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Best Debt Consolidation Loan Lenders in New Mexico

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

    MoneyGeek’s overall best lender for debt consolidation loans in New Mexico is Upgrade, a company formed in 2017. It provides personal loans with rates of 5.94% to 35.47%.

    Personal loans from Upgrade can range from $1,000 to $50,000 and be funded on the day of your loan approval. To qualify, you need a credit score of at least 560.

    Borrowers can change the due dates on their monthly payments to fit their budget. Additionally, the repayment terms for this lender are from 36 to 60 months, giving you options for how long you want the loan to last.

    If you’re looking to avoid fees, Upgrade may not be for you. Upgrade also charges a late fee of up to $10.

    Pros

    • No prepayment penalties
    • Autopay discount
    • A+ BBB rating
    • Soft credit inquiry
    • Allows joint loans

    Cons

    • No co-signers
    • Origination fee
    • Has late fees
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

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

    LightStream was established in 2012. It has proven to be one of the best lenders for debt consolidation loans in New Mexico because it has low rates. It also has no origination fees, late fees and prepayment penalties. Its APR range is 4.49% to 20.49% for loans that range from $5,000 to $100,000.

    Borrowers need a credit score of 660 to qualify for a LightStream loan. Funds can be released to borrowers on the day of the loan approval. The funds have to be deposited into your account, so you can’t choose to have them directly sent to your creditor.

    When you have received the money, the deadline of your monthly payment cannot be changed anymore.

    Pros

    • Consolidate debt of up to $100,000
    • A+ BBB rating
    • Joint loans available
    • Autopay discount of 0.50%
    • No fees and prepayment penalties

    Cons

    • No co-signers
    • Restrictions on fund usage
    • Hard credit inquiry
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

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

    Founded in 2012, Upstart has become one of the leading lenders in New Mexico, especially for borrowers with bad credit who want to consolidate their debts.

    Upstart’s personal loans have an APR range of 3.22% to 35.99%. The minimum credit score requirement is 300 but having a better credit score helps you avoid the relatively high maximum APR.

    The general loan amount of this lender’s personal loans is $1,000 up to $50,000. You can receive your funds in your bank account within one business day. However, it’s important to be aware that you may pay origination fees, and you cannot have a co-signer.

    Pros

    • No prepayment fees
    • Autopay discount
    • Minimum credit score requirement is only 300
    • A+ BBB rating
    • Soft credit inquiry

    Cons

    • No co-signers
    • Might pay origination fees
    • Late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

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

    MoneyGeek’s recommendation for the best debt consolidation loan lender for borrowers with good credit is SoFi, a company created in 2011. SoFi borrowers need a credit score of at least 680 to enjoy a personal loan without prepayment penalties, origination fees and late fees.

    The loan amounts offered by SoFi can cater to those who need a loan of at least $5,000 or those who need as much as $100,000. The APR range is 5.74% to 20.28%. The repayment terms are flexible as well, ranging from 12 to 60 months.

    SoFi’s unemployment protection program helps borrowers keep up with their monthly payments if they lose their job before the loan matures. Through this program, SoFi can temporarily adjust your monthly payments.

    Pros

    • A+ BBB rating
    • No origination fees, late fees and prepayment penalties
    • Gives unemployment protection for borrowers
    • High maximum loan amount
    • Autopay discount

    Cons

    • No co-signers
    • High income requirement
    • Minimum credit score requirement is high
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

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.

What is the best debt consolidation loan lender in New Mexico?
Which lender in New Mexico has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in New Mexico?
How much debt can I consolidate in New Mexico?
How long does it take to get a debt consolidation loan in New Mexico?
Can I pay off my loan early in New Mexico?
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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
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.

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