Unexpected expenses, like medical bills, car repairs or necessary home renovation can break your bank account if you don’t have enough savings. Personal loans give you options. Our partners at ConsumerAffairs researched the best personal loans in Denver to find you the right loan for your borrowing needs.
Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. Denver7 may receive compensation from our partners. Learn more.
Before researching companies, it’s important to understand how personal loans can help you. People may use a personal loan in Denver to pay for:
Home remodeling projects
Unexpected costs in an emergency
Consolidation of high-interest credit card debt
Major life events, like a wedding
Large purchases, like a vacation or car
Though you could fund these needs with a credit card, people opt for personal loans because they typically have lower interest rates.
There are various types of personal loans:
Type of loan
How it works
There is no collateral, such as your home or car, for these loans, which often results in a higher interest rate.
Secured loans may have lower interest rates, but the Federal Trade Commission advises to be aware of the risks, since these require collateral, such as your home.
Debt consolidation loans
Debt consolidation loans pay off other high-interest loans and debt, consolidating them into one monthly payment with a lower interest rate.
Also known as cash advance loans, these are short-term loans with high interest.
Consumer line of credit
This type of loan is similar to a credit card where you have access to a line of credit for a certain period of time.
Applying for personal loans is typically a quick and easy process. You can get personal loans from banks, credit unions and online lenders. Credit unions are a good option for those with bad credit, but acquiring personal loans is typically impossible if your credit score is below 580.
When applying, you’ll need to provide personal information, such as monthly housing payment, employer and current wages. Based on this, the lender will then run a credit check to determine the amount and interest rate of your loan.
Choosing a personal loan in Denver can be confusing, but it’s important to understand all the terms before signing any contracts. Make sure you understand the following:
What is the interest rate?
What is the loan term?
Is there a prepayment penalty for paying off the loan before it’s due?
Are there any origination fees or any other fees upon signing?
Finally, make sure your lender has good reviews and a positive reputation.
With competitive interest rates, Best Egg offers Denver residents money in as little as one business day. You can check what your loan rate would be with no impact to your credit score. Customers in Denver say that the application process was easy and fast and they experienced good customer service.
Credit Union of Denver
Credit Union of Denver offers personal loans and an online application process that takes only 10 minutes. Denver customers report that the employees are friendly, compassionate and helpful and that the location and hours are convenient.
Bellco Credit Union
Bellco Credit Union offers a few different kinds of personal loans, including consumer lines of credit up to $50,000, secured loans and signature loans. The online application is simple. Customers report friendly, personable service, but some note complication with payments.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.