Best Debt Consolidation Loans in Albuquerque of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Albuquerque, NM

MoneyGeek evaluated Albuquerque debt consolidation loan lenders based on more than 30 data points, including loan amounts, annual percentage rates (APRs), repayment terms, Better Business Bureau (BBB) ratings and associated fees.

Based on MoneyGeek's scoring system, LightStream is the best lender in Albuquerque, followed by SoFi. If you have bad credit, Upstart may be your best option, whereas if you have good credit, Upgrade may be your best choice.

Best Overall Debt Consolidation Loan in Albuquerque, NM: LightStream


  • LightStream

    • 7.49% to 25.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    MoneyGeek chose LightStream as the best debt consolidation lender in Albuquerque. Lighstream was formed in 2019 from the merger of BB&T and SunTrust.

    Since the lender offers loans up to $100,000, it can be used for large debt consolidation loans. Repayment terms range from 24 to 84 months, which is more variable than other lenders. After your loan is approved, you can receive funds as soon as the same day. Furthermore, the company has no penalty for early repayment, and it does not impose late fees.

    LightStream received an A+ from the BBB, demonstrating its commitment to superior customer satisfaction. However, to be eligible for a loan, borrowers must have a minimum credit score of 660. It also conducts a hard inquiry, which may impact your credit score.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • Autopay discount
    • Same-day funding
    • Mobile application

    Cons

    • High minimum credit score requirement
    • Hard credit inquiry
    • Co-signers not allowed
    LightStream

Runner-Up for Best Debt Consolidation Loan in Albuquerque, NM: SoFi


  • SoFi

    • 8.99% to 29.99%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    We found that SoFi, an online lending platform established in 2011, came in second for the best debt consolidation loan in Albuquerque.

    With SoFi, it’s possible to borrow up to $100,000, with repayment terms of 12 to 60 months. Additionally, borrowers that sign up for automatic payments will receive a discount of 0.25%. In addition, borrowers do not have to pay origination fees, prepayment fees or late fees. The company conducts a soft credit check, which will not impact your credit score.

    Furthermore, SoFi debt consolidation loans come with exclusive benefits for borrowers, including unemployment protection, which temporarily places a hold on payments for a period of time while the borrower is unemployed.

    However, the lender has strict applicant requirements; borrowers must have a minimum credit score of 680 and a minimum income of $50,000 to qualify with SoFi.

    Pros

    • High maximum loan amount of $100,000
    • Autopay discount of 0.25%
    • No origination fee
    • Soft credit check
    • Mobile application

    Cons

    • High minimum credit score requirement of 680
    • Applicants without a credit history are not eligible
    • Co-signers not allowed
    SoFi

Best Debt Consolidation Loan for Bad Credit in Albuquerque, NM: Upstart


  • Upstart

    • 6.4% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    MoneyGeek recommends Upstart for Albuquerque residents with bad credit. Founded in 2012, Upstart uses artificial intelligence technology to provide loans to borrowers with limited credit histories.

    Even if you have bad credit, you will likely qualify for a debt consolidation loan with Upstart. Due to its low credit score requirement of 300, it is a good option for people with low credit scores. Although it’s common practice for lenders to only consider a borrower’s credit score, Upstart also takes into account your income and employment.

    Applying for a loan is easy with Upstart’s online application. Borrowers can apply for a loan from $1,000 to $50,000. The lender’s soft credit check ensures that your credit score won’t be negatively impacted. Once your application is approved, you may receive your funds the following day.

    Pros

    • A+ BBB rating
    • Low minimum credit score requirement of 300
    • Joint loans available
    • No prepayment penalty
    • Next-day funding

    Cons

    • Relatively low maximum loan amount of $50,000
    • Mobile application not available
    • Autopay discount not available
    • Origination fees
    Upstart

Best Debt Consolidation Loan for Good Credit in Albuquerque, NM: Upgrade


  • Upgrade

    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Research conducted by MoneyGeek found that Upgrade offers the best Albuquerque debt consolidation loan for people with fair to good credit. The lender has a modest minimum credit score requirement of 560 and no minimum income requirement.

