Upgrade’s high maximum APR.

    Pros

    • Low minimum APR
    • Has soft credit checks
    • Autopay discount
    • No prepayment penalty fees
    • Broad range of repayment term options

    Cons

    • High maximum APR
    • Charges late and origination fees
    • No co-signers
    • Fund usage limitations
    Upgrade

Best Personal Loan Lender for Home Improvement in Lakewood: 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

    Lakewood residents who want to do home improvement projects can apply for a personal loan with Best Egg. MoneyGeek found that this lender offers the best personal loan for home improvement in Lakewood, Colorado.

    Best Egg personal loans range from $2,000 to $50,000. The repayment period is from 36 months to 60 months — most lenders offer a wider range of term options. That said, borrowers can get the funds within one business day.

    This lender requires a minimum credit score of 700 and an annual income of at least $50,000. Best Egg conducts soft credit inquiries that don’t affect your credit scores.

    Lakewood borrowers need a robust credit history because Best Egg doesn’t accept loan applications with bad or incomplete credit. Therefore, this lender may not be suitable for those who have poor credit or low income.

    Pros

    • Autopay discount
    • Conducts soft credit inquiries
    • No prepayment penalty fee

    Cons

    • High APR range
    • Low $50,000 maximum loan
    • Limited range of repayment terms
    • Has late and origination fees
    • Minimum credit score requirement of 700
    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.

1
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?
2
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.

3
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.

4
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.

5
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.

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

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.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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.

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