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Best Personal Loans in Albuquerque, NM

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Reviewed byMargarita Barresi
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Reviewed byMargarita Barresi
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Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Albuquerque, NM

MoneyGeek based its ratings for the best personal loan companies in Albuquerque on over 30 data points. Our methodology compared loan affordability and accessibility, loan terms, origination and late fees, APR ranges, disbursement time, minimum credit score and income requirements, customer service and other aspects.

According to this analysis, LightStream is the best personal loan lender in Albuquerque overall. However, you may be better off with a different personal loan provider, depending on your situation. For example, SoFi is the best option for individuals with good credit, Upstart is the best for people with bad credit, Upgrade is ideal for debt consolidation, and Best Egg is the preferred choice for home improvement.

Best Overall Personal Loan Lender in Albuquerque: 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

    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.


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


    • Requires a minimum credit score of 660 to apply
    • No option to pre-qualify
    • Restricted usage of funds
    • Requires a long credit history
    • Performs hard inquiry for credit history

Best Personal Loan Lender for Bad Credit in Albuquerque: 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

    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.


    • 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


    • Possibly high APRs
    • Origination fee included in the APR
    • Loan processing may be subject to longer delays
    • No mobile app for loan processing
    • Only repayment term options

Best Personal Loan Lender for Good Credit in Albuquerque: 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

    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.


    • 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%


    • Requires a higher credit score of 680
    • No option for cosigners
    • Difficult loan qualification standards
    • Requires a gross income of $50,000 or more
    • Requires a 45% debt-to-income ratio

Best Personal Loan for Debt Consolidation in Albuquerque: 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

    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.


    • 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


    • Origination fee of between 2.9% and 8%
    • Loans maximum of $50,000
    • Higher APRs compared to the competition
    • Funds are subject to usage restrictions
    • Charges late fee

Best Personal Loan for Home Improvement in Albuquerque: 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

    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.


    • 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


    • Origination fee of 0.99%–5.99%
    • Minimum annual income requirement of $100,000 for lowest APR
    • High credit score requirement of 700
    • No option for joint personal loans
    • Rate discounts are not offered
    Best Egg

How to Choose the Best Personal Loan Lender in Albuquerque for You

Borrowers use personal loans for various reasons, including debt consolidation, home improvements, weddings, moving expenditures, medical bills and vacations. To assess whether you qualify for a personal loan in Albuquerque, New Mexico, evaluate your credit score, monthly income and debt-to-income ratio. In New Mexico, the average personal loan debt is $13,879.

MoneyGeek recommends the following steps to discover the best lender in your state:

Ask Yourself the Important Questions

Before deciding on a lender and applying for a personal loan, consider the following questions:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
Do Your Research

Lenders work and quote differently, and their fees may vary. Before filing a personal loan application, you should compare different lenders to see which one is ideal.

Taking out a personal loan is a significant commitment, as you will be responsible for repaying it for two to four years or even longer in some cases. Before you make a final decision, ensure it's the safest alternative for your individual requirements. Moreover, note that MoneyGeek’s recommendations are only guidelines; you should do your own research.


When presented with different options and offers from lenders, as well as numerous fees and charges to evaluate, it’s easy to feel overwhelmed. A delay of one or two days before commiting may be prudent. Understand that obtaining a personal loan is a substantial financial obligation, and you should be confident it’s the safest alternative before moving further. Before applying, spend some time analyzing your options.

Read the Fine Print

When considering personal loans, it’s easy to neglect the details. In addition to upfront fees that are plainly mentioned in the lender's terms and conditions, there may be hidden charges you learn about only after signing the loan application. Before advancing further, examine the firm's charges, which may include prepayment fees, late payment penalties and origination fees. Consider the interest rates and any collateral restrictions. Paying close attention to the fine print can save you a substantial amount of money over time.


After conducting research, reading the fine print and taking the time to make a decision, it’s time to complete your application. At this stage, you must be satisfied with your lender selection and have on hand the information needed to complete the application. Lenders will typically request verification of identification, residence and income. Even though applying online may be easier for some, there is no disadvantage to calling or visiting the provider in person if you prefer.

What to Do if You Can’t Get a Personal Loan in Albuquerque

Even if your personal loan request was initially denied, you may contact the lender to ask the reason for rejection and to determine what adjustments you can make in your application. You may make your application more enticing by, for instance, reducing the loan terms or decreasing the loan amount. If you're having problems meeting the lender’s requirements, you could consider a cosigner or collateral-based loan.

You also have the option of applying to a new lender. Nevertheless, refrain from doing so until you’ve addressed the issue(s) that led to your application’s rejection in the first place.

Some individuals may seek payday loans with exceptionally high interest rates after being rejected by a lender. But even if you make prompt and complete payments, your credit score will not improve. In addition, if you do not pay immediately, you may be responsible for any accumulated interest in addition to the balance. A collection agency may approach you if you make a late payment, which can affect your credit.

Frequently Asked Questions About Personal Loans in Albuquerque

Your requirements, as well as your credit score and income, will determine your ideal personal loan lender in Albuquerque. MoneyGeek has addressed some of the most commonly asked questions regarding personal loans in the city.

What is the best personal loan lender in Albuquerque?
Which lender in Albuquerque has the lowest interest rate?
Can I use a personal loan for vacations in Albuquerque?
Can I use a personal loan for home improvement in Albuquerque?
What can I not use my personal loan for in Albuquerque?
How much can I borrow in Albuquerque?
How long does it take to get a personal loan in Albuquerque?
Can I pay off my loan early in Albuquerque?

Our Personal Loan Methodology

We evaluated more than 30 personal loan providers using 35+ data points in six major categories: loan affordability, consumer-friendliness, accessibility, flexibility, customer service and lender transparency.

Within each evaluation criteria, we analyzed numerous data factors that, in our opinion, bear the most weight when selecting a personal loan lender. These elements include APR ranges, accessible loan amounts, minimum income requirements, minimum credit score requirements, application costs and disbursement time.

We appreciate you, the customer, at MoneyGeek, so we also consider each lender's customer service, business ratings and additional services that might make your experience smoother and more convenient, including prequalification, payment alternatives and mobile apps.

After deliberation and calculation, our recommendations are made with your best interests in mind. Our personal loan recommendations and professional advice are intended to assist you in selecting the right lender for your requirements.

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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.