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Top 5 Personal Loans – Colorado Springs

The best personal loans in Colorado Springs may surprise you. While traditional financial institutions have been the go-to for borrowing cash, there’s a new game in town. Personal loans, as well as small business, home equity, auto loans, and just about any other financing you can think of, are now available without having to step foot in a bank or credit union.

Additionally, online lending organizations can offer some benefits that traditional lenders typically don’t. Things like instant pre-approvals and the ability to allow customers to choose from a virtual menu of borrowing options are all on the table. Personal and other loan terms through online lenders generally follow the same principles as borrowing from a bank. However, there are some things to watch for to protect yourself.

To help you take advantage of the best loan rates and terms available, we’ve examined as many top lenders as we could find. We then listed the best personal loans in Colorado Springs here, along with information to help you choose the best fit for your situation.

Deane Biermeier
Home Products and Finance Expert

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Our process aggregates a company or product's market share, reputation, service, values, consumer interest, pricing, fees and features to generate a fair rating and comprehensive review. Some of our Trusted Experts who write reviews have appeared in U.S. News & World Report, Forbes, Angi.com and many other publications.

Trusted Company Reviews #1 Pick for 2024

Top Personal Loans In Colorado Springs Company
Credible
Credible
9.5
  • Pre-qualification won't affect your credit score
  • A multitude of companies and financial products available
  • Some lenders have no minimum credit score requirements

Why we love it 💖

Credible’s personal loans in Colorado Springs stand out as our top performers. The company provides multiple loan options from various lenders with pre-approvals that won’t affect your credit score.

Our Highest Rated Personal Loans In Colorado Springs Companies

1
9.5 Excellent

  • Loans from $600 to $100,000 available
  • 12-year loan terms available
  • Origination fees may apply for some lenders
  • Many lenders require no minimum credit score
Check Rates

Via Credible.com's website

2
9.2 Great

  • Partners with over 500 lenders
  • Loans as small as $1,000
  • Up to 12-year loan terms are available
  • Other lending and banking services are also available
  • A+ grade at the BBB
3
9.1 Great

  • Great for those with short credit histories
  • 24-hour fund availability
  • Payment-date choices
  • No minimum credit score necessary
  • Pre-qualify without affecting credit score
4
8.7 Very Good

  • Other banking and borrowing services available
  • Consolidation loans feature direct creditor payments
  • Your choice of payment dates
  • Repayment terms of 2 to 5 years
  • Co-signers accepted
Check Rates

Via Credible.com's website

5
8.6 Very Good

  • Choose your payment date
  • No early payment fees apply
  • 12 – 84-month repayment terms
  • Banking and credit lines also available
  • No application fees apply

The Best Personal Loans – Colorado Springs

Trusted Company Reviews Rating Loan Amounts Min. Qualifying Annual come Min. Qualifying Credit Score Best For
Credible 9.5 $600 to $100,000 Varies by Lender None Overall
Lendingtree 9.2 $1,000 to $50,000 Varies by Lender 580 Best Borrowing Options
Upstart 9.1 $1,000 to $50,000 $12,000 None Best for Short Credit Histories
LendingClub 8.7 $1,000 to $40,000 Nondisclosed 600 Best for Additional Services
Upgrade 8.6 $1,000 to $50,000 Nondisclosed 580 Best for Repayment Flexibility

How Do Online Companies Provide the Best Personal Loans – Colorado Springs?

Online, also known as fintech, lending companies offer a wide range of banking and borrowing services. Everything from bank accounts to personal loans, business loans, auto and boat loans, peer-to-peer lending, and home loans are available online, in the place of traditional banks, which used to be the only option.

Typically, the best personal loan lenders and the best debt consolidation companies that operate strictly or mostly online can provide benefits even beyond the added convenience of not having to leave home to apply. While many online lenders are also the lending institution, many aren’t. Instead, these fintech loan marketplaces allow borrowers to shop around for the best deals.

With fewer overhead costs and more ability to specialize, online lenders can offer better flexibility regarding who can borrow, how much, and for what. They can often approve loans for borrowers who may not otherwise qualify for a loan at a traditional lender.

