Best Personal Loans in Wyoming for 2024
Updated: April 24, 2024
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First Tech and PenFed rise to the top of the rankings, according to MoneyGeek's analysis, with scores of 98 and 96 out of 100, respectively. Both are praised for their excellent customer service, competitive interest rates and transparent terms. MoneyGeek has considered crucial aspects like reputation, APR fairness, credit score requirements and loan flexibility when rating lenders.
Before applying for a personal loan in Wyoming, be mindful of your credit score, income history and debt-to-income ratio, as these factors influence the terms you'll receive. The average credit score in Wyoming is 724, according to Experian data from 2023, meaning the average borrower may find favorable loan conditions due to what is considered "good credit."
- 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
First Tech, with a score of 98 out of 100, is MoneyGeek's top pick for personal loans in Wyoming. It offers an APR range of 8.94% to 18.00%, which is more competitive than most lenders analyzed. Its personal loans come with flexible repayment terms spanning six to 84 months, which is more accommodating than other options. It stands out for its exceptional customer service, education resources and highly competitive rates and fees.
Pros
- Insured by the National Credit Union Administration (NCUA)
- No early repayment penalty
- Provides granular APR data for a variety of loan terms
Cons
- Little published information about credit score requirements
- Could provide more detail on the loan application process
- Need to be a member to apply
Overall Best Personal Loan Lender in Wyoming
- 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 choice as the runner-up for best personal loan lender in Wyoming, scoring 95 out of 100. Its loan products have a competitive APR range of 7.99% to 17.99%. PenFed offers a notable blend of favorable repayment terms, extending up to 60 months, and a speedy service, promising funds in one to two business days. The lender's standout attributes include exceptional rates and fees combined with strong loan terms flexibility, making it a respectable choice for borrowers seeking personal loans.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Explicitly mentions that debt consolidation is available
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
- No origination fee specified
Runner-Up for Best Personal Loan Lender in Wyoming
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
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
- 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 option in Wyoming for borrowers with low credit is Happy Money, with a score of 94 out of 100. Happy Money, not a lender itself, partners with various financial institutions to provide loans. It stands out with its approach to transparency, revealing upfront information about the borrowing process. It similarly excels in its reputable practices. Happy Money offers an APR range from 11.72% to 17.99%, which is competitive compared to other lenders. The minimum credit score required is 640, indicating an inclusive threshold for those with lower credit scores.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders it works with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Wyoming for Bad Credit
- 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 top personal loan provider for debt consolidation in Wyoming. It offers competitive APRs from 10.99% to 13.99%. The lender earned a MoneyGeek score of 96 out of 100 due to its overall cost competitiveness and open communication with consumers. Alliant Credit Union requires membership for 90 days to qualify for a loan. It provides clear information on its processes and offers favorable rates and fees, aspects critical to borrowers consolidating debt.
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 with no physical branches
- Have to be a member for 90 days to apply
Best Personal Loan Lender in Wyoming 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 Wyoming
Lenders evaluate your personal loan application based on your credit score and history, as well as your income and debt-to-income ratio. Higher credit scores typically unlock lower APRs, so improving your credit score before applying might significantly benefit your loan conditions.
Refer to the table below to see how varying credit scores can influence your monthly loan payments.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. 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 Wyoming
Personal loans can offer lower interest rates and help consolidate high-interest debt into one manageable payment, providing financial relief and simplification. They also enable quick access to funds and offer the flexibility to use the money for a variety of personal needs. Although there are many advantages, it's also important to know that personal loan benefits come with potential drawbacks, such as origination fees or the risk of collateral loss on secured loans.
To better understand these trade-offs, review the pros and cons of personal loans before making a decision.
FAQ About Personal Loans in Wyoming
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 Wyoming for personal loans. It has a MoneyGeek score of 98 and an average APR of around 13.5%.
In Wyoming, personal loans are available from online lenders, banks and credit unions. For local in-person services, WyoCentral Federal Credit Union and Sheridan Community Federal Credit Union are among the credit unions offering personal loans.
According to MoneyGeek's analysis, PenFed offers the lowest APR for personal loans in Wyoming, starting at 7.99%. Securing a low rate often requires an excellent credit score.
In Wyoming, you can generally use personal loans for expenses such as home or auto repair, a wedding or debt consolidation. They typically can't be used to pay for college tuition or a down payment on a home.
When considering personal loan red flags, be cautious of extremely high APRs, unusually strict repayment penalties or a lack of transparency about the lending institution. Additionally, watch out for lenders with a high frequency of poor consumer reviews or negative public spotlight regarding predatory practices.
Yes, lenders consider income level when applying for a personal loan. They assess your debt-to-income ratio, credit score, employment history, type of employment (self-employed or W2) and overall credit history. Adding new lines of credit during the application process may affect the likelihood of being approved.
sources
- Experian. "What Are the Different Credit Scoring Ranges?." Accessed April 9, 2024.
- Experian. "What is the Average Credit Score in the US?." Accessed April 9, 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.
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