Best Debt Consolidation Loans in Denver of 2024

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Edited bySarah Mattie
Edited bySarah Mattie

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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.

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Best Overall Debt Consolidation Loan in Denver, 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

    We found LightStream is, overall, the best debt consolidation lender in Denver, Colorado. It was launched in 2012 as an online lending division of SunTrust.

    The company doesn't have prepayment, origination or late fees. In addition, LightStream provides one of the highest maximum loan amounts among debt consolidation lenders, at $100,000.

    On the other hand, LightStream's rate checks involve a hard credit check, which might lower your credit score. This may not be fine if you accept the terms, but if you decide to continue shopping for personal debt consolidation loans, this could cause issues.

    Pros

    • A+ rating from BBB
    • 0.5% autopay discount
    • Same-day funding available
    • High maximum loan amount
    • No prepayment penalties

    Cons

    • High minimum loan amount
    • Performs hard credit check
    • Doesn't accept borrowers with new or no credit
    • Direct payment to third-party creditors unavailable
    LightStream

Runner-Up for Best Debt Consolidation Loan in Denver, 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

    SoFi was established in 2011. SoFi is the second-best debt consolidation lender for borrowers in Denver. It requires a minimum credit score of 680, and there are no prepayment penalties, origination fees or late fees with this firm. Furthermore, SoFi enables you to borrow up to $100,000 if you need a significant loan.

    SoFi may not be the best option for borrowers with bad credit or searching for loans under $5,000. It also has a high minimum APR compared with many other options.

    Pros

    • Mobile application available
    • A+ BBB rating
    • No origination fees
    • No late fees

    Cons

    • High minimum credit score requirement
    • High minimum loan amount
    SoFi

Best Debt Consolidation Loan for Bad Credit in Denver, 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 an artificial intelligence online loan platform that was founded in 2012. It works with banks and credit unions to provide loans to consumers, including those with bad credit.

    Upstart may be the best option for borrowers in Denver in no small part because it considers applicants who have a credit score of 300. That's the lowest you can have while having a credit history. It also has an A+ rating from the BBB and may give you your money the day after your loan is approved.

    Furthermore, the company first does a soft check. Your credit score isn't impacted until you sign off on your application.

    However, if you need a loan for more than $50,000, there may be better lenders for you than Upstart. Also, the high end of the APR range is much higher than most credit cards.

    Pros

    • Conducts soft credit check
    • Low minimum loan amount
    • A+ rating from the BBB
    • Low credit score requirement

    Cons

    • Origination fees applicable
    • Potentially high APRs
    Upstart

Best Debt Consolidation Loan for Good Credit in Denver, 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

    MoneyGeek rated Upgrade as the top debt consolidation lender in Denver for consumers with good credit. The company was established in 2017 and has quickly built a solid reputation, receiving an A+ rating from the Better Business Bureau.

    When you first fill out an inquiry form, Upgrade performs a soft credit check, which doesn't affect your credit score.

    However, Upgrade's high interest rates and origination fees may not work if you need a low-interest debt consolidation loan with no additional expenses.

    Pros

    • Reasonable minimum credit score
    • No prepayment fees
    • Accepts joint loans
    • Directly pays creditors

    Cons

    • Restriction on fund usage
    • Potentially high origination fees
    • Charges late fees
    • Potentially high APRs
    Upgrade

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.

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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
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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.