Best Loans for Bad Credit in Idaho for 2024
Updated: April 10, 2024
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Happy Money stands out as the best personal loan lender for bad credit in Idaho, with a MoneyGeek score of 93 out of 100. It has a quick application and approval process, offers competitive interest rates, and maintains credibility and transparency about its loan terms and process. As the runner-up, Avant is recognized with a MoneyGeek score of 93 out of 100 and excels with its broad payment options, competitive interest rates and quick application process.
MoneyGeek reviewed four personal loan lenders in Idaho that set and disclosed their minimum credit score requirements between 580 and 640 to find the state's best personal loans for bad credit. While the lenders mentioned above are top choices, it's worth considering other lender options in Idaho such as Idaho Central Credit Union, Frontier Credit Union and Connections Credit Union if you're seeking localized services.
- Happy Money
- 93MoneyGeek 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 Idaho with a MoneyGeek score of 93 out of 100. Happy Money is not a lender but a fintech company that collaborates with lending partners federally insured by NCUA to originate personal loans. It requires a minimum credit score of 640 and offers a loan amount ranging from $5,000 to $40,000, with funds available as quickly as the next day. It doesn't charge late fees and provides flexible repayment terms, which can suit borrowers who need a structured payment plan. Applicants should note that it solely offers loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
- Flexible repayment terms from 24 to 60 months
- Offers to pay creditors directly
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in Idaho
- Avant
- 93MoneyGeek 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 Idaho, with a MoneyGeek score of 93 out of 100. It collaborates with WebBank, a state-chartered FDIC member bank, to originate personal loans. Avant caters to individuals with low credit scores, starting at 580, offers loan amounts from $2,000 to $35,000 and provides funds as soon as the next day. The lender's flexibility in repayment terms from 12 to 60 months and the absence of a prepayment penalty are notable for borrowers. However, applicants must consider an administration fee of up to 9.99% and the additional charges for late or dishonored payments before applying.
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 4.75%
- Has late fees and dishonored payment fees
- Doesn't allow co-signers or joint applications
Runner-Up for Best Bad Credit Loan Lender in Idaho
Calculate Your Monthly Loan Payment in Idaho
In Idaho, the average new account balance for personal loans is $7,266, according to the latest figures from TransUnion's Credit Industry Snapshot. Repayment for personal loans typically involves fixed monthly payments over a set period, which includes the principal amount plus interest.
Adequate planning is necessary to ensure these payments fit comfortably within your budget, particularly for individuals with bad credit as they often face higher interest rates. To assist with this, MoneyGeek's personal loan calculator proves as a useful tool to estimate your monthly loan payments.
Best Bad Credit Loans by Credit Score in Idaho
The average credit score in Idaho is 729, which is higher than the national average of 715 based on Experian data.
Some lenders in Idaho are prepared to consider applicants with lower credit scores; however, they may charge higher interest rates and offer less advantageous terms. To find lenders that provide personal loans in Idaho according to your credit score, refer to the table below to review your options.
What to Do if Your Loan Application Is Denied in Idaho
It's not uncommon to face a personal loan application denial in Idaho, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If your loan application is denied, it may be because of a few reasons, such as a low credit score, a high debt-to-income ratio, insufficient income or mistakes in your application. You should review what the lender provides as a reason to enhance these areas and reduce the likelihood of future loan denials.
Modify your loan terms
You may consider speaking with your lender to see if adjusting the loan amount or repayment terms could result in an approval.
Find another lender
Lenders have varying criteria for loan approval. Shopping around and considering the following factors is key to finding the right lender for your specific needs and credit history:
- Eligibility requirements: Lenders' requirements differ for credit score, income level, debt-to-income ratio and employment history.
- Interest rates: Seek lenders with competitive rates to save money over the life of the loan.
- Additional fees: Understand the fees charged by lenders, such as origination, late or prepayment fees.
- Loan terms: Loan terms can vary; decide if a shorter or longer repayment period is better for you.
- Customer service and reputation: Research lenders to ensure they offer quality customer service and have a strong reputation.
Look for alternatives
If a personal loan is not a viable option due to bad credit, consider alternatives, such as secured loans or credit union loans, as they can be more accommodating for those with lower credit scores.
Improve your credit score
Strengthening your credit standing can increase the likelihood of personal loan approval. Ways to improve your credit score include making timely payments, lowering credit utilization and regularly checking credit reports for inaccuracies.
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 Idaho
When shopping for personal loans in Idaho, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Idaho is offered by Happy Money with a MoneyGeek score of 93 out of 100.
The lender with the lowest minimum credit score requirement is Avant. It only asks for a 580 score.
The time to receive a bad credit loan in Idaho varies by lender. Some offer same-day funding, while others may take up to a few business days to a week.
You can pay off your personal loan early in Idaho; however, you should confirm with your lender about 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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