Additionally, fintech lenders typically offer a simple application process that often includes pre-qualifying for your financial product. Pre-qualifications are typically not subject to hard credit inquiries and therefore, won’t affect your credit score. Pre-qualification can also allow the lender to offer several borrowing options to choose from.

Features of the Best Personal Loans In Colorado Springs

At first glance, the world of online lending can appear confusing. Modern advertising methods are excellent for attracting customers but aren’t often big on explaining details. While online lenders do offer their own unique product selections, most fintech companies are quite similar in nature. That said, there are some criteria to look for to start sorting through all the hype. The best personal loans in Colorado Springs generally offer versions of the following features.

  • Easy and intuitive application process
  • Pre-qualifying that won’t affect your credit score
  • Rapid funding after approval
  • Reasonable approval requirements
  • Acceptable borrowing costs.
  • Flexible payment terms and options

Qualifying for Personal Loans: Colorado Springs

Every personal loan provider in Colorado Springs will have varying minimum eligibility and approval requirements. While some are based on credit scores, many rely on other criteria, such as income level or bank records. Typically, as in traditional lending, the strength of a customer’s borrowing capacity depends on several factors and will affect the personal loan interest rates they may pay.

While no single factor is likely to automatically determine the loan amount or annual percentage rate at which you can receive approval, there are some basic minimum requirements in Colorado Springs.

  • Minimum credit score determined by each lender—Many lenders have no minimum requirement.
  • Lenders that don’t require a credit score may use AI to determine eligibility.
  • Stable income—Some lenders have minimum requirements
  • No recent bankruptcies
  • Bank account for most loans
  • Proof of identification and address
  • Social Security number

Pros and Cons of Online Personal Loans In Colorado Springs

Understanding the pros and cons of borrowing from one of the best personal loan lenders in Colorado Springs can go a long way toward improving your financial well-being. While online lending is easy and convenient, it may not be the best option for every borrower.

Pros

  • Proper loan management can help to improve poor credit scores
  • Debt consolidation can reduce monthly payments and streamline bookkeeping
  • Many online lenders offer pre-qualifying with only a soft credit inquiry
  • Many lenders offer flexible repayment terms

Cons

  • Interest rates are often higher than more traditional borrowing options.
  • Loan origination and other fees may apply with some lenders
  • Late payments can affect credit scores
  • The initial application will temporarily affect credit your score

How to Choose the Best Personal Loans: Colorado Springs

Because of the large number of online lenders available, choosing the best personal loan provider in Colorado Springs can appear overwhelming.

Identifying your borrowing needs and capacity before getting started can help you choose the right personal loan provider. To help get you started, determine the answers to these financial questions.

  • How much do I need to borrow, or what financial product do I need?
  • Do I meet the minimum qualifications for approval with the lender I’m considering?
  • How much will borrowing cost, and can I afford the monthly payments now and in the future?
  • Will my payment be significantly lower if I’m consolidating debt?
  • Can I put off getting a loan until I can improve my credit score to save interest money?

Which Are the Best Personal Loans In Colorado Springs?

The best personal loan provider in Colorado Springs is Credible in our opinion and based on our evaluations. Our judging criteria placed Credible at the top of our list in nearly every category. However, our criteria may not apply as well to your personal financial needs. Therefore, the best option for you may be one of our other top picks.

 

Credible

Best Overall

Credible tops our list for the best personal loan provider in Colorado Springs. As an online lending platform rather than a lending institution, the company partners with multiple lending organizations to provide a wide range of borrowing and financial product options.

Borrowers in Colorado Springs can use the pre-qualification tool to pre-qualify when using Credible without affecting their credit scores. Additionally, Credible clients can choose from several lender offers before formally applying for a loan or other service.

Credible Pros and Cons

Pros

  • No fees apply to use the platform
  • Pre-qualification won’t affect credit score
  • Loan terms of up to 12 years
  • Some lenders require no minimum credit score

Cons

  • Borrowers with poor credit can face high APRs of up to 36%
  • Some lenders have relatively low customer satisfaction ratings

Credible Features and Benefits

Credible is a leader in providing Colorado Springs residents with loan options simply by offering numerous financial products that meet the needs of many types of customers. The company’s marketplace setup allows customers to choose the best option for their financial situation.

