What is the best personal loan lender in Montana?

LightStream is the overall best choice in Montana. For borrowers with good to excellent credit scores, SoFi offers lower interest rates. Upstart is a good alternative for those with new or poor credit. Upgrade is the best personal loan lender in Montana for debt consolidation, and BestEgg has the best offers for home renovations.

Which lender in Montana has the lowest interest rate?

From the personal loan lenders in Montana MoneyGeek reviewed, Upstart has the lowest possible interest rate of 3.22%. Note that interest rates will depend on the loan and the borrower.

Can I use a personal loan for vacations in Montana?

Funding a vacation is one of the most common reasons people take out a loan. However, personal loan lenders sometimes restrict the use of funds in specific spending categories. Check with your lender to see if you can use your loan for a vacation.

Can I use a personal loan for home improvement in Montana?

Residents in Montana who want to improve their homes may take out a personal loan for this particular purpose. If you want to make upgrades to your home in Montana, Best Egg is the best choice.

What can I not use my personal loan for in Montana?

This depends on your chosen lender. Some lenders won’t approve applications for specific loan purposes. Commonly, personal loans cannot be used for college or post-secondary education, businesses, stock and bonds investment or gambling.

How much can I borrow in Montana?

For a personal loan in Montana, you can borrow up to $100,000. Note that some lenders limit the loan amount to $50,000.

How long does it take to get a personal loan in Montana?

LightStream funds your loan on the same day you apply. Upstart, Upgrade and Best Egg may take two to four days. SoFi may take up to a week.

Can I pay off my loan early in Montana?

You do have the option to pay off your loan early. No Montana lenders reviewed by MoneyGeek charge prepayment penalties.

Top Lenders & Best Picks for You

Best Personal Loans in Montana

Based on MoneyGeek’s analysis, the best personal loans in Montana come from Lightstream. It is the top choice in the state because of its A+ rating from the BBB, fast fund disbursement and flexible repayment terms.

MoneyGeek also recommends Upstart for borrowers with bad credit, SoFi for people with good credit, Upgrade for debt consolidation and Best Egg for home improvement loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Montana
The Best Personal Loan Lender for Bad Credit in Montana
The Best Personal Loan Lender for Good Credit in Montana
The Best Personal Loan Lender for Debt Consolidation in Montana
The Best Personal Loan Lender for Home Improvements in Montana
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Montana
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Montana

MoneyGeek’s Picks for Best Personal Loan Lenders in Montana

Your credit score, desired loan amount and intended use will determine which personal loan lender is right for you. To find the best personal loan lender in Montana, MoneyGeek evaluated over 30 different data points about lender quality, including Better Business Bureau (BBB) rating, interest rates, repayment options and loanable amount.

Best Overall Personal Loan Lender 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
Overall, the best personal loan lender in Montana is LightStream. It received an A+ rating from the BBB, has no employment or gross income requirement and funds loans on the day you apply. Setting up autopay for your loan will get you a 0.5% discount. You can also use LightStream’s online loan calculator to instantly calculate your rates based on your desired amount and loan terms.
You need a good to excellent credit score to be eligible for a LightStream personal loan, so those with new or poor credit should look into other personal loan lenders in Montana.
Pros
A+ BBB rating
0.5% autopay discount
No origination fee, prepayment penalty or late fees
No employment or minimum gross income requirement
Loans are funded immediately

Cons
Conducts hard credit inquiry
Not available to people with new or no credit
APR Range: 4.49%–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

Best Personal Loan Lender 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
Borrowers with new or poor credit usually see the highest interest rates. Upstart, however, offers relatively low interest rates, making it the best personal loan lender in Montana for this type of borrower. You only need a minimum credit score of 300 to be eligible for a personal loan from Upstart, which is perfect for anyone trying to rebuild their credit.
Upstart also features a 10-day grace period on monthly payments before charging a $15 late fee. However, Upstart may not be the best option if you need a loan greater than $50,000.
Pros
A+ BBB rating
Low credit score requirement
Interest rates as low as 3.22%
Conducts soft inquiry for credit checks

Cons
Personal loans are limited to $50,000
8% origination fee
Doesn’t disclose rates online
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

Best Personal Loan Lender 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
Borrowers with good credit generally get the lowest interest rates. In Montana, the best personal loan lender for those with good credit is SoFi.
SoFi lets you borrow between $5,000 and $100,000 with flexible payment terms from 12 to 60 months and no origination or prepayment fees. Interest rates vary between 5.74% and 20.28%, depending on your creditworthiness. Use SoFi’s online calculator to instantly get an estimated rate for your desired personal loan amount.
SoFi even provides unemployment protection if you lose your job, modifying your payments until you find a replacement. However, you need a credit score of 680 or better and a gross annual income of $50,000 to be eligible for a personal loan from SoFi.
Pros
A+ BBB rating
0.25% autopay discount
Conducts soft credit inquiries
Earn up to $1,000 in reward points to reinvest in stocks and bonds
Unemployment protection

