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

Updated: August 21, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Thornton, CO

Obtaining a personal loan is a good idea if you find that you need additional funding to cover major expenses. MoneyGeek evaluated loan amounts, repayment terms and interest rates from more than 30 lenders to rank the best personal loans in Thornton.

In addition, other factors, such as your income, employment history and credit score, can impact your eligibility for a loan. MoneyGeek has also researched the user-friendly features offered by these lenders that make obtaining a loan more convenient for you.

Best Overall Personal Loan Lender in Thornton: 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

    Founded in 2013, LightStream is an online lending platform that provides unsecured personal loans for a variety of purposes. According to MoneyGeek, LightStream is the best personal loan provider in Thornton. However, the lender has a minimum credit score requirement of 660.

    Customers receive loans between $5,000 and $100,000 at a set interest rate, with repayment terms ranging from two to seven years. You can apply for a LightStream loan using the company's website and track your payments through the website or mobile app. There are also no origination, prepayment or late fees.

    The application process with LightStream provides rapid approval and disbursement. The funds are deposited into the applicant's account on the day of application. Some limits on LightStream personal loans include using the funds for postsecondary education or investing in stocks and bonds.

    Pros

    • Automatic payment discount
    • Quick approval and financing
    • No prepayment, late or origination fees
    • High maximum loan of $100,000
    • Reasonable baseline APR

    Cons

    • Restricted loan usage
    • $5,000 minimum loan
    • Conducts hard credit check
    • High credit score requirement
    • Does not permit co-signers
    LightStream

Best Personal Loan Lender for Bad Credit in Thornton: 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 established in 2012 and uses artificial intelligence (AI) to finance loans. Its personal loans can be used for numerous purposes, including debt consolidation, home renovations and medical expenses. It is MoneyGeek's top pick for personal loans in Thornton for individuals with poor credit.

    While many personal loan lenders heavily focus on credit scores, Upstart also considers your income and employment status. A credit score of just 300 is required to qualify for Upstart loans, meaning even those with bad or incomplete credit can apply. However, Upstart has fairly low loan limit restrictions. In contrast to other lenders that offer loans of up to $100,000, Upstart will only approve loans of up to $50,000.

    Additionally, Upstart has just two repayment term options of 36 or 60 months. Many competitors have much more flexible options in this regard.

    Pros

    • A+ BBB rating
    • Runs soft credit inquiry
    • Low interest rates
    • Low credit score requirement

    Cons

    • Limited to $50,000 loans
    • Up to 8% origination fee
    • Only two repayment term options
    • 45% debt-to-income limit
    • No autopay discount
    Upstart

Best Personal Loan Lender for Good Credit in Thornton: 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

    MoneyGeek ranks SoFi as the best personal loan provider in Thornton for customers with good credit. Anyone looking for personal loans with good or excellent credit and a monthly income of at least $50,000 may find SoFi to be a reliable lender.

    SoFi does soft credit checks to verify eligibility, so your credit score will not be impacted. It also offers personal loans of up to $100,000 with payment terms of up to 60 months. After SoFi approves your loan application, you may receive the funds after a few days.

    Additionally, if you lose your job unexpectedly, SoFi will adjust or pause your payments until you find a new source of income.

    Pros

    • A+ BBB rating
    • 0.25% autopay discount
    • No origination fees
    • Maximum loan amounts of $100,000
    • Broad range of repayment term options

    Cons

    • Minimum required gross income of $50,000
    • High minimum credit score requirement
    • No co-signers permitted
    • High minimum APR
    • Doesn’t specify rates on the website
    SoFi

Best Personal Loan Lender for Debt Consolidation in Thornton: 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 determined that Upgrade is the best personal loan provider in Thornton for debt consolidation. Since its inception in 2017, Upgrade has issued $10 billion in loans. This lender allows you to borrow between $1,000 and $50,000, making it suitable for moderate-sized purchases. When consolidating debt, the lender makes payments directly to third-party creditors.

    Upgrade accepts applicants with a minimum credit score of 560 and has no minimum income requirement. People who choose to prepay their debts are not subject to penalties from Upgrade. Furthermore, Upgrade offers a discount for autopay. It also provides a 15-day grace period before late fees of up to $10 are applied.

    Pros

    • Pays third-party creditors directly
    • Performs a soft credit check
    • No prepayment fees
    • 1% automatic payment discount
    • Many repayment term lengths

    Cons

    • Restrictions on the use of funds
    • Imposes $10 late fee
    • Does not permit co-signers
    • Charges origination fees
    • High maximum APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Thornton: 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

    Best Egg is a low-cost personal loan provider founded in 2014. As the best personal loan lender in Thornton for home improvement, Best Egg offers loans between $2,000 and $50,000. Some borrowers receive their funds within a day, while fund distribution may take up to three days for others.

    A minimum credit score of 700 and a minimum yearly income of $50,000 are required to approve a Best Egg personal loan. Consequently, those with a limited credit history or unstable employment may find better terms with different lenders.

    Additionally, the company restricts repayment terms to just 36 to 60 months, so you’ll need to look elsewhere if you want a longer or shorter term.

