Best Low-Income Loans in Montana: Top Lenders and Rates for 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Montana

Residents in Montana have an average personal loan debt of $15,921, implying that it’s relatively common to take out a loan in the state. While the use of personal loans appears ubiquitous in Montana, it can be difficult to find the best lender for your needs.

MoneyGeek evaluated over 30 personal loan lenders for more than 35 data points, including repayment terms, APR ranges, disbursement periods and overall lender requirements. Our research indicates that Upgrade offers the best overall low-income loan in Montana. However, the best provider for you will vary based on your needs and financial profile. For instance, Upstart offers the best low-income loan for borrowers with poor credit, while Prosper is the best for those with good credit.

Best Overall Low-Income 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 offers the best low-income loans in Montana. Since 2017, Upgrade has provided over $19 billion in credit to its customer base. We selected it as the best low-income loan lender in the state because of its low minimum credit score requirement and flexible repayment term options.

    Borrowers can qualify for an Upgrade loan with a minimum credit score of 560. The lender offers loans ranging in amount from $1,000 to $50,000 with repayment terms between 36 and 60 months. Out of the lenders that we evaluated, this one offers one of the most flexible repayment term options.

    Upgrade doesn’t have an application fee, but it does charge an origination fee of 1.85% to 8% of the loan amount. Furthermore, Upgrade personal loans may feature high interest rates, in excess of 35%, for borrowers who have poor credit. Borrowers can receive a discounted APR, however, by signing up for automatic payments.


    • Variety of repayment term options
    • Fast funding
    • Fair minimum credit score requirement of 560
    • No prepayment fees
    • Mobile application available


    • Late fee of $10
    • Origination fees of up to 8%
    • Restrictions on the usage of funds for postsecondary education and investments
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day

Runner-Up for Best Low-Income Loan in Montana: LendingClub

  • LendingClub

    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Since 2007, LendingClub has helped over four million borrowers meet their objectives through its financial products. The lender is the second-best provider of low-income loans in Montana because of its fasting funding and relatively low credit score requirement.

    To get funding from LendingClub, you will need a minimum credit score of 600. Most borrowers receive funds within 24 hours of their application being approved, making it a good option for those that need funding quickly. Its mobile application is also ideal for borrowers who are constantly on the go, as they can easily manage their account from anywhere at any time.

    Prior to applying for a loan with LendingClub, borrowers should consider the lender’s high interest rates, fees and fund restrictions. Its maximum interest rate of 36% is one of the highest among the lenders that we evaluated. LendingClub loans are also subject to an origination fee, which can significantly increase the original cost of your loan. Additionally, its loans cannot be used for postsecondary education, investments or illegal activities.


    • No prepayment penalties
    • Joint loans available
    • Soft credit inquiry during rate check
    • Fixed-rate loans
    • Direct payment to third-party creditors available


    • Origination fees
    • High APR range
    • Co-signers not permitted
    • Funds cannot be used for postsecondary education, investments or illegal activities
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Within 24 hours

Best Low-Income 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 uses artificial intelligence (AI) technology to provide personal loans to low-income borrowers who have a credit score of at least 300. The lender is MoneyGeek’s top choice in Montana for individuals with poor credit scores.

    Although having a poor credit score limits your lender options, Upstart still offers loans of up to $50,000 to low-income borrowers who qualify. In addition to being a good lender for those with bad credit scores, it’s also an ideal option for those that need funds quickly, as the lender offers next-day funding.

    Though its starting APR is among the lowest of the lenders we evaluated, only those with excellent credit will receive it; borrowers with poor credit should be mindful of receiving a potentially high APR in excess of 35%. The lender also charges origination fees and late fees, which can significantly increase the cost of your loan.


    • No prepayment penalty
    • Low minimum credit score requirement
    • Joint loans
    • Soft credit check during rate inquiry


    • Origination fees
    • Late payment fees
    • No autopay discount
    • Potentially high APR
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day

Best Low-Income Loan for Good Credit in Montana: Prosper

  • Prosper

    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Prosper offers peer-to-peer lending, a form of lending in which funding is provided by individual investors. The lender provides the best low-income loans in Montana for those with good credit, as borrowers need a minimum credit score of 640 to qualify.

    Depending on their financial profile and needs, borrowers can obtain between $2,000 and $40,000 to be disbursed within the same day of their application being approved. Prosper allows co-applicants, so borrowers with low credit or a limited financial history can increase their chances of being approved by applying with a trusted co-applicant.

    Prosper loans feature a relatively high APR range. Furthermore, the lender charges origination fees as well as fees for late payments and check payments.


