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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.

Best Overall Debt Consolidation Loan in Aurora, CO: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds
    LightStream

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


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds
    SoFi

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


  • Upstart
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Upstart

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


  • Upgrade
    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds
    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.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

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.

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

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.