WHAT WE’RE GEEKING OUT ON

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
    • 4.49% to 20.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

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


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

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


  • Upstart
    • 3.22% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • Next DayTime to Receive Funds

    on Upstart Website

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


  • Upgrade
    • 5.94% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

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.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

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.

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

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.