    With Upgrade, you can borrow up to $50,000. Furthermore, to simplify your debt repayment, the lender pays third-party creditors for you. In addition, it is perfect for those who want to start consolidating debt as soon as possible.

    As part of the prequalification process, the company conducts a soft inquiry, so your credit score won't be impacted. Although this lender accepts joint loans, co-signers are not allowed.

    Pros

    • A+ BBB rating
    • No prepayment fee
    • Autopay discount of 1%
    • Soft credit check
    • Joint loans available

    Cons

    • Relatively low maximum loan amount of $50,000
    • Late fee
    • Origination fee
    • Co-signers not allowed
    • New or no credit applicants not accepted
    Upgrade

How to Choose the Best Debt Consolidation Loan in Albuquerque, NM, for You

On average, borrowers in New Mexico have $13,879 in personal loan debt, with an average interest rate of 9.94%. By consolidating your debts, you can lower your interest rate and reduce your monthly payments.

However, the interest rate offered to you will depend on factors like your credit history, average income and debt-to-income ratio. By following these steps, you can ensure that you’re making an informed decision.

1
Ask Yourself the Important Questions

Before applying, you should carefully assess your financial needs. The following questions are worth considering:

  • How much funding do I need? It’s essential to accurately estimate the amount you need because it will impact your repayment plan and funding time frame.
  • What is my credit score? In most cases, lenders have a set credit score requirement, so knowing your credit score before you apply helps you decide which lenders are likely to approve your application.
  • Can I afford the monthly payment? If you are considering getting a personal loan, be sure you can afford to repay the loan amount over your designated repayment term. You could be penalized and charged a higher fee if you fail to make payments.
  • How much debt do I already have? Your existing debt will impact the amount you’ll need to borrow for your debt consolidation loan. It’s important to work toward a low debt-to-income ratio to ensure your income is greater than your amount of debt.
2
Do Your Research

Since lenders assess credit scores strictly, a personal loan requires a long-term commitment. Make sure you research the rates and other expenses you'll incur by comparing quotes from several lenders before submitting a loan application.

MoneyGeek’s guide to debt consolidation personal loans in Albuquerque is a great place to start, but you should always do your own research since your individual needs may be different from our standard borrower profiles.

3
Wait

After you’ve selected a lender, you should wait a few days before applying. It’s an important decision because it involves committing to a monthly payment schedule for multiple years. Should you decide to apply for a personal loan, be sure to weigh all of your options.

4
Read the Fine Print

Be sure to familiarize yourself with all the rates, fees and penalties involved before applying for a personal loan. You might be surprised at how much your personal loan will cost over time as a result of late fees and other charges.

One way to ensure this is by reading the fine print and asking the lender for clarification if there are any unclear rates or charges. That way, you won’t be blindsided by any unexpected costs.

5
Apply

When you have completed all the steps and are comfortable with your decision, the next step is to prepare the documentation required for the application. You'll be required to present your identification, address, proof of income and credit report. Although some lenders offer an online application process, others may require that you apply over the phone or in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Albuquerque, NM

Rejection is part of the lending process, so if you have been denied a personal loan, don't get discouraged. Several factors can prevent you from receiving credit, including lack of income, poor credit and substantial debt, to name a few.

If your loan application is rejected, you should contact the lender to find out why. You may be able to modify your application to gain approval. For instance, adding a co-signer or providing collateral may be an option if you’re initially denied a loan. Alternatively, if you build your credit score over time, you might be able to get a loan in the future at lower interest rates.

We highly advise against payday loans. Because of their short repayment period and high interest rate, they often harm borrowers more than they benefit them.

Calculate Your Monthly Payment

A consolidation loan is repaid with interest in monthly installments over a set period of time. With MoneyGeek's debt consolidation loan calculator, you can determine your financial readiness for a debt consolidation loan.

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Frequently Asked Questions About Debt Consolidation Loans in Albuquerque, NM

Your needs and financial background will determine which debt consolidation loan is right for you. To help you make a well-informed decision, MoneyGeek answered some commonly asked questions.

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

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
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.