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Best Debt Consolidation Loans in Montana of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Montana

To identify lenders that offer the best debt consolidation loans in Montana, MoneyGeek looked at more than 30 different sets of data. As part of our evaluation we looked at lenders minimum credit scores, APR ranges, origination and late fees, repayment periods, loan amounts, loan disbursement dates, Better Business Bureau (BBB) ratings and prepayment penalties.

The best debt consolidation loan in Montana may vary depending on your unique financial objectives. Overall, MoneyGeek ranked Upgrade as the best provider for debt consolidation loans. Those with bad and good credit will get the best debt consolidation loans from Upstart and SoFi, respectively.

Best Overall Debt Consolidation Loan in Montana: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade is the top debt consolidation lender in Montana, based on MoneyGeek’s research. To be eligible for Upgrade, you simply need a credit score of 560. While there is an origination fee, it is deducted from the loan amount and there are no expenses associated with paying off your loan early.

    Upgrade does not require a minimum gross income, which allows more potential borrowers to qualify for its loans. Since it was first opened, over 15 million clients have received loans and credit cards from Upgrade. Its A+ rating from the Better Business Bureau (BBB) is also a testament to its excellent customer service. However, Upgrade might not be the best lender if you need to consolidate debt that is more than $50,000 or if you want a reduced APR.

    Pros

    • Easy online application
    • Customizable debt consolidation loans
    • Same day access to funds
    • Fair credit score requirement
    • No prepayment fees

    Cons

    • Relatively low maximum loan amounts
    • Origination fees of 2.9% to 8%
    • Few repayment term options
    • Late payments or subsequent charges may increase the cost of fixed-rate loan
    • APR range: 5.94%–5.97%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Montana: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek's runner-up choice for the top debt consolidation lender in Montana is LightStream, a division of Truist Bank.

    LightStream takes your income, credit score, credit history and overall debt into account when deciding whether to offer a loan. You will be approved that day if the lender determines that you’re a creditworthy borrower. However, during rate checks, a hard credit pull is made, affecting your credit score. You might be better off looking elsewhere or focusing on raising your credit score for a few months before applying if your score is below 600.

    Besides its A+ BBB rating, LightStream does not impose origination, late fees or prepayment penalties if you repay your loan early. Among other debt consolidation lenders, LightStream has one of the highest maximum loan amounts of $100,000.

    Pros

    • High loan maximum loan amount
    • Streamlined online loan process
    • No appraisals, prepayment penalties, home-equity requirements or fees
    • Low-interest, fixed-rate loans available
    • Same-day funding

    Cons

    • Relatively high minimum credit score requirement
    • Cannot be used to pay off a student loan
    • Cannot be used to pay off existing LightStream loan
    • APR range: 5.73%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

Best Debt Consolidation Loan for Bad Credit in Montana: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart is an artificial intelligence-based lending platform with an A+ rating from the BBB. MoneyGeek chose it as the best debt consolidation loan lender in Montana for those with bad credit.

    The lender has a 300 minimum credit score requirement, making it easy for borrowers in Montana to qualify for a debt consolidation loan. In order to protect your credit score during rate checks, Upstart also performs a soft credit inquiry.

    However, borrowers must have a gross income of at least $20,000 and a DTI ratio of no more than 45% to be eligible for an Upstart loan. Since Upstart does not provide a mobile application, people who prefer to manage their finances on the go may consider a different lender.

    Pros

    • No minimum credit score requirement
    • Soft credit check
    • Fixed monthly payment
    • 10% lower rates than traditional models
    • Funding allowed for education-related costs

    Cons

    • Minimum loan amounts vary by state
    • Full range of available rates varies by state
    • Potentially high origination fee
    • Potentially high interest rate
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Montana: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi is the best lender for debt consolidation loans in Montana if you have good credit. The $100,000 maximum loan amount offered by SoFi is also among the highest in the state. To increase your chances of getting approved for a loan, you’ll need to have a credit score of 680 or more.

    With no fees, a variety of loan amounts and flexible repayment terms, SoFi has all the characteristics of a five-star lender. You may also manage your account from practically anywhere using the SoFi smartphone app.

    Though the lender’s minimum credit score requirement is 680, those with excellent credit scores will receive the best interest rates. Borrowers typically receive funds in two business days, so this lender is ideal for those looking to get funds quickly.

