Best Debt Consolidation Loans in Montana 2024

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Updated: November 19, 2024

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Debt consolidation loans are personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe, such as credit card or student loan debt, at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 24 lenders and found PenFed to be the top choice for debt consolidation loans in Montana, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Montana Credit Union and Whitefish Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Montana

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Montana

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Montana with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides, and its reputation.

PenFed's APR range of 8.99% to 17.99% can benefit borrowers by offering lower interest rates compared to other lenders. Its loan amount range of up to $50,000 allows for substantial debt consolidation, and the quick fund disbursement time of 1 to 2 business days ensures that borrowers can address their financial needs promptly.

Runner-Up for Best Debt Consolidation Loan in Montana

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
96/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Montana, with a MoneyGeek score of 96 out of 100. One of its pros is competitive interest rates, which can help borrowers reduce their overall interest payments and save money in the long run.

Flexible loan terms are another benefit, allowing borrowers to choose a repayment plan that fits their financial situation. Additionally, the quick approval process means borrowers can access funds faster, making it easier to consolidate debts without delay.

Best Debt Consolidation Loan in Montana for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Montana for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR ranges from 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms of 12 to 84 months.

Wells Fargo's lack of origination fees means you won't have to pay extra just to get the loan, saving you money upfront. Additionally, the availability of rate discounts can lower your interest rate, making your monthly payments more manageable and reducing the overall cost of your loan.

Best Debt Consolidation Loan in Montana for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Montana for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000 and repayment terms of 6 to 60 months.

Flexible loan terms mean you can choose a repayment plan that fits your budget, whether you need a shorter or longer period to pay off your debt. Additionally, quick fund disbursement within three business days ensures you can consolidate your debts promptly, reducing the stress of managing multiple payments.

Best Debt Consolidation Loan in Montana for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Montana for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day access to funds, making it an ideal choice for those in urgent need of financial assistance.

One of its key features is the fast approval process, which can benefit borrowers who need to consolidate their debts without delay. Additionally, its flexible loan terms allow borrowers to choose a repayment plan that best fits their financial situation, providing more control over their debt management.

Should You Get a Loan to Consolidate Debt in Montana?

Using a debt consolidation loan in Montana can simplify your finances by merging multiple payments into one. It can also lower your overall debt costs if the new loan has a lower interest rate.

Despite these benefits, debt consolidation may not be the best move for all situations. For instance, if the new loan's interest rate is higher, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better interest rates and lower monthly payments on a debt consolidation loan in Montana.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Montana can reduce the overall interest you pay.

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Montana simplifies debt management.

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    Lower Monthly Payments

    A debt consolidation loan in Montana can lower your monthly payments, making them more manageable.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Montana is a better strategy.

How to Get a Debt Consolidation Loan in Montana

The average amount of personal debt in Montana is $104,133, closely aligning with the overall average debt for Americans, which is $104,215. In Montana, the average monthly debt is approximately $8,678.

Using a personal loan to consolidate debt in Montana can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score.

    Account for your existing debts to see which ones to consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2
    Compare loan terms from lenders.

    Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure the loan can be used for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

  3. 3
    Check for extra benefits.

    Some lenders offer added features that could benefit you in the long run. For example, lenders in Montana like Achieve and Alliant Credit Union offer rate discounts.

  4. 4
    Watch out for fees and penalties.

    Some lender features could be drawbacks. Lenders in Montana like LendingPoint and Discover charge an origination fee and a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified.

    Prequalification helps you gauge your eligibility for loans without affecting your credit score. Learn more about prequalification and how a soft credit check can help.

  6. 6
    Complete your loan application.

    Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This will make the process faster and smoother.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN MONTANA

Lenders might deny your loan application for reasons such as a low credit score or a high debt-to-income ratio. Before applying for a consolidation loan in Montana, consider improving your credit score and reducing your existing debt to increase your chances of approval.

You can also consider reaching out to credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This type of card allows you to transfer your existing debt to a new card with no interest for a set period, helping you pay off your debt faster and more affordably.

FAQ: Debt Consolidation Loans in Montana

We addressed common questions borrowers have about debt consolidation loans in Montana to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Montana?
What's the best debt consolidation loan lender in Montana?
Can I get a debt consolidation loan in Montana if I have bad credit?
Can a credit counseling agency in Montana help manage debt?
When should I get a debt consolidation loan in Montana?

MoneyGeek analyzed 24 national lenders licensed to do business in Montana, based on a rubric that includes APR ranges, loan amounts, and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts, and fast funding.

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We conducted our analysis in September 2024.

24Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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