What Is a Personal Loan?
A personal loan is a type of installment loan that can be used for various expenses. You can find a personal loan in Denver through a bank, credit union, or online lender. Loan options can vary quite a bit. For example, some lenders may offer larger amounts, while others may offer just a few hundred dollars.
Usually, these loans are unsecured, but there may be secured options. Additionally, there may be other categories of these loans, including bad credit options and expense-specific personal loans.
Residents of Denver who need fast funding for emergencies or planned expenses can use a personal loan to cover those costs. We recommend installment loans over single-payment loan options because they can be easier to manage with your budget.
What Are the Types of Personal Loans You Can Get?
A few different types of personal loans that you could get in Denver are unsecured options, bad credit personal loans, and specific expense personal loans. Along with personal loans, you’ll likely come across other loans like payday loans, no credit check loans, and cash advance loans, all of which can fall under the personal loan umbrella, but usually function as a separate loan type. Here is more detail on these loans:
Bad Credit Loans
Bad credit loans are catered to borrowers who have poor credit scores or don’t have any credit history at all. Usually, these are short-term, small loans that come with higher interest rates than their good credit counterparts.
Payday Loans
Payday loans are short-term bad credit loans that offer a small amount of cash. These loans are meant to be repaid in just a few weeks, which can be tough to do because of their high interest rates. The good news is that there are plenty of payday loan alternatives available for residents of Denver, CO.
No Credit Check Loans
No credit check loans don’t have credit checks as a part of their application process. This can sound convenient, however, this lack of credit check means that these loans can be similar to payday loans in their cost and repayment.
Cash Advance Loans
Cash advance loans make a small amount of cash available for borrowers. These can be taken from loans or pulled from a credit card. Be aware of high fees and interest along with short repayment.
Title Loans
Title loans are secured loan options that use a vehicle as collateral. While flexible for borrowers who have bad credit, they usually cost more than other secured loans. You can also look for alternatives to car title loans.
Denver Installment Loans
Denver installment loans are usually preferred over some of the options listed above because they can be more manageable and come with better rates (in some cases). Here are some things to pay attention to when considering an installment loan in Denver:
- Loan Amounts — Loan amounts for installment loans can vary from a few hundred, up to a few thousand dollars, depending on the lender and your finances.
- Fixed Interest Rates — Rates for installment loans are usually fixed, which means monthly payments are the same throughout repayment.
- Repayment Terms — Repayment terms for installment loans can also vary quite a bit depending on the lender. Some lenders may have short-term loans, while others may provide a much longer term.
- Fees and Penalties — Fees and penalties will vary depending on the lender and loan terms.
- Online Loan Management — Most installment loan lenders allow borrowers to manage their loans online.
Denver Installment Loan Rates
Denver installment loan rates vary, on the higher end for fair credit, they average around 35.99%.1 The length of your loan term will directly affect your monthly payment. Longer terms lower your monthly payment but increase the total interest paid. Shorter terms mean higher monthly payments, but can save you money on interest overall. To get a lower rate, compare offers from multiple lenders and work on improving your credit. Choosing the right loan can help you save money and move closer to your financial goals.
Below is an example of what a hypothetical loan’s monthly payment could look like if you borrow $500 at a 35.99% APR:
| Term Length (Months) | APR as low as | Monthly Payment Range |
| 0-4 | 35.99% | $134.51 – $134.51 |
| 4-8 | 35.99% | $71.23 – $134.51 |
| 8-12 | 35.99% | $50.23 – $71.23 |
| 12-24 | 35.99% | $29.52 – $50.23 |
Loan details in the table are illustrative and not guaranteed. Final terms depend on creditworthiness, underwriting, and law. Contact the lender for personalized offers.
Can You Get a Bad Credit Loan in Denver?
Yes, bad credit loans are available in Denver for residents. Getting a bad credit loan is pretty simple. It involves a few steps—applying, which can include a credit check, sending in documents, or online verification, and finding out eligibility. When it comes to bad credit loans, lenders will look at your credit score and history. However, they will also factor in your income and ability to repay.
What Can You Use an Installment Loan in Denver For?
The great thing about installment loans is that you can use them for all kinds of expenses, such as credit card payoff, life events, car repairs, home repairs, medical costs, dental costs, and other emergency expenses. Here is more detail:
| Home Improvement Cover renovation costs upfront and repay in fixed monthly installments, making big projects easier to manage. | Credit Card Debt Consolidation Combine multiple card balances into one fixed payment, potentially at a lower interest rate. | Medical Costs Finance planned or unexpected medical bills and spread payments over time to ease the burden. |
| Car Repairs Pay for urgent repairs now and manage the cost with predictable monthly payments. | Life Events Fund major milestones like weddings or moving without depleting your savings. | Other Emergency Expenses Handle unexpected costs immediately and repay gradually with set installments. |
How Denver Loan Options Work
Denver loan options usually involve a few steps: applying, verifying income and other information, and then finding out eligibility.
| Apply Online Most installment loans can be applied for online in just minutes. Many lenders offer a simple, secure process that provides quick decisions for requests without in-person visits. | Income Verification Lenders typically require proof of income, such as pay stubs or bank statements, to confirm your ability to repay. Having documents ready can speed up approval. | Same-Day Availability Some lenders may offer same-day funding if you apply and qualify early in the business day, helping you cover urgent expenses quickly. |
Top Denver Loan FAQs
What is an installment loan?
An installment loan is a type of financing repaid in fixed amounts over a set period. You can find them with a community credit union, bank, or online lender. They can help borrowers budget effectively, build credit, and cover expenses without needing to pay the full amount upfront.
How much can I borrow with a personal loan with bad credit?
Loan amounts vary by lender and can range from a few hundred to several thousand dollars. The exact amount you qualify to borrow depends on factors like your credit score, income, debt-to-income ratio, and the lender’s policies.
What are the eligibility requirements?
Common requirements for eligibility include being at least 18 years old, having a valid bank account, proof of income, and meeting the lender’s credit and residency standards. Each lender may have its own additional criteria.
How quickly can you get funding from a personal loan?
Quick loans can sometimes mean money the same day you’re approved, though many lenders provide funds within one to three business days. Timing depends on the lender’s process and your bank’s transfer speed.
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References:
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.