    • No prepayment fees
    • No restrictions on the usage of funds
    • Soft credit inquiry
    • Fast funding
    • Accepts co-applicants


    • No autopay discount
    • Origination fees
    • Late and check payment fees
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day

How to Choose the Best Low-Income Loan in Montana for You

If you’re among the Montana residents that have an average personal loan debt of $15,921, you can use a low-income loan to consolidate your debt. Those who have existing debt and aren’t planning to use their low-income loan to consolidate it may consider alternative funding options that don’t accrue interest.

Prior to applying for a low-income loan in Montana, we recommend taking the following steps to ensure you make a well-informed decision:

Ask Yourself the Important Questions

Answering the following questions prior to researching lenders can help you save time and money:

  • How much funding do you need? Accurately approximating your funding needs will help you avoid overborrowing and paying more in interest. It can also help you narrow down your list of potential lenders, as all lenders offer different minimum and maximum loan amounts.
  • What’s your credit score? While low-income loan lenders in Montana may not feature income requirements, your credit score will be considered when assessing your loan eligibility. Lower credit scores typically translate to higher interest rates and shorter repayment periods, so if you don’t need funds urgently, you may benefit from improving your credit score before applying for a loan.
  • Can you afford the monthly installments? Ensure that you can make the monthly payment on your selected loan amount. Some lenders charge fees for late or missed payments, which can add up over the life of your loan.
  • Do you have existing debts? Consider repaying your existing debt before applying for a low-income loan. This will prevent your DTI ratio from increasing.
  • Is your debt manageable through other means? Consider other funding alternatives, such as borrowing from friends and family or getting a credit card with 0% interest.
Do Your Research

To find the best lender for you, it’s important to compare lenders for their repayment terms, fees and rates, as well as eligibility requirements for credit scores and DTI ratios. MoneyGeek’s recommendations can help you direct your search, but they aren’t a substitute for your own research — only you know your specific funding needs, financial situation and preferences.


After comparing loan options from different lenders, take some time to review your decision. Scan through the details of each offer to ensure it aligns with your financial goals. Repaying a low-income loan requires a significant time commitment that can take between two and seven years to repay, so it’s important that you’re confident in your decision.

Read the Fine Print

Before submitting an application with your chosen lender, it’s essential to read the fine print of your loan agreement. This document details any applicable fees that may apply to your loan, including those for loan origination, repayment and late payments. If you don’t understand any of the terms in your agreement, you should contact your lender for clarification.


To save time, compile the necessary details and documents in advance. Most lenders typically ask for proof of identity and financial information, such as income and existing debt. You may be allowed to complete the application process in person at a physical location, while others are online-only lenders that only permit online application.

What to Do if You Can’t Get a Low-Income Loan in Montana

If your application for a low-income loan in Montana is denied, don’t panic. Lenders frequently deny loan applicants due to issues with their credit score, DTI ratio or application details. When you’re rejected for a loan, you should first contact the lender to find out why it was denied. Sometimes, simply modifying the terms of your loan agreement, like the repayment period or loan amount, can lead to your application being approved.

It may not be such a quick fix if your application was denied due to a low credit score. While you could apply with a different lender that has a lower minimum credit score requirement, you run the risk of being rejected again, further negatively impacting your credit. To avoid another dip in your credit from a lender’s hard credit check, consider improving your credit score before reapplying for a low-income loan.

We strongly advise against taking out payday loans. These loans feature high interest rates and short repayment terms that end up costing borrowers more money in the long term. Unlike most personal loans, timely repayment of your payday loan won’t improve your credit score.

Calculate Your Monthly Payment

Knowing your approximate monthly payment amount can help you plan your finances accordingly. Prior to applying with a lender, you can use MoneyGeek’s personal loan calculator to estimate your monthly installments.


FAQs About Low-Income Loans in Montana

Though you can obtain a low-income loan relatively quickly, it can take a long time to repay — between two and seven years. Because of this, it’s important to find the best low-income loan lender in Montana for your needs. MoneyGeek answered borrowers’ most frequently asked questions to help you learn more.

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


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MoneyGeek reviewed over 30 personal loan lenders for more than 35 data points across six primary categories. These categories include accessibility, affordability, customer service, user satisfaction, lender transparency and flexibility.

To rank lenders, we weighted certain data points more heavily in our scoring system, as these points typically have the greatest impact on a borrower’s choice of lender. These include lenders’ loan amount ranges, disbursement times, eligibility requirements and repayment terms.

Because you, the consumer, are our top priority, we also took into account lender features and tools that improve the overall user experience, like mobile application availability, payment options and customer satisfaction ratings.

Our recommendations were made with your best interests in mind. At MoneyGeek, we strive to provide up-to-date information and expert tips to help consumers make well-informed financial decisions.

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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.