Best Personal Loans in Idaho for 2024
Updated: April 11, 2024
Advertising & Editorial Disclosure
According to MoneyGeek, Idaho's top personal loan lenders are First Tech, with a score of 97 and PenFed, scoring 96. These lenders earned their spots for outstanding customer service, competitive interest rates, and loan flexibility. When searching for personal loans, it's vital to know your credit score, stable income, and how much debt you have compared to your income.
In Idaho, the average credit score is 729, as per Experian data from 2023, which could mean the average borrower might get favorable loan terms since this score is considered good. When choosing the best, MoneyGeek considered factors like lender reputation, APR ranges, minimum credit requirements and loan term flexibility.
- First Tech
- 97MoneyGeek Score
- 9.29% to 14.09%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
MoneyGeek’s top personal loan lender in Idaho is First Tech, with a MoneyGeek score of 97 out of 100. Its APR range of 9.29% to 14.09% outperforms many competitors, indicating strongly competitive interest rates. The lender's vast experience and upfront approach also stand out, ensuring customers are well-informed and confident in their choices. With the best customer service and interest rates scores, First Tech offers comprehensive support and attractive financial conditions, with generous repayment terms spanning 24 to 84 months.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Doesn't charge an application or loan origination fee
- Provides granular APR data for a variety of loan terms
Cons
- Need to be a member to apply
- Little published information about credit score requirements
- Could provide more detail on the loan application process
Overall Best Personal Loan Lender in Idaho
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is MoneyGeek's runner up for best personal loan lender in Idaho, with a MoneyGeek Score of 96 out of 100. PenFed offers an APR range from 7.99% to 17.99%, which is competitive with lower bounds that are notably advantageous. The lender stands out for exceptional repayment flexibility, allowing loans for up to 60 months and scoring highly in customer service and education. These strengths indicate that PenFed is dedicated to supporting its borrowers with ample information and a range of options.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- No origination fee
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
- No origination fee listed
Runner-Up for Best Personal Loan Lender in Idaho
The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
According to our analysis, lenders in Idaho offer personal loan products averaging about 57 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
- 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 provider in Idaho for low credit borrowers, with a MoneyGeek score of 93 out of 100. It is not a traditional lender but connects borrowers with partners offering competitive rates. Its APR range of 11.72% to 17.99% positions it favorably against the market average, catering to those with credit scores starting at 640. Its strong points lie in customer education and support and in making clear the entirety of its lending process and terms — transparency that users can heavily rely on.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders they work with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Idaho for Bad Credit
- Alliant Credit Union
- 95MoneyGeek Score
- 11.49% to 14.49%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
MoneyGeek's pick for the best personal loan provider for debt consolidation in Idaho is Alliant Credit Union, with a 95 out of 100 score. Alliant requires prospective borrowers to be members for 90 days to be eligible for personal loans. This credit union stands out for low-interest rates compared to competitors (11.49% to 14.49% APR range) and upfront disclosure of terms and fees. Moreover, Alliant excels in the application and approval process, as well as maintaining a strong reputation for transparency.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No prepayment penalties
Cons
- An online-only credit union, no physical branches
- Have to be a member for 90 days to apply
Best Personal Loan Lender in Idaho for Debt Consolidation
Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in Idaho
When shopping for a personal loan in Idaho, consider your credit score, credit history, income and debt-to-income ratio, as these factors heavily influence your loan terms. MoneyGeek's top picks for personal loan lenders evaluate reputation, APR ranges, minimum credit scores and loan term flexibility.
A higher credit score can lead to more favorable loan conditions, including lower APRs, so improving your credit score prior to applying may be beneficial. Consult the table below to see how different credit scores may affect your monthly loan payments.
This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Idaho
Personal loans can offer the advantage of lower interest rates for borrowers with solid credit and the convenience of consolidating various debts into one manageable payment. They also provide the flexibility to tackle unexpected expenses rapidly, sometimes with the option of including a co-signer for improved terms.
However, it's important to consider that, while beneficial, personal loans do come with potential downsides such as origination fees and the risk of asset loss in secured loans. For a more comprehensive understanding of what to expect, review the pros and cons of personal loans.
FAQ About Personal Loans in Idaho
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, First Tech is the best lender in Idaho for personal loans, with a MoneyGeek score of 97 and an average APR of approximately 12%.
In Idaho, personal loans can be obtained from online lenders, banks and credit unions. Local credit unions like Idaho Central Credit Union, Frontier Credit Union and Connections Credit Union offer in-person services for those looking for local access and help with personal loans.
PenFed offers the lowest starting APR of 7.99% according to MoneyGeek's analysis, making it one of the best for obtaining a low rate on a personal loan in Idaho. The best option for you might vary based on your individual needs; securing a low rate often requires an excellent credit score.
In Idaho, you can typically use personal loans for expenses like home or auto repairs, consolidating debt and wedding costs. Lenders generally don't approve the use of personal loans for college tuition or illegal activity, with restrictions varying by lender.
When considering personal loans, be cautious of extremely high APRs, unusually strict repayment penalties and a lack of transparency about the loan originator. Be wary of lenders with high frequencies of poor consumer reviews or those lacking information about the credit impact of applying.
Yes, lenders consider income level when evaluating a personal loan application, but they also review other factors such as debt-to-income ratio, credit score, employment history, type of employment and overall credit history. Opening new credit lines during the application process can affect your likelihood of approval.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 6, 2024.
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.