Top Lenders & Best Rates for You

Best Debt Consolidation Loan Lenders in New Mexico

A debt consolidation loan streamlines the process of paying off your debts. It gives you one bill to pay with interest rates that are generally lower than you'll pay on other debts. The average personal loan interest rate in New Mexico is 9.94%, the average credit card debt is $5,203 and the average personal loan debt is $13,879. Lenders analyze your credit score, income and existing loans, among other things. MoneyGeek found the best debt consolidation loan in New Mexico.

Advertising & Editorial Disclosure
Last Updated: 9/9/2022
Reviewed By     |  

Best Debt Consolidation Loan Lenders in New Mexico

MoneyGeek considered more than 30 data points to find the best debt consolidation loan in New Mexico. Some of these data points include credit scores, APR range, repayment terms, loan amount range and the time it takes to get your funds.

After taking all of these factors into consideration, we found that the best lender in New Mexico for debt consolidation is Upgrade. LightStream comes second in our ranking. The best lenders for borrowers with bad credit and good credit are Upstart and SoFi, respectively.

Best Overall Debt Consolidation Loan in New Mexico: 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

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in New Mexico: 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

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in New Mexico: 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

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in New Mexico: 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

    on SoFi Website

How to Choose the Best Debt Consolidation Loan in New Mexico for You

Many people in New Mexico use debt consolidation loans because of their low interest rates. The average personal loan debt in New Mexico is $13,879. Your credit score, existing debts, income and other factors play a significant role in determining the best lender for you. As part of MoneyGeek's commitment to helping you choose the best debt consolidation in New Mexico, we've provided the following tips:

1

Ask Yourself the Important Questions

A variety of things may impact your lender decision. Your personal preferences, as well as your financial situation, could all influence your choice of lender. Some of the factors that you need to consider are credit score, income and existing debts. The following are questions that can help you determine what you need in a loan:

  • 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

On average, paying off your loan will take place every month for the next two to four years. Aside from this, your credit score will be affected by a lender’s hard pull before approving your loan. Processes like these make a personal loan a long-term commitment. Before applying for a loan, you need to research different lenders, certain lending terms and other topics that can help you choose the right lender for your needs. MoneyGeek has information that can help you choose a lender, but the best lender in New Mexico depends on your needs. Conducting research on a lender is still the most effective way to find the perfect fit for you.

3

Wait

If you have successfully chosen a lender after conducting your research, don’t fill out an application yet. Instead, wait for a day or two before locking in your decision. This will help you ensure that you have no doubts about the decision you are making. During this time, allow yourself to absorb all the information that you found during your research. You might find yourself looking at some of the details in a different light or noticing things that you have missed.

4

Read the Fine Print

When looking for a loan, you must invest time and effort in learning everything you can about your lender. It’s important to make sure that you don’t overlook any information because you might miss details that can change the way you think about a lender. Take time to read the fine print and figure out if the lender charges origination fees, late fees, prepayment penalties or service fees. Devoting time and effort to going over these details will save you a lot of money in the future.

5

Apply

If you’re confident about your decision after completing the other steps, you can start the application process. Most lenders allow you to apply online. However, there are also lenders that let you apply over the phone or in person. Applying online can be more convenient than applying via a phone call or in your lender’s office has its benefits as well.

What to Do if You Can’t Get a Debt Consolidation Loan in New Mexico

Loan applications are denied more frequently than you might expect. They often occur as a result of having bad credit, insufficient income, debts or erroneous information. In the event that your application is denied, you have a few options for obtaining a loan to consolidate your debt.

After learning about the rejection, contact your lender and ask them where you fell short in your application. Focus on improving any issues so that your application can be approved. We do not recommend immediately applying for another lender without improving your application, as the new lender can reject you for the same reason.

Another option is to ask your lender if you can make changes to your application to make it more appealing to them. For example, extending your repayment term decreases the amount of your monthly payments, making them more in line with your income.

MoneyGeek does not recommend getting payday loans. Payday loans provide quick funding to borrowers, but they have exorbitant interest rates that lead to excessively expensive monthly installments.

Calculate Your Monthly Payment

Personal loans are repaid through monthly installments that include interest. You can use our personal loan calculator below to determine if you can afford the monthly payment for the debt consolidation loan you are considering.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in New Mexico

Different factors need to be considered when choosing a lender in New Mexico, but the best option depends on your situation. MoneyGeek answered questions that are commonly asked by borrowers who are looking for the best debt consolidation loans in New Mexico.

tip icon
METHODOLOGY

MoneyGeek reviewed over 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 amount, minimum credit score, minimum income amount, application fees and disbursement time.

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, our picks are chosen 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.