  • Pre-qualify without affecting credit score
  • No fees to use Credible
  • Large selection of companies and financial products available
  • No minimum credit score necessary for some lenders
  • A+ grade at the BBB
  • Loan amounts from $600 to $100,000
  • Terms of up to 12 years
  • Fees and eligibility vary by lender

Credible Editorial Rating

Trusted Company Reviews Rating Score for Credible: 9.5
Review ratings from multiple platforms give Credible an average of 4.4 out of 5 stars. Our evaluation of the company revealed the same general findings and produced a score of 9.5 out of 10 possible points.

Credible gained points for its ability to provide a wide range of products to a large number of consumers. Its ability to allow customers to choose from a variety of borrowing choices, including options for those with less-than-great credit, also scored well in our review.

Read Full Review: Credible

Loan Amounts $600 to $100,000
Terms (Months) 12 to 144
Origination Fee Varies by Lender

 

Lendingtree

Best Borrowing Choices

Lendingtree stands apart from typical Colorado Springs personal loan lenders. The company’s online financial marketplace features a virtual buffet of borrowing and banking products and choices. Lendingtree’s collection of over 500 lending partners provides a huge selection of varying financial products, many of which are obtainable by those with underwhelming credit scores.

Lendingtree Pros and Cons

Pros

  • Partners with 500+ lending organizations
  • Wide range of loan terms of up to 12 years
  • Banking and other products are also available

Cons

  • Maximum borrowing amount of $50,000
  • Potential for high APR of nearly 36% for some borrowers

Lendingtree Features and Benefits

As one of the premier online financial companies, Lendingtree provides a long list of features and benefits related to its personal loan, debt consolidation, and other financial products.

  • Partners with more than 500 lending companies and organizations
  • Graded A+ at the BBB
  • Offers lending, banking, and other products
  • No hard credit inquiry during pre-qualification
  • Choose from multiple borrowing options from various lenders
  • Offers free credit score monitoring
  • Peer-to-peer lending available for some borrowers
  • 580 minimum credit score is necessary for some services
  • Several lenders allow co-signers
  • Fees vary by lender

Lendingtree Editorial Rating

Trusted Company Reviews Rating Score for Lendingtree: 9.2

A prominent feature that Lendingtree offers for those with imperfect credit is the ability to add a co-signer to help qualify them for some of its loan products. Of course, approval will depend on the partner company involved. We awarded Lendingtree additional points for offering that feature in our review. For borrowers with fair or poor credit, having a cosigner option can fetch a better interest rate and better terms overall.

Read Full Review: Lendingtree

Loan Amounts $1,000 to $50,000
Terms (Months) 12 to 144
Origination Fee Varies by Lender

 

Upstart

Best for Short Credit Histories

Upstart is our top pick for personal loans in Colorado Springs for those with short credit histories that are often associated with lower credit scores. Upstart’s list of features also includes the ability to choose your payment dates, no minimum credit score, and pre-qualifying that won’t appear on your credit report or affect your score.

Upstart Pros and Cons

Pros

  • Options for those with short credit histories
  • 24-hour funding is often available
  • Flexible payment dates
  • No minimum credit score requirements

Cons

  • Origination fees may apply
  • No discounts for autopayments
  • Cosigners not accepted

Upstart Features and Benefits

Upstart offers services to a wide range of borrowers in many financial situations. Many individuals with lower credit scores also contend with short credit histories, making it even more difficult to get approval for an unsecured personal loan. Upstart can often work with borrowers in tricky situations and doesn’t automatically refuse service on that basis alone.

  • Borrowing options for those with short credit histories
  • Uses AI to determine creditworthiness
  • No minimum credit score to hit
  • Pre-qualifying doesn’t affect credit score
  • Funds often available in a single day
  • Payment date flexibility options
  • Consolidation loans can feature direct creditor payments
  • Loan Amounts of $1,000 to $50,000
  • Loan terms or 36, 60, or 84 months

Upstart Editorial Rating

Trusted Company Reviews Rating Score for Upstart: 9.1
While Upstart offers some of the best personal loans in Colorado Springs, the company isn’t missed out on a few points in our review for its limited loan-length terms, potential for origination fees, and lack of autopay or other discounts.

However, the company scored well in several other areas, including requiring no minimum credit score, offering payment date flexibility, and providing the potential ability to overlook a short credit history.

