Best Personal Loans in Albuquerque, NM

LightStream, a financial services technology firm that debuted in March 2013, offers personal loans to individuals with good credit. The lender's personal loans have some notable features. For instance, LightStream’s maximum loan amount is $100,000. In addition, the lender compensates users $100 if they are unhappy with the service. LightStream is also renowned for its same-day loan processing.

However, this lender puts quite a few limitations on how you can use borrowed funds. It doesn’t allow personal loans to pay for educational expenses, start a business, buy stocks and bonds or refinance an existing LightStream loan. In addition, LightStream conducts rigorous credit checks, whereas many of its competitors begin the application process with soft inquiries that have no impact on credit scores.

Pros

• Fast approval and funding
• Loans of up to $100,000
• Competitive rates available
• Same-day loan processing
• $100 backup guarantee

Upstart, established in 2012, is a lending company with an A+ rating from the BBB that normally does not set limitations on how a personal loan can be used. Upstart provides loans to customers with credit scores as low as 300, which contributes considerably to the company's strong ranking in this category. Upstart processes applications rapidly, typically within two days, and performs soft inquiry credit checks, so your credit rating will not be impacted.

However, if you do not wish to pay potentially high rates or if you require a considerable loan amount, Upstart may not be the best alternative for you. The company offers a maximum personal loan amount of $50,000.

Pros

• Credit score requirement is only 300
• No prepayment penalty
• Delivers funds in as little as one business day
• Soft credit check doesn’t impact your credit score
• No limitations on fund usage

SoFi is a great option for people with good credit looking for the best personal loans in Albuquerque. Formerly known as Social Finance, SoFi was founded in 2011 and offers various loans and other services. MoneyGeek listed it as the best option for borrowers with strong credit for various reasons, including its A+ rating from the BBB. The lender does not charge origination or late fees, and has no prepayment penalty.

Those with a credit rating of at least 680 can borrow up to $100,000 on the same day. With SoFi, you can save 0.25% on personal loan rates by setting up automatic payments. The bank performs soft credit checks, which have no effect on your credit score.

If you lose your job unexpectedly, SoFi's unemployment protection program lets you put your debts on hold and cut your monthly payments. However, those who require cosigners on their loan application, do not earn a minimum of $50,000 per year and do not have a credit score of at least 680 may not find SoFi to be a good fit.

Pros

• No origination fee, prepayment fee or hidden costs
• Soft credit check without impacting your credit score
• Two-day loan funding
• Loans of up to $100,000
• Auto-pay discount of 0.25%

Founded in 2016, Upgrade is a relatively new company. If you want to consolidate your debts, Upgrade compensates the third-party lenders directly, contributing significantly to the firm's excellent reputation in this domain. The organization conducts soft credit checks to ensure that your credit rating is not negatively affected.

Consumers won’t incur any fees for prepayment. However, the lender imposes several restrictions on fund utilization. Based on your credit score, Upgrade’s personal loans may also have a higher interest rate, making them inappropriate for individuals seeking a loan with a lower APR.

Pros

• Soft credit inquiry with no impact on credit scores
• Direct payment to third-party creditors
• No prepayment fee
• Low minimum loan amounts
• No income requirements

Best Egg is an online loan service founded in 2014 that now operates in 47 states. The lender has an A+ rating with the BBB and offers a variety of incentives to clients looking for personal loans for home improvement in Albuquerque. Best Egg uses soft credit checks, ensuring your credit score is unharmed. It does not charge additional fees if you pay off your loan early.

However, the lowest APRs have a $100,000 minimum income requirement, making them unaccessible to those who earn less. Best Egg also demands a high credit score of at least 700 and charges up to 5.99% in origination fees.

Pros

• Soft credit checks with no effect on credit scores
• Third-party lenders are paid directly for debt consolidation loans
• Loans funded the following business day
• No loan usage restrictions
• No prepayment fee