Best Personal Loans in Montana for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byJlyne Ubina
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Updated: April 24, 2024

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If you're in Montana and on the hunt for a good personal loan, MoneyGeek recommends First Tech and PenFed as your top picks. With a MoneyGeek score of 98, First Tech offers stellar customer service, while PenFed scores a close 96, known for its adaptable loan terms. Both lenders provide fair rates and clear application processes.

When you're thinking about a loan, remember, your credit score and income are key. In Montana, the average credit score, according to Experian data from 2023, is 732, which means many can hope for good loan terms. If you're below this average, though, it might be tougher to find great rates.

MoneyGeek picked these lenders after looking at their service quality, including reputation, APR ranges and loan term options. So, for those seeking trustworthy loans, First Tech and PenFed stand out as top contenders.

MoneyGeek Logo IconBest PersonalLoan LendersMontana

Best Personal Loan Lenders in Montana

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Montana. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Best Overall Personal Loan Lender

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    With a MoneyGeek Score of 98 out of 100, First Tech is MoneyGeek's top personal loan lender in Montana. It offers a competitive APR range from 8.94% to 18.00%, which is lower than many alternatives in the state. Its loan products are not only cost-effective but also come with flexible repayment terms spanning six to 84 months, supporting longer financing timelines. The lender particularly excels in terms of customer service, education and having the best rates and fees, ensuring a comprehensive and transparent borrowing experience.


    • Insured by the National Credit Union Administration (NCUA)
    • Provides granular APR data for a variety of loan terms
    • In-person appointments available in some states


    • Need to be a member to apply
    • Could provide more details on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up Best Personal Loan Lender

  • 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 is MoneyGeek's runner-up for best lender for personal loans in Montana, with a MoneyGeek score of 96. The credit union offers APRs ranging from 7.99% to 17.99%, which are competitive, especially at the lower end. MoneyGeek highlights PenFed's loan term flexibility, offering up to 60 months for repayment, and the credit union shines in customer-facing aspects and reputation, emphasizing knowledge sharing and transparency for borrowers.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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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 35-40% or below for secured loans, and 40-45% 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 and so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Montana Loan Payment

According to our analysis, lenders in Montana offer personal loan products averaging about 49 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.


    Best Personal Loan Lender for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider in Montana for borrowers with low credit is Happy Money, with a MoneyGeek score of 94 out of 100. Happy Money is not a traditional lender; it partners with various federally insured institutions to offer competitive rates. The APR range is 11.72% to 17.99%, notably competitive against other offerings. Requiring a minimum credit score of 640, Happy Money excels particularly in reputation and transparency, explicitly disclosing credit requirements, and also in its streamlined application and approval process, ensuring customer convenience.


    • Works with 10 federally insured lenders to originate all loans
    • No application fee
    • Transparent eligibility requirements, including credit score minimum


    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?

    Best Personal Loan Lender for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is MoneyGeek's pick for the best option in Montana for borrowers aiming to consolidate debt, offering the competitive APR range of 10.99% to 13.99%. Alliant Credit Union stands out for its high scores in lending rates and fees, as well as its transparency and upfront information for consumers. With a MoneyGeek score of 96 out of 100, these attributes indicate a strong mix of value and customer clarity. To be eligible for a personal loan from Alliant, membership is required for 90 days in good standing, showing a commitment to member relationships and financial health.


    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration
    • No prepayment penalties


    • An online-only credit union, no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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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®

The Impact of Credit Score on Loan Repayment in Montana

When seeking a personal loan in Montana, consider your credit score, income and debt-to-income ratio, as lenders weigh these to determine your creditworthiness. MoneyGeek's top lender picks factored in reputation, APR ranges, required minimum credit scores and loan term options. Keep in mind that a higher credit score can unlock lower APRs, potentially making it beneficial to improve your score prior to applying. To understand how your credit score affects monthly payments, refer to the table below.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

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.

Understanding Personal Loans: Pros and Cons

Personal loans offer several advantages, such as potentially lower interest rates than credit cards for eligible borrowers and the option to consolidate multiple high-interest debts into a single, manageable repayment. These loans provide swift fund access with minimal usage restrictions, which can be an asset when addressing diverse financial needs.

However, potential borrowers should be mindful of the inherent risks, including possible origination fees and the hazard of overly-easy debt accumulation. For a fuller understanding of personal loan benefits and drawbacks, it's wise to research thoroughly.

The good and bad of personal loans

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  • Competitive interest rates for eligible applicants
  • Consolidation option for high-interest debts
  • Expedited approval and funding
  • Option to include a co-signer for improved loan terms
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  • Additional costs due to origination fees
  • Early repayment can incur penalties
  • Risk of losing collateral with secured loans
  • Risk of accumulating excessive debt

Frequently Asked Questions About Montana Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Montana for personal loans?
Where is the best place to get a personal loan in Montana?
Who has the best personal loan interest rates in Montana?
What can I use a personal loan for in Montana?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.