Best Personal Loans in Albuquerque, NM

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Updated: October 3, 2024

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Nusenda Credit Union is the best personal loan lender in Albuquerque, New Mexico, with a MoneyGeek score of 93 out of 100, offering competitive interest rates, excellent customer service and credibility and transparency about its loan terms and process, while Laurel Road is the best lender for online personal loans with a MoneyGeek score of 93 out of 100, known for strong customer service, broad repayment terms and a quick application and approval process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in New Mexico.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Albuquerque, New Mexico. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Albuquerque, NM

Company logo for Nusenda Credit Union
Nusenda Credit Union

MoneyGeek Score93
APR RangeFrom 10.50%
Loan Amount RangeUndisclosed
Repayment Terms0 to 60 months
Time to Receive FundsUndisclosed
Overview

Nusenda Credit Union is the best personal loan lender in Albuquerque, New Mexico, with a MoneyGeek score of 93 out of 100. It is known for several positives, including charging no fees and acceptance of joint applications, which makes the lending process more convenient and cost-effective for many borrowers.

However, there are some factors borrowers should be aware of, such as the need for membership to apply and the lack of rate discounts, which may limit immediate accessibility and cost savings for some individuals.

Best Online Personal Loan in Albuquerque, NM

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Albuquerque, New Mexico, with a MoneyGeek score of 93 out of 100. It offers personal loans ranging from $5,000 to $45,000, with repayment terms between 36 to 60 months. It also features a quick turnaround time for receiving funds, typically within seven days of approval.

Two factors borrowers should consider about Laurel Road include its offering of a 0.25% discount on interest rates for using autopay and not charging any origination fees. However, the lender requires a higher minimum loan amount compared to some competitors, which might not suit those needing smaller loans. Additionally, it imposes a late fee, either 5% of the late payment or $28, which can add up for those who might miss a payment.

Calculate Your Monthly Payment in Albuquerque, NM

The median annual household income in Albuquerque, New Mexico, in 2022 was $64,757, as reported by the United States Census Bureau. Regardless of whether your actual income is above or below this median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan at a 10% interest rate with three years in repayment terms, the monthly payment would be $323, totaling $3,876 per year. This amount represents 6% of the median annual household income in Albuquerque.

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Updated: Oct 14, 2024

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Runner-Up for Best Personal Loan in Albuquerque, NM

Company logo for US Eagle Federal Credit Union
US Eagle Federal Credit Union

MoneyGeek Score92
APR RangeFrom 11%
Loan Amount RangeFrom $300
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

US Eagle Federal Credit Union is the runner-up for the best personal loans in Albuquerque, New Mexico, receiving a MoneyGeek score of 92 out of 100. Borrowers should consider that it is federally insured by the NCUA, providing added security for funds. It also features a skip-a-payment program, which can offer flexibility during financial hardships.

However, membership is needed to apply, limiting accessibility, and the website provides little information about its loans, making it difficult for potential borrowers to gather necessary details.

Other Options for Personal Loans in Albuquerque, NM

Company logo for State Employees Credit Union of New Mexico
State Employees Credit Union of New Mexico

MoneyGeek Score90
APR RangeFrom 10.74%
Loan Amount RangeUndisclosed
Repayment TermsUp to 36 months
Time to Receive FundsUndisclosed
Overview

State Employees Credit Union of New Mexico is a suitable choice for personal loans in Albuquerque, New Mexico, with a MoneyGeek score of 90 out of 100. It offers several appealing aspects for borrowers.

First, it is federally insured by the NCUA, providing a sense of security for your funds. Second, there are no processing fees, which can save you money upfront. However, the need for membership to apply can be a hurdle for some potential borrowers. Additionally, its website provides little information about the specifics of its loan offerings.

Company logo for First Financial Credit Union
First Financial Credit Union

MoneyGeek Score90
APR RangeFrom 10.49%
Loan Amount RangeUndisclosed
Repayment TermsUp to 48 months
Time to Receive FundsUndisclosed
Overview

First Financial Credit Union is another good choice for personal loans in Albuquerque, New Mexico, with a MoneyGeek score of 90 out of 100. It is federally insured by the NCUA, ensuring your deposits are protected. Another positive point is its BBB rating of A+, indicating reliability.

Potential borrowers should be aware that membership is needed to apply, which can be a barrier for some. Additionally, the website provides little information about its loan offerings, which might require more research to understand fully.

National Lenders With Physical Locations in Albuquerque, NM

If you're on the hunt for the best personal loans in Albuquerque, New Mexico, and prefer face-to-face interactions, you're in luck because there are a number of national lenders with local branches in the city. You can explore offerings from Wells Fargo, PNC, U.S. Bank and OneMain Financial. Each lender provides a range of loan products and services that might fit your financial situation.

OneMain FinancialAPR Range18.00% to 35.99%Loan Amount Range$1,500 to $20,000Repayment Terms24 to 60 months
PNCAPR RangeUndisclosedLoan Amount Range$1,000 to $35,000Repayment Terms6 to 60 months
U.S. BankAPR Range8.74% to 24.99%Loan Amount Range$1,000 to $50,000Repayment Terms12 to 84 months
Wells FargoAPR Range7.49% to 23.24%Loan Amount Range$3,000 to $100,000Repayment Terms12 to 84 months

What to Do if You Can't Get a Personal Loan in Albuquerque, NM

Your personal loan application in Albuquerque, New Mexico can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are some steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider credit counseling agencies to better manage your credit card debt and develop your budget. You can get credit counseling services from Department of Justice's list of approved credit counseling agencies. Department of Justice's list of approved debtor education agencies can be another option.

FAQ About Personal Loans in Albuquerque, NM

We addressed common questions regarding top personal loans in Albuquerque, New Mexico, offering insights for well-informed decisions.

Who is the best overall personal loan lender in Albuquerque, New Mexico?
What are personal loans used for in Albuquerque, New Mexico?
What are the interest rates on personal loans in Albuquerque, New Mexico?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Albuquerque, New Mexico?
What are the best low-interest personal loans in Albuquerque, New Mexico?
What is an installment loan? Is there a difference between personal loans and installment loans in Albuquerque, New Mexico?
Is there a difference between credit union loans and bank loans in Albuquerque, New Mexico?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.