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Best Installment Loans in Colorado
If you're in need of funds in Colorado, installment loans can be a convenient option to consider. These loans provide borrowers with a lump sum payment that is repaid over a set period with interest. However, with so many lenders and options available, it can be challenging to find the best one....
Written by:Daniel Lewis
Finimpact has picked the best installment loan options in Colorado by thoroughly vetting and reviewing each lender. Our loan reviews can be trusted because we prioritize transparency and accuracy in our evaluation process. By using a trusted source like Finimpact, borrowers can benefit from access to the best loan terms and rates available.
Top Picks for Best Installment Loans in Colorado
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
We take into consideration factors like interest rates, fees, loan terms, and customer reviews to ensure that we provide our customers with only the most reliable and trustworthy options. For those seeking installment loans in Colorado, trust Finimpact to provide you with the best options available for your financial needs.
Top Installment Loans in Colorado: Full Overview
Best Overall
LightStream — Best Overall Personal Loan
APR.
2.99% to 19.99%
Loan Amount
$5,000-$100,000
Min. Credit Score
Not Disclosed
Key Features
- Funding as soon as the same day
- Allows joint applications
- No origination fee
Pros & Cons
- Low APRs for good credit
- Loan amounts up to $100,000
- Check your rate with no impact on your credit
- Auto-pay discount available
- Not available for borrowers with bad credit
- Rates without auto-pay are .50% higher
- Minimum loan amount of $5,000
Overview
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Main Features
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Avant — Best for Small Personal Loans
APR.
9.95% to 35.99%
Loan Amount
$2,000-$35,000
Min. Credit Score
580+
Key Features
- Low credit score requirements
- Allowed to refinance personal loans
- No prepayment penalties
Pros & Cons
- Low loan amounts available
- Check your rate with no impact on your credit
- Mobile app available
- Available for fair and poor credit
- Administration fee up to 4.75%
- Potential for a high APR
- Lower borrowing limits than other lenders
Overview
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Main Features
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
SoFi — Best for Loans with No Origination Fee
APR.
6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- No origination, prepayment, or late payment fees
- Joint applications accepted
- Offers .25% discount for autopay
- Borrowers up to $100,000
Pros & Cons
- Loan amounts up to $100,000 available
- Check your rate with no impact on your credit
- No origination fees or hidden fees
- Unemployment protection offered
- Same-day funding available
- High minimum loan amount of $5,000
- Not available for bad credit
- Lowest rates require auto-pay
Overview
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Main Features
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Upgrade — Best for Emergency Loans
APR.
5.94% to 35.97%
Loan Amount
$1,000-$50,000
Min. Credit Score
Not disclosed
Key Features
- Funding as soon as the next day
- Can be approved with fair credit
- Variety of discounts on rates
Pros & Cons
- Check your rate with no impact on your credit
- Funding in as little as one day
- Generous loan amounts available
- Choose from flexible repayment terms
- Origination fee charged on every loan
- Potential for a high APR
Overview
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Main Features
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
OneMain Financial — Best for Loans with Bad Credit
APR.
18% to 35.99%
Loan Amount
$1,500-$20,000
Min. Credit Score
Undisclosed
Key Features
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
Pros & Cons
- Available for bad credit borrowers
- Visit 1,400 nationwide locations
- Check your rate with no impact to your credit
- Flexible repayment options
- Lower loan amounts than other lenders
- Potential for a very high APR
- High origination fees likely
Overview
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Main Features
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Frequently Asked Questions About Installment Loans in Colorado
Installment loans in Colorado can be a convenient financial solution for those who need extra funds, whether to cover unexpected expenses or make a significant purchase. These loans are repaid in regular installments over a predetermined period, providing a manageable repayment schedule. However, before you apply for an installment loan, it's essential to understand the basics and address any questions you may have.
| Question | Answer |
| What is an installment loan? | An installment loan is a type of loan that requires scheduled payments over a fixed period, usually monthly, until the principal and interest are paid off. |
| Are there credit score requirements? | While requirements may vary, most lenders prefer a minimum credit score of 620 for approval. |
| How do interest rates work? | Interest rates can be fixed or variable, with fixed rates remaining constant throughout the loan term, while variable rates may change based on market conditions. |
| Are there prepayment penalties? | Some lenders may charge a prepayment penalty if you pay off your loan early, so always check your loan agreement for details. |
| Can I use an installment loan for any purpose? | Installment loans can be used for various purposes, such as debt consolidation, home improvements, or medical expenses. |
| How do I apply for an installment loan in Colorado? | You can apply for an installment loan through banks, credit unions, or online lending platforms, with each having its application process. |
| What are the loan terms? | Loan terms can vary, but typically range from 12 to 60 months or longer, depending on the loan amount and your repayment capacity. |
Key Differences Between Installment and Payday Loans
Installment loans and payday loans are two common types of personal loans used by borrowers for different purposes. While both offer financial assistance, they differ in terms of repayment schedules, interest rates, and overall cost. Understanding these key differences is crucial when selecting the most suitable loan option to fit your needs and budget.
| Aspect | Installment Loans | Payday Loans |
| Repayment Schedule | Fixed monthly payments | Lump sum payment on next payday |
| Interest Rates | Typically lower | Extremely high, can lead to debt cycle |
| Loan Amount | Usually higher, more flexibility | Lower, limited to short-term needs |
| Loan Term | Longer terms, several months to years | Short terms, a few weeks |
| Credit Impact | Can positively impact credit score with timely payments | No credit building, not reported to credit bureaus |
| Lender Requirements | Stricter, including credit checks and income verification | Less stringent, accessible to borrowers with poor credit |
| Early Repayment | Often allowed without penalties, reducing interest cost | Often come with fees for early repayment, less flexibility |
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
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