    Pros

    • A+ BBB rating
    • Conducts a soft credit check
    • Quick online application
    • 0.5% autopay discount
    • Easily accessible rates on the website

    Cons

    • Low loan amounts
    • High APR range
    • Limited repayment term options
    • Minimum credit score of 700
    • Minimum required gross income of $50,000
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Thornton for You

The average personal loan debt in Colorado is $21,783. Given that this type of loan can be used for a wide range of purposes, it provides you with financial flexibility. However, some lenders impose restrictions on how you can spend their funds.

Before proceeding, numerous factors must be taken into account. In addition to your credit score, you must also consider your annual income and any existing debts. MoneyGeek’s research provides steps to take before obtaining a personal loan in Thornton, Colorado.

1
Ask Yourself the Important Questions

Before choosing a lender, it is vital to evaluate your aspirations and other financial factors, such as your credit rating, income and outstanding debts. These variables will affect the loan amount you're eligible for and the payback period you choose. Before moving forward, MoneyGeek suggests considering the following questions:

  • 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

Evaluate rates and obtain quotes for a precise approximation of your monthly payments. Ensure that you can use the money for its intended purpose. Although MoneyGeek's guide provides comprehensive guidance and a list of the best lenders for different situations, you may require information that we have not covered. By completing your own research, you can identify lenders who meet your specific requirements.

3
Wait

Once you have all the necessary information, wait for a moment. While it may be tempting to select a lender immediately, remember that personal loans are major obligations. Do not engage until you are confident that you can satisfy all of the associated commitments. The passage of time also allows you to analyze your options with greater impartiality. After reviewing your list of prospective personal loan lenders in Thornton, spend a day or two thinking over your decision.

4
Read the Fine Print

Once you have confidence in your selected lender and understand the submission requirements, there is only one thing left to do: apply for a loan. During the application process, the majority of lenders require proof of income, identification and address. You can submit an application online if available. However, it shouldn't prevent you from contacting the lender or visiting their office if that will put you at ease.

5
Apply

When you're prepared to submit your personal loan application, make sure you have all the required documentation on hand. Typically, this includes documentation to verify proof of income, identification and address.

Some lenders' applications can be completed entirely online, while others have physical offices you can contact or visit. Though an online application may be more convenient, we recommend applying over the phone or in person if you have questions or are confused about the online application process.

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

If you are denied, the journey does not end there. Personal loans in Thornton are often denied by lenders for a variety of reasons, including credit score and income.

MoneyGeek suggests contacting your lender to determine why they declined your loan application. Ask if there is anything you can do to modify your loan application. Perhaps reducing the loan amount or shortening the payback term will provide a different outcome.

You always have the option to seek a loan elsewhere if you are unable to persuade them to reconsider. However, it is generally best to focus on enhancing your loan application. Using the information provided by your lender, determine what steps you must take to improve your financial status before filing another loan application.

If you need money quickly, a payday loan may sound enticing, but it is typically not a sensible choice. It has several disadvantages. For instance, these loans typically offer exorbitant interest rates and brief repayment terms.

Frequently Asked Questions About Personal Loans in Thornton

There are several factors to consider while looking for the best personal loans in Thornton. It depends on your interests, financial goals and lifestyle. MoneyGeek addresses frequently asked questions regarding personal loans to help you obtain a greater understanding of the topic.

What is the best personal loan lender in Thornton?

Based on MoneyGeek’s research, LightStream offers the best personal loan in Thornton. However, remember that the best lender for you will depend on your specific needs and financial goals.

Which lender in Thornton has the lowest interest rate?

It is notable that Upstart has the lowest potential interest rate in Thornton.

Can I use a personal loan for vacations in Thornton?

A personal loan can be utilized for numerous purposes, including a vacation. Be sure to thoroughly examine any restrictions that may be imposed by the lenders.

Can I use a personal loan for home improvement in Thornton?

Home improvement is among the most common uses of personal loans in Thornton. MoneyGeek determined that Best Egg is the best lender for this purpose.

What can I not use my personal loan for in Thornton?

The restrictions on how a loan might be utilized vary among lenders. These may include investing, paying for college, gambling or engaging in illegal activities.

How much can I borrow in Thornton?

The maximum loan amount you can borrow is set by your lender. Some restrict the amount to $50,000 or even less, while others allow you to borrow up to $100,000.

How long does it take to get a personal loan in Thornton?

There is no fixed timeframe for loan approval. Some lenders can disburse the funds on the same day the loan is approved, while others may wait a few days.

Can I pay off my loan early in Thornton?

Yes, you have the option to prepay your personal loan in Thornton. Before doing so, however, you should inquire with your lender about any associated fees.

Our Personal Loan Methodology

MoneyGeek calculated the best personal loan providers in a state by analyzing more than 30 lenders with 35+ distinct data points across six essential categories: accessibility, lender transparency, customer care, consumer-friendliness, affordability and flexibility of loans.

For each rating category, MoneyGeek examined different individual data points, such as the APR ranges, loan amounts, income requirements, application fees, credit score restrictions and disbursement times.

Since MoneyGeek appreciates you as a consumer, we analyzed each lender's reputation for providing exceptional service and any additional tools and services that help expedite the process for you.

Finally, we provide recommendations that will work best for you, according to our research. You can utilize our personal loan suggestions and expert advice to select a lender and make prudent financial choices.

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.

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