Cons
$50,000 gross income requirement
43% debt-to-income limit
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

Best Personal Loan Lender for Debt Consolidation 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
If you plan to use a personal loan to pay off debt, MoneyGeek found that Upgrade is the best lender in Montana. A fintech company founded in 2017, Upgrade offers personal loans from $1,000 to $50,000 with relatively low interest rates, allowing you to consolidate your high-interest debt.
Because Upgrade’s interest rates are fixed, you know how much you’ll pay each month with no surprise or added fees. Borrowers can get money they day they are approved.
However, Upgrade is not the best option for those with less than moderate credit or who want to use a loan for expenses related to education.
Pros
A+ BBB rating
1% autopay discount
Conducts soft credit inquiries
15-day grace period before charging a late fee
Moderate credit score requirement

Cons
You cannot use the loan to pay post-secondary education expenses
Maximum loan amount is $50,000
High origination fees of 3%–8%
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Personal Loan Lender for Home Improvement in Montana: 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 Receive Funds
Home improvement is another common use for personal loans. The best personal loan lender for home improvements in Montana is Best Egg. Best Egg is a low-cost online lender with over 1 million funded loans. You can borrow up to $50,000 within the next day after applying online.
However, Best Egg carries strict eligibility requirements: a minimum credit score of 700 and $50,000 in gross annual income. It also charges high origination fees that can reach 6%.
Pros
A+ BBB rating
0.5% autopay discount
Conducts a soft credit inquiry
Apply online
No prepayment penalties

Cons
$50,000 gross income requirement
6% origination fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

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

According to a 2019 study by Experian, 33.4% of Montana residents have personal loans. Montana's personal loan debt average is $15,921, but the range varies widely. If you’re considering taking out a personal loan in Montana, MoneyGeek recommends the following step-by-step process to help you prepare.

Ask Yourself the Important Questions

Getting a personal loan is a serious financial decision that you should carefully consider. Asking yourself the right questions can help you decide if a personal loan is right for you.

How much funding do you need?
What is your credit score?
Can you afford the monthly payment?
How much debt do you already have?

Do Your Research

Repaying a personal loan often takes years. The best way to ensure your comfort with such a binding commitment is to do your research.

MoneyGeek gathered and compared different loan packages and lenders to identify the best personal loans for assorted borrowers. However, it’s ultimately up to you to explore your options and see if an alternative works better for you.

Wait

Once you’ve gathered information and chosen a lender you feel good about, it’s still advisable to wait a few more days before applying. Take the time to assess your situation objectively and ensure that a personal loan is your best option.

Read the Fine Print

Reading and understanding the fine print is a crucial step you don’t want to skip when applying for a personal loan. These details can hide hidden fees that will make paying back your loan more expensive than anticipated. Knowing these details also lets you better compare loan package offers from other lenders.

Apply

If you still feel good about your personal loan package after weighing your options for several days, you’re most likely ready to apply.

Prepare the personal information and documents you’ll need during your application process, such as your identification, address verification and income statements. If you’re uncomfortable applying online, see if you can call your lender directly or visit their office to complete your application.

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

Lending companies and banks can deny a personal loan application for several reasons. Common grounds for rejection include insufficient credit or income, a loan purpose mismatch or an unstable employment record. Before giving up or running to another lender, there are more viable steps to take.

First, contact your lender and ask why your application was denied. You may be able to make changes to your application — such as decreasing your loan amount or shortening your loan repayment term — that work the second time around with the same lender or a different one. But because some lenders initiate a hard credit inquiry in the loan application process, note that you want to minimize such inquiries as much as possible.

If your loan was denied because of a purpose incompatibility, consider other loan options. Depending on your situation, unsecured business loans, student loans or even a balance transfer credit card could be better options for you. On the other hand, fast-cash payday loans — which come with inordinately high interest rates and short loan terms — should be avoided at all costs.

Frequently Asked Questions About Personal Loans in Montana

The best personal loan lender for you depends on your credit, income and needs. MoneyGeek answers some of the most common questions about personal loans in Montana to help you find the best option for you.

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.

sources

LightStream. "Rates Loan Calculator." Accessed March 8, 2022.
SoFi. "Personal Loans." Accessed March 6, 2022.
Upstart. "Personal Loans." Accessed March 6, 2022.
Upgrade. "Consolidate Your Debt." Accessed March 6, 2022.
BestEgg. "Personal Loans for Home Improvement." Accessed March 6, 2022.
Experian. "Most U.S. Personal Loans Are Under $20,000." Accessed March 9, 2022.

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.