Best Bad Credit Loans in Wyoming 2024

Happy Money is rated Wyoming's best personal loan lender for bad credit, boasting a MoneyGeek score of 94 out of 100. It provides quality service and competitive interest rates and has a good reputation for transparency about its loan terms and processes. The runner-up is Avant, holding a MoneyGeek score of 92 out of 100. Avant is recognized for its flexible payment options, quick application and approval process, and strong customer service.

MoneyGeek reviewed four personal loan lenders in Wyoming that declared their minimum credit score requirements to be between 580 and 640 to pinpoint the best options for those with bad credit. Other lending institutions worth exploring for personal loans in Wyoming include WyoCentral Federal Credit Union, Sheridan Community Federal Credit Union and UniWyo Credit Union, which offer localized services that may cater to your individual financial needs.

Best Bad CreditLendersWyoming

2024

Best Bad Credit Loans in Wyoming

Best Overall - Happy Money

Runner-Up - Avant

MoneyGeek scored personal loan lenders in Wyoming that explicitly disclose their minimum credit score requirements on their websites to find the state's best personal loan for bad credit. Only 12% of lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

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

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in Wyoming

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

Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Wyoming, with a MoneyGeek score of 94 out of 100. Happy Money is not a lender but a fintech company that collaborates with lending partners federally insured by the NCUA to originate personal loans. It requires a minimum credit score of 640 and offers loans ranging from $5,000 to $40,000, with funds often available the next day. It does not charge fees such as those for late payment or early repayment, offering borrowers more financial flexibility. However applicants should note that it exclusively provides loans for debt consolidation and charges an origination fee.

Pros

Doesn't charge late, early repayment, bounced check, failed ACH or other fees
Flexible repayment terms from 24 to 60 months
Offers to pay creditors directly

Cons

Only offers loans for debt consolidation
Charges an origination fee
$40,000 borrowing limit

Runner-Up for Best Bad Credit Loan Lender in Wyoming

Avant

92MoneyGeek Score
9.95% to 35.99%APR Range
580Minimum Credit Score
$2,000 to $35,000Loan Amount Range
12 to 60 monthsRepayment Terms

Avant is the runner-up for the best bad credit loan lender in Wyoming with a MoneyGeek score of 92 out of 100. It partners with WebBank, a state-chartered FDIC member bank, to originate personal loans. Borrowers with lower credit scores may apply since it requires a minimum score of 580 and offers loans from $2,000 to $35,000 with the possibility of receiving funds the next day. Avant provides the option for early repayment without penalty and flexible repayment terms, an administration fee of up to 9.99% is charged, and applicants should also consider the potential for late fees.

Pros

Doesn't charge a prepayment penalty
Flexible repayment terms between 12 to 60 months
Offers next-day funding

Cons

Charges an administration fee up to 9.99%
Has late fees and dishonored payment fees
Doesn't allow co-signers or joint applications

Calculate Your Monthly Loan Payment in Wyoming

In Wyoming, the average new account balance for personal loans stands at $7,049, according to the Credit Industry Snapshot report. A personal loan, typically an unsecured loan, requires adherence to a repayment schedule, where the borrower makes regular monthly payments until the loan is fully paid off. Timely payments can positively impact your credit score, while missed payments may lead to penalties and a negative impact on your credit report. If you have bad credit, it's particularly beneficial to understand your monthly loan payments to ensure they fit within your budget.

To estimate what your loan payments might look like, use our personal loan calculator. This tool simplifies the process of figuring out your monthly payments based on the loan amount, term and interest rate.

Personal Loan Calculator

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Updated: Dec 31, 2024

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Best Bad Credit Loans by Credit Score in Wyoming

The average credit score in Wyoming is 724, which is higher than the national average of 715 based on Experian data.

