Best Debt Consolidation Loans in Denver of 2024

Banner image
Edited bySarah Mattie

Updated: December 28, 2023

Advertising & Editorial Disclosure

Best Debt Consolidation Loan Lenders in Denver, CO

​​Consolidating debt is often a great way to take control of your finances and save on interest. At MoneyGeek, we considered over 30 data points to figure out which debt consolidation lenders in Denver are best.

We looked at factors like lender fees, terms, loan amounts, customer service and rates. The lenders we recommend for each category are the best because they offer the lowest rates and fees, with the most positive customer feedback.

For example, MoneyGeek found LightStream to be Denver's best debt consolidation lender overall. However, we think Upgrade and Upstart are the best lenders for borrowers with good and bad credit, respectively.

Remember, though: The best for others may not be the best for you! So use this as a starting point for your own research.

Loading...

Best Overall Debt Consolidation Loan in Denver, CO: LightStream

Loading...

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

Loading...

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

Loading...

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

Loading...

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

According to MoneyGeek, the average credit card debt in Denver, Colorado, is $5,909. The average personal loan debt is $21,783, and the average personal loan interest rate is 9.4%.

Denver personal loan applicants must consider income, job history, credit score and creditworthiness. Knowing those numbers could help determine where you stand compared with other potential applicants.

Follow these steps to identify the best Denver debt consolidation lender for you.

1

Ask Yourself the Important Questions

By taking a step back and asking yourself some vital questions, you may improve your financial choices:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2

Do Your Research

Ensure you understand your shortlisted debt consolidation lenders before applying. You need to know how likely you are to be approved, the amount you may expect to receive, what fees they have and more.

Like all other loans, consolidation loans are a commitment. You may be paying this loan off for several years and must ensure you feel comfortable with your decision.

Find the best rate and terms by comparing several lenders in Denver using our research as a jumping-off point. MoneyGeek created this guide to help with debt consolidation loan applications, but no list of recommendations is perfect for everyone.

3

Wait

Debt consolidation loans are long-term commitments. After your research, reflect and take a few days to decide if it's the best option for you.

4

Read the Fine Print

Review your loan agreement for unclear terms and undisclosed fees. When choosing a lender, check for prepayment penalties, origination costs, late fees and other expenses. If you have questions, ask your lender.

5

Apply

After researching, apply. Whether you apply online or in person, prepare your documents. Lenders generally want ID, address verification and income proof during the application process. Preparing these documents saves time. Depending on the lender, you may apply online, via phone or in person.

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

A debt consolidation loan application may be declined by a financial institution. There are several reasons why loan applications are denied, but the most common ones are low income, high debt-to-income ratio, bad credit and incomplete applications.

However, you don't need to worry too much just yet.

Speak with the lender directly to learn why you were turned down. It may be willing to negotiate with you if you would consider a lower amount or stricter terms.

You could also move on to another lender. However, the hard credit check from your last application may have lowered your score further, so you should make sure the other problems are fixed before you try this.

Payday loans and other such "quick fix" options should be approached with caution. They're often short-term loans with high interest rates, and many have been burned by them.

Calculate Your Monthly Payment

Before going after a loan, knowing what you may be in for is a good idea. Estimate your Denver debt consolidation loan monthly payment with MoneyGeek's calculator below.

Loading...

Frequently Asked Questions About Debt Consolidation Loans in Denver, CO

Here, MoneyGeek addresses some of Denver's most commonly asked debt consolidation loan questions.

MoneyGeek compared Denver's top debt consolidation lenders and found LightStream is the state's best lender for most people. However, your ideal lender depends on your needs.

Upstart has the lowest interest rates in Denver.

Although some lenders don't constantly monitor their borrowers, others have strict rules. For instance, Upgrade doesn't allow funds to be used for college. And gambling? Just assume it's off the table.

In Denver, lenders may offer up to $100,000 in loan consolidation. However, this doesn't mean you'll get that much. Amounts vary based on you and your lender.

Depending on the lender, you'll often get your debt consolidation loan within one to seven days.

In Denver, you may prepay a debt, but check with your lender first to see if there's a prepayment penalty for doing so.

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 better — 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.