Best Debt Consolidation Loans in Aurora, CO of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Aurora, CO

Using more than 30 data points, MoneyGeek analyzed Aurora debt consolidation loan lenders based on their loan amounts, APR ranges, repayment terms, Better Business Bureau (BBB) ratings, associated fees and more.

The overall best lender in Aurora is LightStream, followed by SoFi, according to MoneyGeek's scoring system. Upstart may be the best option for borrowers with bad credit, whereas Upgrade is the best choice among individuals with good credit.

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Best Overall Debt Consolidation Loan in Aurora, CO: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    The research conducted by MoneyGeek determined that LightStream was the best debt consolidation lender in Aurora. LightStream is an online lending platform formed by Truist Bank after SunTrust and BB&T merged in 2019.

    LightStream offers loans ranging from $5,000 to $100,000, with repayment periods of 24 to 84 months. Consequently, it is an excellent option if you want to consolidate a large amount of debt. LightStream may also disburse your funds the same day that your loan is approved, allowing you to jumpstart your journey to debt consolidation. Furthermore, the BBB awarded LightStream an A+ rating, showing its commitment to customer service.

    Moreover, a penalty for early loan repayment is not imposed by the company, nor are there fees for origination or late payments. Approval for a personal loan with LightStream typically requires a good credit score of 660. If you have bad credit, this provider may not be for you.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • Autopay discount is available
    • Same-day funding
    • Mobile application is available for easy tracking

    Cons

    • High minimum credit score requirement
    • Hard credit inquiry that affects credit scores
    • Co-signers not allowed
    LightStream

Runner-Up for Best Debt Consolidation Loan in Aurora, CO: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    Based on our findings, the runner-up for the best debt consolidation loan in Aurora is SoFi, an online lending platform established in 2011.

    With SoFi, you can borrow up to $100,000 and pay back your loan in up to 60 months months. For people with good credit and a minimum income of $50,000, SoFi is an excellent loan option for consolidating debt.

    A soft credit check is conducted by the company, so your credit score won't be affected. The company also provides a discount of 0.25% for automatic payments. Also, there are no origination, prepayment or late fees that borrowers have to pay.

    In addition, SoFi debt consolidation loans offer unique benefits to borrowers, including unemployment protection, enabling them to pause payments during job searches.

    Pros

    • High loan amounts of up to $100,000
    • Autopay discount of 0.25%
    • No origination fee
    • Soft credit check
    • Mobile application

    Cons

    • High minimum credit score requirement of 680
    • Applicants without a credit history are not eligible
    • Co-signers are not permitted
    SoFi

Best Debt Consolidation Loan for Bad Credit in Aurora, CO: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Upstart is a great option for Aurora residents with bad credit, according to MoneyGeek. Upstart was founded in 2012 and funds loans through artificial intelligence.

    Borrowers in Colorado can receive between $1,000 and $50,000 with an Upstart debt consolidation loan. Although Upstart offers a minimum loan amount of $1,000 in most states, Georgia, Hawaii, Massachusetts, New Mexico and Ohio have a higher minimum loan amount.

    An Upstart debt consolidation loan is ideal for those with bad credit scores who are looking to consolidate debt. This is due to its low minimum credit requirement of 300. Many lenders focus heavily on credit scores. However, Upstart considers other factors, such as your income and employment.

    Upstart allows you to apply for loans easily online. Since the lender conducts a soft credit check, your credit score won’t be negatively impacted. Typically, funds are disbursed the following day, so if you want to start consolidating your debt now, it may not be the best option for you.

    Pros

    • A+ BBB rating
    • Low minimum credit score requirement of 300
    • Joint loans are available
    • No prepayment penalty
    • Next-day funding

    Cons

    • Low maximum loan limit of $50,000
    • No mobile application
    • No autopay discount
    • Origination fees
    Upstart

Best Debt Consolidation Loan for Good Credit in Aurora, CO: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Based on MoneyGeek's research, Upgrade is the best debt consolidation loan in Aurora for those with good credit. Upgrade offers loans up to $50,000, with repayment terms ranging from 36 to 60 months. Also, it pays third-party creditors directly, removing the hassle from your end.

    The minimum credit score for Upgrade is 560, and there is no income requirement. You can repay your debt consolidation loan early without incurring a prepayment fee. Furthermore, the funds are disbursed the same day, making it perfect for those who want to start consolidating debt quickly.

    The company conducts a soft inquiry during prequalification. Unfortunately, co-signers are not permitted. Nevertheless, this lender accepts joint loans, increasing the chances of loan approval for those with bad credit.

