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Best Personal Loans in Idaho

The term "personal loan" refers to credits borrowed from financial institutions like banks, loan lenders and credit unions for various purposes, such as debt consolidation, home renovation and paying hospital expenses. Your income, credit score, debt-to-income ratio and age are some of the determinants when lenders consider your application for a loan. Approval of the loan is contingent on abiding by the terms. With a high average credit score of 727, Idaho residents have $5,025 in average credit card debt and $12,562 in personal loan debt with interest rates of 7.07%.

Last Updated: 6/9/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Idaho: LightStream

MoneyGeek evaluated the performance of Idaho's loan providers based on more than 30 different variables. Some of the factors we considered while making our selection of the lenders offering the best personal loans in Idaho include APR, term ranges, fees, credit score, income requirements, customer service and BBB ratings

If you live in Idaho, you might want to look into LightStream for personal loans because they are the best overall lender in the state. MoneyGeek also found the best lenders for those with bad credit versus good credit, as well as those who are seeking a loan for debt consolidation or for a home renovation.

Best Overall Personal Loan Lender in Idaho: 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 Recieve Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Idaho: 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 Recieve Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Idaho: 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 Recieve Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Idaho: 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 Recieve Funds

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Idaho: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Idaho for You

Chamber of Commerce’s personal loan statistics estimate that over 21.1 million American residents owe a combined $143 billion in personal loans. The average amount of personal loan debt in Idaho is $12,562. This is, of course, a generalization that may vary from person to person. Your income, employment record, debt-to-income ratio and credit score are all considered when applying for personal loans in Idaho. However, you must take the following measures to identify the best lender in your state:

1

Ask Yourself the Important Questions

It is necessary to assess your financial situation and determine how much funds you need as a first step before proceeding. Before you choose a lender and apply for a personal loan, you must think about the following:

  • How much funds will I need?
  • How much debt do I currently owe?
  • What is my credit score?
  • How much of a monthly payment can I make?
  • How long do I need the loan?
  • How soon do I need the funds?
  • Should I go with a secured or unsecured loan?
2

Do Your Research

Because each lender has its own set of terms and conditions, it's crucial to understand them. You must compare the features of all the lenders you’re considering to identify the one that best meets what you’re looking for. However, do not go with a lender who readily offers you more than you need. Always assess how the loan's term affects your entire financial health in the long run. Long-term loans will ultimately be more expensive. The duration of your loan should not conflict with any long-term financial goals you may have.

In some cases, lenders may do a hard credit inquiry, which can reduce your credit score. In the event that you can't afford to have your credit score decrease any more, find a lender that only performs soft credit inquiries. You must note that the recommendations we make are general, and we encourage that you do considerable research into your options.

3

Wait

With so many features, fees, rates and offers to compare from each lender, you could be at a loss on who to choose. It's prudent to wait a day or two before choosing a lender. A personal loan is a major financial commitment. You want to be assured that you have made the right decision.

4

Read the Fine Print

People often forget about small things when they do research on personal loans and lenders. Also, some lenders may charge extra fees that you don't know about until after you apply for a loan. Consider all fees and charges, including prepayment penalties and late fees, before making a final decision on the lender. Apart from that, be aware of any collateral requirements or restrictions on the loan's use. A closer look at the fine print may reveal something you didn't know. These seemingly little details might end up saving you a significant amount of money over the long term.

5

Apply

It's time to apply once you've done your research, read the tiny print and waited to decide. You should be confident in your lender's selection at this time, and you should be prepared to apply with the necessary details handy. The loan application process will request that you to submit proof of identity, address, income-related details and more. It is prudent to contact or personally visit the lender if they are accessible, so you can gain a better understanding of the loan and to clear up any questions you may have.

What to Do if You Can’t Get a Personal Loan in Idaho

Your loan application may be turned down for reasons like having a bad credit score, not meeting the lender’s minimum income requirements, exceeding the maximum debt-to-income ratio or for inaccurate information in the application. Call the lender and find out why they rejected you and what you can do to improve your chances of getting a loan. For instance, you may increase your chances of getting a loan by reducing your loan term or cutting the loan amount. Getting a loan with a co-signer or going for a collateral-based loan might also be helpful in this case. The best thing to do is to wait until you've fixed the problem that caused your rejection before reapplying for a personal loan.

After a rejection, some people turn to a payday loan, which is a modest loan of up to $500 with high rate of interest, and it must be repaid on the following payday. Paying on time, however, will not boost your credit score. If you don't make your payment by the due date, you may be liable for the outstanding balance and any interest. For one thing, your credit will be greatly affected if a collection agency becomes involved due to non-payment.

Frequently Asked Questions About Personal Loans in Idaho

Your particular circumstances, as well as various credit and income considerations, will decide the best personal loan lender in Idaho for you. We've gathered a list of some of the most frequently asked questions about personal loans in Idaho below.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.