Best Personal Loans in Colorado of 2024

Enter your ZIP code to get started

Shield

Free. Simple. Secure.

fact checked icon

Updated: November 21, 2024

Advertising & Editorial Disclosure

MoneyGeek considered lender reputation, interest rates, flexibility and application experience when ranking the best personal loan lenders in Colorado. First Tech and PenFed are MoneyGeek's top personal loan picks in Colorado, scoring 98 and 96, respectively. First Tech leads with excellent customer service and competitive rates, while PenFed offers a variety of loan options and unambiguous terms.

Remember, your credit score and income matter when getting a loan. Colorado's average credit score is 731, and borrowers with a credit score near that value might find good loan rate and term options.

MoneyGeek Logo IconBest PersonalLoan LendersColorado
2024

Best Personal Loan Lenders in Colorado

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Alliant Credit Union

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers, including customer service and annual percentage rate (APR).

recency icon

We completed our analysis of banks and lenders licensed to do business in Colorado as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Colorado

  • First Tech
    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan lender in Colorado is First Tech, with a MoneyGeek score of 98 out of 100. This lender offers APRs ranging from 8.94% to 18.00%, notable for being more competitive than most lenders reviewed by MoneyGeek. First Tech stands out for its exceptional customer service and educational resources, as well as having the most competitive rates and fees. Furthermore, its repayment terms are versatile, offering periods from six to 84 months, adding to its strong overall performance in MoneyGeek's evaluation.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Provides granular APR data for a variety of loan terms
    • In-person appointments available in certain states (CA, CO, GA, ID, MA, OR, TX, WA)

    Cons

    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Colorado

  • PenFed
    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up for the best lender for personal loans in Colorado, with a MoneyGeek Score of 96 out of 100. With competitive APRs ranging from 7.99% to 17.99%, PenFed's rates are well-placed compared to the higher ranges noted in the analysis. Its loan repayment terms extend up to 60 months, providing flexibility. This financial institution shines in furnishing ample information to consumers and giving them flexible loan terms, which are critical in choosing a personal loan provider.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)

    Cons

    • Need to be a member to apply
    • $50 minimum monthly loan payment
    • No information provided about credit score requirements
    PenFed
mglogo icon
UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

5 Years
Shield Insurance

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.


    Best Personal Loan Lender in Colorado for Bad Credit

  • Happy Money
    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's top choice for the best personal loan provider in Colorado for borrowers with low credit, scoring 94 out of 100. Although not a traditional lender, Happy Money partners with 10 federally insured financial institutions to originate loans, offering transparent minimum credit requirements on their website. Its APR range of 11.72% to 17.99% stands out favorably in comparison to competitors. The minimum credit score they require is 640. The provider excels in customer-focused areas, particularly in outlining clear loan terms and offering solid support.

    Pros

    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • The lenders they work with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How Does MoneyGeek Score Lenders for Bad Credit Loans?


    Best Personal Loan Lender in Colorado for Debt Consolidation

  • Alliant Credit Union
    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider for debt consolidation in Colorado is Alliant Credit Union, with a 96 out of 100 score due to highly competitive rates and transparent practices. Alliant is an internet-based financial cooperative; membership and a 90-day standing are prerequisites for personal loan eligibility. Its APR range of 10.99% to 13.99% is favorable compared to peers, and while it shines in offering clear information and low rates, it does not compromise on application efficiency and integrity in customer dealings.

    Pros

    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • Wide variety of loan types available

    Cons

    • An online-only credit union, no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How Does MoneyGeek Score Lenders for Debt Consolidation?

mglogo icon
IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Colorado

Colorado lenders assess your creditworthiness — including your credit score, credit history, income and debt-to-income ratio — in determining your loan terms and your APR. Before your loan application, improving your credit score can lead to better loan terms and possibly lower APRs.

Refer to the table below to understand how different credit scores affect monthly loan payments and overall loan costs.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Colorado

Personal loans offer the flexibility to manage finances efficiently, with lower interest rates and the option to consolidate debts. It's also a quick source of funds for various unexpected financial needs. However, it's important to recognize its potential downsides, such as origination fees and the risk of asset loss in a secured personal loan.

To have a better understanding of this bargain, evaluate the ups and downs of personal loans before sealing a deal.

The pros and cons of personal loans

blueCheck icon
  • Competitive interest rates compared to credit cards for eligible applicants
  • Simplifies finances by consolidating multiple high-interest debts
  • Often swift approval and disbursement for time-sensitive financial needs
  • Allows for co-signers, improving eligibility and potentially securing favorable loan conditions
blueCheck icon
  • Potential for high origination fees
  • Risk of prepayment penalty charges
  • Possibility of losing collateral on secured loans
  • Tendency to accrue unnecessary debt
mglogo icon
MORE ON COLORADO LOANS

FAQ About Personal Loans in Colorado

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Colorado for personal loans?
Where is the best place to get a personal loan in Colorado?
Who has the best personal loan interest rates in Colorado?
What can I use a personal loan for in Colorado?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

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.

Read Full Bio »
sources
Shield Insurance

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use