Best Low-Income Loans in Colorado: Top Lenders and Rates for 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Colorado

MoneyGeek examined over 30 data points to identify the best low-income personal loan lenders in Colorado. These included, but weren’t limited to, Better Business Bureau (BBB) ratings, loan amounts, repayment terms, interest rates, origination fees, credit score and income requirements, DTI ratios and a variety of other key factors.

According to MoneyGeek's research, Upgrade is the top personal loan lender in Colorado. Upstart and Prosper, on the other hand, provide the best personal loans for Colorado residents with bad and good credit, respectively.

Best Overall Low-Income Loan in Colorado: Upgrade


Runner-Up for Best Low-Income Loan in Colorado: LendingClub


Best Low-Income Loan for Bad Credit in Colorado: Upstart


Best Low-Income Loan for Good Credit in Colorado: Prosper


How to Choose the Best Low-Income Loan in Colorado for You

In Colorado, the average credit score is 725, an excellent score that is well above most lender’s minimum credit score requirements. However, when considering or shopping for a personal loan, it’s important to consider other factors in addition to your credit score, like your existing debt, proposed use of the loan and income. Just because you meet a lender’s minimum requirements for a loan doesn’t mean that it’s the best financial decision for you.

MoneyGeek recommends following a few steps to ensure that taking out a personal loan will set you up for success.

Ask Yourself the Important Questions

When you’re looking to get a low-income loan, it can be helpful to reflect on the following questions before you start shopping around.

  • How much funding do you need? It’s important to know how much money you need because this will impact the lenders available to you. Accurately estimating your loan needs will also help you avoid overborrowing and paying more than necessary in interest.
  • What’s your credit score? Your credit score will impact your eligibility with certain lenders and, in most cases, dictate the terms you receive. Those with higher credit scores will receive lower interest rates and pay less in interest over the life of their loan.
  • Can you afford the monthly payments? While making a higher monthly payment will allow you to repay your loan early, it’s important that you aren’t depriving yourself in the process. Choose a monthly payment amount that allows you to minimize the interest you’ll pay on your loan and still leaves you with enough money to cover your daily expenses.
  • Do you have existing debts? Unless you intend to use your low-income loan for debt consolidation, consider repaying your existing debt first before taking out another loan. Lenders typically look out your DTI ratio when evaluating your application, so you could receive a lower interest rate by repaying your current loans first.
  • Is your debt manageable through other means? Consider interest-free alternatives, like borrowing money from family members or friends.
Do Your Research

If you're looking for the best low-income loans in Colorado, you'll want to compare lenders’ rates, eligibility requirements and terms before making a decision. Doing research upfront will ensure you find the right lender at the best rate. This will save you money in the long run, as loans typically take between two and four years to repay.


Personal loans are a serious commitment, so it's important to make the right decision. MoneyGeek recommends waiting at least a day or two before applying, as this will give you time to review your options, compare lenders’ interest rates and make an informed decision about what type of loan is best for you.

Read the Fine Print

When reviewing your loan agreement, make sure to take note of the fine print. This may include details on fees, like those for prepayment, loan origination or late payments. If you have any questions about the terms of your loan, you should ask your lender for clarification.


If you feel good about your choice of lender, make sure to gather the materials you need to apply. It’s standard for lenders to require identification, address verification and proof of income during the application process. Although it may be easier for some people to apply online, there’s no harm in calling or visiting the lender in person, if available.

What to Do if You Can’t Get a Low-Income Loan in Colorado

Applications for low-income loans are often denied due to bad credit, a lack of income or failure to meet other qualifying standards. If your application for a low-income loan in Colorado is denied, you should contact the lender directly to find out why it was rejected.

You may be able to revise your application, by adjusting your loan amount or repayment period, to have it approved. If your application was rejected due to a low credit score, you should improve it first before reapplying or applying with a different lender.

If you really need a low-income loan in Colorado but are rejected from your preferred lender, you may apply with a different one. However, it’s important to be aware that each time you submit a loan application, the lender will perform a hard credit check that negatively impacts your credit score. To avoid lowering your credit score, limit the number of applications you submit. Although payday loans may seem appealing, we strongly advise against them, as they feature high interest rates and short repayment periods.

Calculate Your Monthly Payment

The interest rate, loan length and number of payments for your loan determine its overall cost. You should consider if you can afford the monthly payment before applying for a personal loan. MoneyGeek's personal loan calculator makes it easy to calculate the monthly payment on your personal loan.


FAQs About Low-Income Loans in Colorado

The best personal loan lender in Colorado for you will vary based on your specific needs and profile. MoneyGeek answered the most frequently asked questions to help you choose the best provider for your individual requirements.

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


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MoneyGeek analyzed 30 personal loan providers for over 35 data points across six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We ranked these personal loan providers based on a number of criteria that we believe are the most important to the consumer, including APR ranges, loan amounts, minimum credit score requirements, minimum income requirements, application costs and funding times.

Consumers, like you, are important to us at MoneyGeek, so we also evaluated each lender based on their customer service, company ratings and extra services (including prequalification, payment alternatives and mobile applications) that can make your experience more enjoyable.

Because we value the consumer above all else, our expert advice and recommendations were made with your best interests in mind. We aim to provide you with the confidence and knowledge to make the best financial decisions for your situation.

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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.