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Best Personal Loans in New Mexico

According to MoneyGeek’s review, LightStream offers the best personal loan in New Mexico. This lender ranked best because of its competitive rates, same-day funding and lack of fees.

SoFi offers the lowest interest rates for good credit borrowers, while Upstart has high approval rates for bad credit borrowers. Best Egg is the most suitable lender for debt consolidation, while Upgrade is best for home improvement.

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Last Updated: 11/22/2022
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MoneyGeek’s Best Personal Loan Lender in New Mexico: LightStream

There are many personal factors and lenders to consider when applying for a personal loan in New Mexico. To help you get started, MoneyGeek took into account more than 35 data points to determine which lenders are best suited to different financial needs. We compared available loan amounts, repayment lengths, interest rates, fees, minimum requirements, and more.

Best Overall Personal Loan Lender 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 Personal Loan Lender 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 Personal Loan Lender 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

Best for Debt Consolidation 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

Best Personal Loan Lender for Home Improvement in New Mexico: Best Egg

  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in New Mexico for You

The average personal loan debt in New Mexico is $13,879. A personal loan can help with various financial situations, including debt consolidation, credit card refinancing, home improvement, vacations and emergency expenses.

But before proceeding with your personal loan application in New Mexico, you need to consider several factors to see if a personal loan is right for your situation. MoneyGeek outlined the following steps to help you make an informed decision.


Ask Yourself the Important Questions

It’s vital to ask yourself the questions below as they can ultimately help you arrive at a good financial decision.

  • How much funding do you need? Find out how much money you need for your personal loan. For example, add up the high interest credit card debt you could consolidate to save money on with a personal loan or the cost of home renovations.
  • What is your credit score? Lenders typically review your credit score to see how you handled bills and loans in the past. While a bad credit score may still qualify you with some lenders, having good to excellent credit is better. Also, keep in mind that lenders usually don’t approve those with new or no credit.
  • Can you afford the monthly payment? Consider your financial situation and determine if you can afford to make monthly payments on a personal loan.
  • How much debt do you already have? Adding another commitment on top of your pre-existing debts might put you in a tight spot.

Do Your Research

While a personal loan can help your financial needs, it can be an expensive borrowing option. On average, you are making monthly payments for 2–4 years. That’s why doing your own research can help you in avoiding setbacks that may come with a personal loan.

Review all the factors that may have a significant impact on your chances of qualifying for a loan. These can be your credit score, income or debt-to-income ratio. You also need to compare rates from different lenders to ensure you’re getting the best option. Some lenders impose restrictions on the usage of funds, so make sure you’re allowed to use your loan for your intended purpose.

While MoneyGeek created this guide to help you choose the right personal loan lender, our recommendations might not cover your unique situation. So, conducting your own research can help you find the lender best suited for your financial needs.



A personal loan is a huge commitment — you must make sure that you can afford it. So, explore every possible option and then take a breather. Think it over for a day or two before revisiting your decision. Having a clearer and more objective mind can lead to better financial decisions.


Read the Fine Print

After you revisit prospective lenders, you should be able to narrow down options by reading the fine print.

Check for the little things that you might have missed during your research. These may include origination fees, income requirements or prepayment penalties. Familiarizing yourself with all this relevant information can help you avoid surprise costs or loan denial.



Once you’re 100% sure about your chosen personal loan lender in New Mexico, there’s only one thing left to do: submit your application. Make sure that you have the necessary documentation and information that your lender might ask for, such as identification, address verification and proof of income.

Various lenders allow sending in your application online. This process is a lot more convenient for many consumers. Still, there’s no harm in calling or visiting your lender’s office if possible.

What To Do if You Can’t Get a Personal Loan in New Mexico

It’s natural to feel discouraged if your personal loan application gets denied. But instead of taking the rejection personally, you can be proactive so it doesn’t happen again. One thing you can do is find out what factors affected your lender’s decision.

Reach out to your lender and inquire about the specific reason they rejected your loan application. Potential reasons are a low credit score, insufficient income or a high debt-to-income ratio. Afterward, ask if there’s anything they may modify in your loan details to make your application more acceptable. For instance, shortening your loan term or lowering your loan amount.

If their decision is final, you have the option to look for another lender. But, it’s better to focus on improving the factor that got your loan application rejected in the first place. Rebuild your credit or supplement your income so the next time you apply, you won’t be denied.

Also, be wary of payday loans. They may be an attractive borrowing alternative, but they come with disadvantages. These loans are usually repaid within two to four weeks at a high interest rate.

Frequently Asked Questions About Personal Loans in New Mexico

The best personal loan lender can vary depending on your particular needs as well as your credit and income. MoneyGeek answered some frequently asked questions about personal loans in New Mexico to help determine which lender is best suited for you.

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We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.


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.