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This page was last updated July 2018

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Fair Credit Lenders in Missoula MT

Lenders: contact us for listing removal.

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Missoula Federal Credit Union
University Ctr Fl 1 Missoula
MT 59812 / missoulafcu.org
406.523.3300

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Park Side Credit Union
2300 Great Northern Ave, Missoula
MT 59808 / www.parksidefcu.com
406.728.4475

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Montana First Credit Union
3708 N Reserve St, Missoula
MT 59808 / hzcu.org
406.728.1790

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Montana Educators Credit Union
2000 S Russell St #1, Missoula
MT 59801 / mtedcu.com
406.728.1034

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Horizon Credit Union
2330 S Reserve St, Missoula
MT 59801 - www.hzcu.org
800.852.5316

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MM Employee Fcu
110 N Higgins Ave, Missoula
MT 59802 / 406.541.6628

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St Patrick's Empl FCU
500 W Broadway St, Missoula
MT 59802 / 406.329.5665

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M M Employees Federal Cu
2000 S Russell St, Missoula
MT 59801 / 406.541.6628

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Northwest Farm Credit Services
3021 Palmer St Suite B, Missoula
MT 59808 / northwestfcs.com
406.532.4900

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First Security Bank
1704 Dearborn Ave Missoula
MT 59801 / www.fsbmsla.com
406.728.3115

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Opportunity Bank of Montana
1510 S Reserve Street, Missoula
MT 59801 / www.opportunitybank.com
406.541.6200

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Bad Credit Loans in Missoula MT

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Missoula MT Lender Area Map

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Missoula MT Loan App Volume

Top 5 Missoula neighborhood loan app volume

  1. Northside
  2. Southgate Triangle
  3. Westside
  4. Lower Rattlesnake
  5. Lewis And Clark

University Hall Missoula Montana: Licensing

Missoula Bad Credit Loan Example

Terri is really not very good at managing her money. She has a car loan, two credit cards that are carrying a balance, a student loan, and she owes money to her parents.

She is most concerned about the money she owes her parents. They loaned her about $10,000 from their savings to help her out.

They really do not have much money and are experiencing problems of their own. Repayment of the family loan would really help them out. Terri may have inherited her money management problems from them.

Her student loan is not a large one. She is one of the fortunate ones that were given grants and other help. This kept her student loan relatively low.

She has a small car loan of $15000 which she pays every month. She has another 4 years to go on this loan. Her credit cards make up the difference and the total adds up to just about $45000. This is a lot of money for someone who also is considered a bad credit risk.

She really did not pay much attention to her credit score. A missed payment, credit cards that carry a balance and monthly payments that add up to almost 40% of her income.

Most lenders look for loan payments including rental or living expenses to be under this number. Terri is finding it difficult to find someone willing to lend her this amount of money especially when she would like a 20 year term.

With no security to provide such as a home, she will not be approved for a loan of this type. A $45000 loan with a 20 year term 5.8% interest rate for Terri would cost her the following per month:

Loan Amount (principal) = $45000
Interest Rate = 5.8%
Term Length = 20 year
Monthly Payment = $317.22
Total Paid Back = $76133.62
Total Interest = $31133.62

The car loan is actually at a decent interest rate and she should probably just continue paying this loan each month. Same applies to the student loan.

Her parents are not charging interest on the loan they made to their daughter. They probably should, but this is a problem for another day and between them and their daughter. The credit cards are the real problem.

She is paying 19% on the balance remaining on the credit cards. This is a very high interest rate. She would benefit by applying for a loan that covers the credit card debt and will save money by paying a lower interest rate.

She might be approved for a five or seven year loan. We also suggest that she begin payments to her parents on a monthly basis over a term that they can agree to. With no interest being charged, it will be repaid quickly.

This approach will also help them meet their own financial needs. This is the best approach assuming that she can meet all of the payments each month. She may have to consider finding a second job or working overtime if that is available.

As the debt is repaid, she should also focus on setting some money aside for emergencies. Terri has a lot to think about and will likely submit a new application for a smaller loan with a shorter term repayment plan.

If you're living in Missoula like Ken, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Missoula MT

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Missoula Credit Counseling

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Counselors contact us for listing removal or info change.

Consumer Credit Counseling Services
1515 Fairview Ave Missoula
MT 59801 / 406.543.1188
creditcounselingservicesusa.com

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Montana Credit Builders
3600 S Reserve St, Missoula
MT 59801 / 406.541.3737

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Missoula Assistance Programs

Food Bank: Missoula Food Bank & Community Center / Address: 1720 Wyoming Street, Missoula, MT 59801 / Phone: 406.549.0543

Shelter In Case of Eviction: YWCA Missoula / Address: 1130 West Broadway Street, Missoula, MT 59802 / Phone: 406.543.6691

Social Assistance Programs: Public Health & Human Services Department / Address: 2677 Palmer Street # 100, Missoula, MT 59808 / Phone: 888.706.1535

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Usury Law Governing Missoula MT

Summary of Montana Usury Law(s) / Legal: 10% / Contract: 6% above prime rate at major New York banks 3 days before contract / Judgment: 10% / Corporate: Rate not specific (read more on Montana lending laws)

Complaint process for Missoula residents:

Montana Division Banking of Financial Institutions / Montana Complaint Process / Montana Complaint Form (PDF)

Physical address: Division of Banking and Financial Institutions / 301 South Park Avenue, Suite 316, PO Box 200546, Helena, MT 59620-0546 / Contact Person: Wayne Johnston, Compliance Manager / Phone: 406.841.2918 Fax: 406.841.2930 Website: www.banking.mt.gov EMail: wjohnston@mt.gov

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WFL Loan Products

Missoula residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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