Better known as the Land of the Shining Mountains, Montana is one of the largest states in the country. However, despite its sheer size, it is not a forerunner when it comes to median household income level. The state’s median household income level at $49,509 is over 10 percent lower than the national median household income.
Due to a low-income level and a high poverty rate of 14.6 percent, the state of Montana is a strong bastion for personal loans. The state residents require such easy debts to bridge the gap between their low incomes and high expenses. On the positive side, the state has a relatively low unemployment rate, which provides a fair certainty against loan defaults.
Personal loans are flexible in nature as they do not have any caveat with regard to the use of the proceeds. The borrower may use the loan amount whichever way they want. Following are the main uses to which Montana residents may make use of personal loans.
Personal Loans for Educational Expenses
Montana has one of the best high school graduation rates in the entire country as 93.5 percent of its residents have high school diploma. With 30 percent of its residents equipped with bachelor’s degree, the state is on par with the national average.
However, education is expensive especially university level education entails considerable outlay. In such cases, people may need to resort to personal loans for making their ends meet. This is especially true in the case of older students who also have family obligations to meet.
Personal loans may also come to the rescue of the students who do not have adequate state assistance for their tuition fee or are required to meet additional expenses such as providing for their spouse and children.
Personal Loans for House Repairs
Montana’s median home value is $209,500 which is higher than the national median of $194,500. The high value of the house may be maintained by carrying out regular repairs. However, such repairs may put a dent in some people’s budgets.
In such cases, the use of personal loans is appropriate. Personal loans may be obtained easily, without excessive documentation. Such loans are also quickly disbursed. The use of the proceeds for maintaining the value of immovable property constitutes a productive use. Therefore, it is advisable to press the button for personal loans to carry out repairs rather than scrimping money and avoiding such repairs as such neglect may seriously damage the property and its value.
Best Banks for Personal Loans in Montana
Below are the best banks in the state for personal loans:
Montana Federal Credit Union
Except for personal lines of credit, Montana Federal Credit Union has fixed rates on personal loans, varying on loan amounts and payment terms.
Valley Credit Union
Currently serving 11 counties in Montana and Wyoming, Valley Credit Union stays true to its mission of providing top-notch personalized services to its customers.
Montana Credit Union
Montana Credit Union is based in Helena, Montana. It promotes the local community not only by providing great rates but also by contributing to local events.
Bank of Montana
While it is advertised as a business bank, the Bank of Montana does not work with a third-party to ensure that its clients are charged with the lowest rates possible.
Opportunity Bank of Montana
The Opportunity Bank of Montana prides itself for purpose-specific personal loans. By setting up automatic payments with them, you can even get half a percentage discount on interest rate.
Stockman Bank has created several personalized personal loan products to help you through different financial hurdles. Known more as a housing lender, most of their personal loans are designed for such purpose.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.