    Pros

    • A+ BBB rating
    • No prepayment fee
    • Autopay discount of 1%
    • Soft credit checks
    • Joint loans available

    Cons

    • Relatively low maximum loan amount of $50,000
    • Late fee
    • Origination fee
    • Co-signers are not allowed
    • New or no-credit applicants are not accepted
    Upgrade

How to Choose the Best Debt Consolidation Loan in Aurora, CO, for You

Colorado residents owe $21,783 in personal loans, on average. To lower interest rates and consolidate debt payments, debt consolidation loans can help.

You can guide yourself through the debt consolidation loan process in Aurora, Colorado, by taking the following steps.

1

Ask Yourself the Important Questions

Asking yourself the following questions can help you figure out if a debt consolidation loan is the best option for you.

  • How much funding do you need? A miscalculated loan can lead to other problems, such as paying additional interest or applying for multiple loans. To calculate the loan amount for your financial situation, you can assess your financial needs yourself or get help from a financial expert.
  • What’s your credit score? Typically, lenders have a minimum credit requirement for loan approval. If you have a low credit score, you may not be eligible for personal loans from some lenders.
  • Can you afford the monthly payments? The payment on a debt consolidation loan is usually made on a monthly basis, so plan accordingly and review your finances. You should ensure you have an adequate budget to pay off your loan to avoid incurring late fees or additional interest.
  • Do you have existing debts? Your debt-to-income ratio will be considered by lenders when assessing your eligibility.
  • Is your debt manageable through other means? You may not have to take out a loan if there are other ways to pay off your debts.
2

Do Your Research

A debt consolidation loan is a significant commitment; loan repayment takes anywhere from two to four years. Your credit score can also be negatively affected by hard credit checks conducted by some lenders. Because of this, you should shop around and compare lenders' rates and terms before applying.

The debt consolidation lenders listed by MoneyGeek may suit most people, but don't be afraid to look for other options that meet your specific needs.

3

Wait

There’s value in waiting a day or two before choosing your debt consolidation lender. Give yourself time to think about your financial needs and lender selections so that you can objectively decide. Debt consolidation loans are long-term commitments, and there’s no rush to apply. Waiting can give you the confidence you need to commit or find a more suitable alternative.

4

Read the Fine Print

Additional costs can be hidden in plain sight, but to find them, you’ll have to read the fine print of your loan agreement. Fees for prepayment, origination and late payments may all be lurking in the small print of your loan document. To avoid unexpected costs, you should thoroughly review the terms of your agreement and clarify any questions with your lender.

5

Apply

Once you are satisfied with your decision and have completed all the steps, you will need to prepare the application documents. In most cases, lenders require you to present your identification, address, proof of income and credit report. You can usually apply for a loan online. If you have a specific question, you can contact your lender or visit them in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Aurora, CO

Don't be discouraged if your loan application is rejected. Applications can be denied for a variety of reasons, including inadequate income, poor credit and a high debt-to-income ratio, among others.

Your lender can provide you with more information about the reasons why your loan request was denied, so you should contact them directly. Find out if you can take measures to increase your chances of being approved. If you are having trouble getting approved for a loan, you might consider getting a co-signer or putting up collateral. Alternatively, you may be able to get a loan with a lower interest rate by improving your credit score.

Payday loans should be avoided. They are not a desirable option due to their short repayment terms and high interest costs.

Calculate Your Monthly Payment

Consolidation loans are repaid with interest in monthly installments. Calculate your financial readiness for a debt consolidation loan with MoneyGeek's debt consolidation loan calculator below.

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Frequently Asked Questions About Debt Consolidation Loans in Aurora, CO

A lender's ability to meet your financial goals remains the most important aspect to consider when choosing one. The following is a collection of frequently asked questions about debt consolidation loans in Aurora that may help you make an informed decision.

In terms of debt consolidation loans in Aurora, LightStream stands out, though there may be other lenders that can better meet your needs. MoneyGeek recommends Upstart for people with bad credit, whereas Upgrade is best for people with good credit.

LightStream offers the lowest rates among debt consolidation loan providers in Aurora.

Lenders have different restrictions. Depending on the lender, you may not be able to use a debt consolidation loan for investments or business.

Debt consolidation is possible for up to $100,000, but lenders have different limitations.

The processing time varies from lender to lender. In most cases, it takes one to two days.

Repaying your loan early is possible, but be aware that some lenders may charge prepayment penalties.

Methodology

METHODOLOGY

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

Within each ranking 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions 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.