    Pros

    • Fixed-rate options available
    • High maximum loan amounts
    • Easy to track payments
    • No application fees, origination fees or pre-payment penalties
    • Mobile application available

    Cons

    • Funding available in two days
    • Cannot be used to fund education-related expenses
    • Co-signers not allowed
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Montana for You

Debt consolidation can help you save money by combining your outstanding debts into a single payment with a reduced interest rate. On average, borrowers in Montana have $19,328 in combined credit card and personal loan debt.

Lenders evaluate borrowers for a variety of factors when making a debt consolidation loan decision, including their credit score, employment status, present debts, income and more. In the following steps, MoneyGeek discusses how to compare debt consolidation lenders in Montana:

1
Ask Yourself the Important Questions

Prior to applying for a debt consolidation loan, you should consider your existing financial situation to see if it’s the best choice for you. At a minimum, you should answer the following questions:

  • How much funding do you need? The amount of funding you need will determine which lenders you can choose from, as every lender offers different minimum and maximum loan amounts. It’s important to borrow only the amount of funds that you need, that way, you don’t have the option to spend unneccesarily.
  • What’s your credit score? You credit score will also impact your eligibility for a debt consolidation loan. Those with high credit scores are eligible for higher loan amounts and lower interest rates. To receive the best rates, MoneyGeek recommends improving your credit score before you apply for a debt consolidation loan.
  • Can you afford the monthly payments? Your current income should be sufficient to afford the monthly payment, which will also include interest. A stable income will allow you to consistently make on-time payments and avoid late fees.
  • Do you have existing debts? The type of existing debt you’re trying to consolidate will also impact which lender is best for you. For instance, some lenders don’t allow their loans to be used to consolidate debt related to post-secondary education, so it’s important to choose a lender that allows funds to be used to consolidate your existing loan types.
  • Is your debt manageable through other means? Prior to taking out a loan, you should consider if you can manage your debt in other ways. If you don’t receive a lower interest rate, relative to your existing loans, taking out a debt consolidation loan won’t help you save money.
2
Do Your Research

Remember that debt consolidation loans are long-term financial commitments, so it’s important to shop around and compare rates before submitting an application. Certain lenders run hard credit checks that may negatively affect your credit score, so it’s important that you’re certain of your lender before applying.

MoneyGeek’s guide is a great place to start, but our research is based on a generic borrower profile. To find the best debt consolidation lender in Montana that satisfies your specific funding needs and financial goals, you should always do your own research.

3
Wait

Since taking out a debt consolidation loan is a significant commitment, you must be certain of your chosen lender. After you’ve chosen your lender, you should wait one to two days before applying. During this time, you can think about if a debt consolidation loan is the best option for your financial situation.

4
Read the Fine Print

To save money overtime, MoneyGeek strongly recommends that you carefully read the fine print for any origination fees, late fees or prepayment penalties. If you aren’t careful, these hidden fees might reduce your monthly savings. You can contact a lender

5
Apply

After you’ve researched different lenders, thought through your decision and reviewed the fine print, you should feel comfortable applying for a loan with your chosen lender. Lenders frequently require identification, residence and proof of income during the application process, so it’s important to prepare these beforehand to save time.

What to Do if You Can’t Get a Debt Consolidation Loan in Montana

Your debt consolidation loan in Montana may be rejected for a number of reasons. Low credit scores, high DTI ratios and insufficient income are some common reasons for loan rejection.

If your loan application is rejected, it’s important to reach out to the lender to find out exactly why it was denied. Sometimes, simply modifying your loan amount or repayment terms is enough to gain approval. However, if your application was rejected for a different reason, you should try to improve this factor before resubmitting your application. This will increase your chance of approval and won’t negatively impact your credit score.

MoneyGeek strongly advises against payday loans, as their high interest rate and short repayment terms often set borrowers up for failure.

Calculate Your Monthly Payment

Typically, borrowers repay debt consolidation loans in interest-bearing monthly installments. To find out if you have enough money to afford this expense each month, you can use the MoneyGeek debt consolidation loan calculator below.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Montana

Your unique needs, along with a number of other credit and income variables, will determine which lender in Montana offers the best debt consolidation loan for you. MoneyGeek answered some of the most frequently asked questions below to help you understand more about debt consolidation loans in Montana.

What is the best debt consolidation loan lender in Montana?
Which lender in Montana has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Montana?
How much debt can I consolidate in Montana?
How long does it take to get a debt consolidation loan in Montana?
Can I pay off my loan early in Montana?
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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
Shield Insurance

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 our editorial policies and expert editorial team.

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