Even with a less-than-ideal credit score, personal loans remain accessible. Numerous lenders in Wyoming are ready to consider applicants with lower credit scores, albeit often attaching higher interest rates and more stringent terms. To evaluate your options for personal loans in Wyoming, utilize the table below to see which lenders cater to various credit score ranges.


Avant	580	9.95% to 35.99%	$2,000 to $35,000	12 to 60 months	Next Day	92
Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92
Happy Money	640	11.72% to 17.99%	$5,000 to $40,000	24 to 60 months	3 to 6 Business Days	94

What to Do if Your Loan Application Is Denied in Wyoming

It's not uncommon to face a personal loan application denial in Wyoming, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.

1
Find out the reason for the denial
If you've had your loan application denied, the lender may have made this decision based on factors such as a poor credit score, a high debt-to-income ratio, insufficient income or mistakes in your application. Reviewing the reasons for denial helps you identify areas needing improvement, setting you up for better approval in future applications.
2
Modify your loan terms
You might consider negotiating with the lender to see if changing the loan amount or the repayment terms can lead to an approval. Lenders may be more willing to adjust these conditions to facilitate a mutually beneficial agreement.
3
Find another lender
Loan approval criteria differ between lenders. Shopping around is a proactive approach to find the right one for your specific financial situation and credit history. Consider the following factors:
- Eligibility Requirements: Credit score, income level, debt-to-income ratio and employment history vary by lender.
- Interest Rates: Look for competitive rates, which can be more favorable even with bad credit.
- Additional Fees: Understand if there are origination, late or prepayment fees, as some lenders don't charge these, which can be significant when managing costs. Loan Terms: Repayment terms vary, and choosing between a short-term and long-term option can influence your overall financial strategy.
- Customer Service and Reputation: Research the lender’s quality of customer support and their reputation in the market.
4
Look for alternatives
There may be other borrowing options better suited for individuals with bad credit than traditional personal loans, such as secured loans, credit union loans or borrowing from family and friends. Exploring these alternatives can provide solutions with potentially lower costs or different qualification requirements.
5
Improve your credit score
By working on improving your credit score over time, you open up new opportunities to get approved for personal loans. Steps include paying bills on time, reducing outstanding debt and avoiding new credit inquiries.

EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

—Alvin Yam, CFP

FAQ About Bad Credit Loans in Wyoming

Who is the best personal loan lender for bad credit in Wyoming?

The best personal loan for bad credit in Wyoming is offered by Happy Money with a MoneyGeek score of 94 out of 100.

Which lender in Wyoming has the lowest APR rates for personal loans?

Achieve and Prosper both offer the lowest starting APR at 8.99%. Remember, borrowers with excellent credit are more likely to secure this rate.

Which lender in Wyoming has the lowest minimum credit score requirement for personal loans?

Avant has the lowest minimum credit score requirement for personal loans at 580.

How to apply for a personal loan for bad credit in Wyoming?

To apply for a personal loan with bad credit in Wyoming, start by reviewing your credit report to understand your financial standing. Research lenders that specialize in bad credit loans, including online lenders, local credit unions and banks. Compare loan offers based on interest rates, repayment terms and fees. Accurately complete the application process, either online or in person, and provide any additional information requested by the lender.

How long does it take to get a bad credit loan in Wyoming?

The time it takes to get a bad credit loan in Wyoming depends on the lender. Some lenders offer same-day funding, while others may take from a few business days to a week.

Can I pay off my personal loan early in Wyoming?

You can pay off your loan early in Wyoming. Remember to check with your lender about any potential prepayment penalties.

Is there a difference between personal loans and installment loans in Wyoming for bad credit?

There's no significant difference between personal loans and installment loans for bad credit in Wyoming, as both require repaying a set amount of borrowed money through consistent, fixed payments.

Best Personal Loans

Best Bad Credit Loans

Sources

Experian. "What Is the Average Credit Score in the US?." Accessed April 12, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 12, 2024.

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.

Best Loans for Bad Credit in Wyoming for 2024