Best Loans for Bad Credit in North Dakota for 2024
Updated: April 25, 2024
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Happy Money is the best personal loan lender for bad credit in North Dakota, with a MoneyGeek score of 94 out of 100. It offers competitive interest rates, flexible payment options and credible transparency about loan terms and processes. As the runner-up, Avant showcases its strengths with its MoneyGeek score of 92, providing broad payment options, a quick application and approval process and strong customer service.
MoneyGeek reviewed three personal loan lenders in North Dakota that disclosed having minimum credit score requirements between 580 and 640, identifying the best personal loans for bad credit. While Happy Money and Avant lead the ranks, other lenders such as First Community Credit Union, Capital Credit Union and Town & Country Credit Union also offer personal loans in North Dakota and come with local service advantages that consumers may find beneficial.
- 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 pick for the best personal loan lender for bad credit in North Dakota with a MoneyGeek score of 94 out of 100. It is a fintech company that collaborates with lending partners federally insured by the National Credit Union Administration to originate personal loans.
Borrowers with credit scores starting at 640 can access loans from $5,000 to $40,000 and typically receive funds by the next day. Happy Money provides direct payment to creditors and flexible repayment terms, enhancing financial management for individuals with less-than-perfect credit. But it only offers loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Offers to pay creditors directly
- Conducts soft credit pulls
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in North Dakota
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in North Dakota, earning a MoneyGeek score of 92 out of 100. As a lender, Avant collaborates with WebBank, a state-chartered, FDIC member bank, to originate personal loans.
Borrowers with lower credit scores find it suitable due to its 580 minimum credit score requirement and a loan range of $2,000 to $35,000, with funds typically available the next day. One notable feature is its flexibility in repayment terms, offering 12 to 60 months. But it charges an administration fee up to 9.99% and has late fees and dishonored payment fees.
Pros
- Doesn't charge a prepayment penalty
- Flexible repayment terms between 12 to 60 months
- Offers next-day funding
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Low borrowing limits at $35,000
Runner-Up for Best Bad Credit Loan Lender in North Dakota
Calculate Your Monthly Payment in North Dakota
In North Dakota, the average new account balance for personal loans is $10,675, according to TransUnion's Credit Industry Snapshot report. Repayment of personal loans typically involves fixed monthly payments over a set period until the loan is paid in full.
If you have a lower credit score, understand your monthly loan obligations to maintain or improve your credit standing. To accurately estimate your loan payments, consider using MoneyGeek's personal loan calculator, a helpful tool for financial planning.
Best Bad Credit Loans by Credit Score in North Dakota
The average credit score in North Dakota is 733, higher than the national average of 715 based on Experian data.
Having a bad credit score does not completely bar you from obtaining a personal loan; options are still available. Some lenders in North Dakota are open to working with individuals with lower credit scores, but be prepared for potentially higher interest rates and less favorable loan terms. Refer to the table below to explore personal loan lenders in North Dakota that might accommodate your credit score range.
What to Do if Your Loan Application Is Denied in North Dakota
Personal loan application denials are common, especially when your credit score is lower than average — but it doesn't have to halt your borrowing journey. Here's what you can do to enhance your chances of approval for future applications.
Find out the reason for the denial
Lenders may reject your loan application for various reasons, including a low credit score, a high debt-to-income ratio, insufficient income or mistakes in your application. Review these reasons to address your financial weaknesses and reduce the chance of further denials.
Modify your loan terms
Ask the lender if changing the loan amount or repayment terms might lead to approval. This can sometimes make the loan more aligned with the lender's risk profile.
Find another lender
Different lenders have different loan approval criteria. Compare options to find the right lender for your financial situation and credit history. Factors worth considering include:
- Eligibility requirements: Lenders have varied thresholds for credit score, income, debt-to-income ratio and employment history. Knowledge of these can guide your application process.
- Interest rates: Seek out lenders offering competitive rates to save on costs, particularly important when your credit is less than perfect.
- Additional fees: Ascertain whether lenders charge fees such as origination, late payment or prepayment.
- Loan terms: Lenders offer varying repayment terms for personal loans. Understand the implications of selecting either short or long terms.
- Customer service and reputation: Investigate the quality of customer service and overall reputation of potential lenders. These aspects can significantly impact your borrowing experience.
Look for alternatives
There could be other borrowing options more suited to individuals with a low credit score. Some alternatives include secured loans, credit union loans or peer-to-peer lending. Explore these possibilities, because they might offer more favorable terms for your credit situation.
Improve your credit score
Enhancing your creditworthiness over time may help you secure a personal loan in the future. Ways to begin improving your credit score include paying bills on time, reducing debt and checking your credit report for errors.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in North Dakota
When shopping for personal loans in North Dakota, it's common for borrowers, especially those with bad credit, to have questions or concerns. We compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan lender for bad credit in North Dakota is Happy Money with a MoneyGeek score of 94 out of 100.
Prosper offers the lowest starting APR at 8.99%. Borrowers with excellent credit are more likely to receive this rate.
With a minimum credit score requirement of 580, Avant has the lowest credit threshold for personal loans in North Dakota.
The timeline to get a bad credit loan in North Dakota depends on the lender, but some offer next-day funding, while others may take several business days to a week.
You can pay off your personal loan early in North Dakota. However, check with your lender regarding any potential prepayment penalties.
Sources
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
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