Read Full Review: Upstart

Loan Amounts $1,000 to $50,000
Terms (Months) 36,60, and 84
Origination Fee 0% to 12%

 

LendingClub

Best Additional Services

LendingClub provides some of the best personal loans in Colorado Springs. However, doing our research, we learned that LendingClub also offers online banking services, including bank account availability and credit line borrowing. The company also scores well among consumers for allowing cosigners and providing payment date flexibility.

LendingClub Pros and Cons

Pros

  • Bank accounts and other services are available
  • Cosigners accepted
  • Flexible payment dates

Cons

  • Offers only two payment term options
  • Origination fees of 3% to 6% apply
  • No rate discount for autopayments

LendingClub Features and Benefits

By offering joint borrowing for customers with lower credit scores, LendingClub customers with a cosigner can achieve a lower interest rate and better terms than their single credit score might allow.
  • Minimum credit score of 600 required for eligibility
  • Loans typically funded in one week or less
  • Payment date flexibility options
  • Cosigners allowed
  • Online application and approval
  • Deposit, banking, and credit line accounts are also available
  • 24 to 60-month borrowing terms
  • Loan origination fees apply

LendingClub Editorial Rating

Trusted Company Reviews Rating Score for LendingClub 8.7
LendingClub stands out in our review for multiple reasons. Offering flexible payment dates and the ability to add a cosigner are the beginning. However, LendingClub also provides options for banking and other financial services to help consolidate accounts through one source, making it more appealing to a wider audience. On the other hand, the company lost significant points for charging origination fees for personal loans.
Read Full Review: LendingClub
Loan Amounts $1,000 to $40,000
Terms (Months) 24 to 60
Origination Fee 3% to 6%

 

Upgrade

Best for Payment Flexibility

Upgrade features excellent personal loan and debt consolidation payment options By offering customers several loan-length choices from one to seven years, allowing cosigners, and providing flexible payment dates. Upgrade makes finding one of the best personal loans in Colorado Springs easy.

Upgrade Pros and Cons

Pros

  • Payment date flexibility available
  • Credit lines and cards are also available
  • Cosigners allowed

Cons

  • Autopay discount not available
  • Origination fees may apply
  • $10 late payment fees

Upgrade Features and Benefits

Among Upgrade’s multiple features and benefits, the company also provides credit card options and other banking tools for borrowers in a wide eligibility range.

  • 12 to 84-month loan repayments
  • $1,000 to $50,000 loan amounts
  • Autopay discounts unavailable
  • Origination fees apply
  • Mobile app availability
  • A 580 credit score is necessary for eligibility
  • Accepts joint applicants
  • Deposit accounts and credit lines are also available

Upgrade Editorial Rating

Trusted Company Reviews Rating Score for Upgrade: 8.6

Upgrade scored points with our research team for its flexible personal and debt consolidation payment terms, along with other benefits. However, we deducted points from Upgrade for charging origination fees and not offering autopay discounts.

Read Full Review: Upgrade

Loan Amounts $1,000 to $50,000
Terms (Months) 24 to 84
Origination Fee 1.85% to 9.99%

 

Frequently Asked Questions

These are some of the most common questions surrounding personal loans in Colorado Springs

Is personal loan interest tax deductible in Colorado Springs?

Typically, personal loan interest isn’t tax deductible in Colorado Springs or anywhere else. However, that’s not always the case, depending on how the funds are used and in what capacity. Personal loan interest may be deductible in limited cases where business funding is involved. But, it’s crucial to talk with a tax expert on this issue to avoid potential trouble.

What credit score is needed to get a personal loan?

Depending on your lender or online marketplace, you may not need a credit score at all to qualify for some personal loan options. However, loans of this nature tend to be more expensive in terms of APR than loans obtained using a high credit score. Typically, a minimum credit score of 580 is necessary for most lenders to start considering loan approval.

What is the easiest place to get a personal loan?

Perhaps the easiest place to get a personal loan in terms of not having to prove your creditworthiness is at a payday loan lender. However, these businesses are often predatory and can cost far more than they are worth in terms of assisting you financially. Some payday lenders have been found charging over 400% interest to vulnerable borrowers.