Personal Loans

Personal Loans in Billings, Montana

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Rimrock Credit Union OneMain Financial Valley Credit Union
APR From 8.99% 18.00% to 35.99% 8.49% to 17.99%
Borrowing limits Not specified $1,500 to $20,000 Not specified
Terms Up to 48 months 24 to 60 months Up to 60 months
Origination fee None It may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state. Not specified
Minimum credit requirement Not specified Not specified Not specified

Rimrock Credit Union

While reputable personal loan options in Billings, Mont., are limited, local credit unions do offer viable options. Among them is Rimrock Credit Union.

Rimrock Credit Union offers personal loans with terms up to 48 months for a variety of purposes, from home improvement projects to debt consolidation. Once you apply for a personal loan, you can receive approval in as little as 24 hours.

Unlike OneMain Financial, Rimrock Credit Union does not charge an origination fee. The Billings credit union also offers automatic payments or payroll deductions to reduce the chances you’ll overlook a payment due date.

How to qualify

When applying for this credit union’s personal loan, you’ll need to provide a valid government-issued ID and show proof of residence and income.

As with most credit unions, Rimrock Credit Union only offers personal loans to members.To become a member of this Billings credit union, you’ll need to:

  • Pay at least $50 annually in property taxes (or are the spouse, child, sibling, or grandparent of someone who does) in Yellowstone or adjoining counties
  • Make a $25 deposit into a Rimrock Credit Union Share Savings account

OneMain Financial

OneMain Financial allows prospective borrowers to prequalify online, but to complete your application, you’ll need to visit a branch in person to verify documents and discuss loan options. OneMain Financial has one bank location in Billings, Mont., on Main Street.

Unlike Rimrock Credit Union, OneMain Financial charges a loan origination fee that is either a percentage of the loan amount or a flat fee. Both vary by state, but flat fees range from $25 to $300, while percentage-based origination fees can run from 1.00% - 10.00% of the loan amount. Add on that OneMain Financial has a much higher minimum APR than either of the other options discussed here, and the lender may be a poor option for borrowers with strong credit who could otherwise nab lower rates.

While you’ll have to check directly with your loan officer at Rimrock Credit Union or Valley Credit Union to learn about potential late payment fees, OneMain Financial is upfront about its late payment fee: It’s either a flat fee or a percentage of the late portion of your monthly payment. Flat fees range from $5 to $30 per late payment, or you may incur a charge of 1.5% to 15% of your late payment, depending on your location.

How to qualify

  • Must have a valid government-issued ID
  • Must provide proof of residence
  • Must show proof of income

Valley Credit Union

Valley Credit Union serves 11 counties in Montana and Wyoming in addition to residents of Billings. There are at least six credit union locations in Billings. As with all credit unions, you will need to be a member in order to apply for a personal loan.

Like Rimrock Credit Union, Valley Credit Union offers interest rates that are lower overall than those of a traditional bank. Valley Credit Union offers longer loan terms than Rimrock Credit Union — up to 60 months — similar to OneMain Financial.

How to qualify

You’ll need to be a member in order to apply. To become a member, you must:

  • Live, work, worship or attend school in one of the following areas: Big Horn, Carbon, Gallatin, Golden Valley, Musselshell, Park, Stillwater, Sweet Grass, Treasure or Yellowstone Counties in Montana or Park County, Wyoming;
  • Or be a spouse or immediate family member of someone who does

When you apply, you’ll need the following handy: a valid government-issued ID and proof of residence and income.

Explore lenders with LendingTree

LendingTree allows qualified consumers to view personalized rates from among partner lenders. Prospective borrowers can fill out an online form and may be matched with up to five personal loan lenders and receive quotes at no cost.

Personal loan terms, however, will depend on a number of factors, including credit health.

How to find bad credit personal loans in Billings, Mont.

The three reviewed lenders do not necessarily cater to borrowers with bad credit or no credit. However, if you need a bad credit personal loan in Billings, it’s best to try and work with a traditional bank, credit union or online lender before pursuing other options like payday loans.

Though you may have trouble finding lenders you qualify for, you may find credit unions are more willing to work with you. Federal credit unions, for example, offer payday alternative loans (PALs). These are a great option if you need a short-term loan for a small amount but want to avoid the predatory terms that come with payday loans.

Online lenders, such as LendingPoint and the peer-to-peer lending platform Peerform may also be viable options if you need a personal loan. These two companies are open to borrowers with subprime credit.

How to choose a personal loan in Billings

Maybe you want to upgrade your kitchen or master bath in your Billings Heights home, or perhaps you want to consolidate high-interest credit card debt. When choosing a personal loan in Billings, make sure to do your homework before you sign papers.

An easy way to compare lenders is through prequalification. Many lenders allow you to see the kinds of loan terms you’d apply for with a soft credit check. Unlike a hard credit check, a soft check won’t affect your credit.

When reviewing loan offers, consider such questions as:

  • How does each lender’s interest rates and APRs compare?
  • What kind of repayment term is ideal for you?
  • Can you afford the monthly payments?
  • What is each lender’s fee structure?

Once you’ve chosen a lender, you can formally apply with a hard credit check. The lender may ask you for supporting documentation at this step.

Personal loans in Billings: FAQ

How can I find a list of banks in Billings?

If you’re looking for a list of banks in Billings, the FDIC’s BankFind feature allows you to search by city, state and ZIP code. The tool will provide information on whether that bank is FDIC-insured, all locations of a branch, history of the bank and whether that bank has merged with another bank.

How can I find a list of credit unions in Billings?

Find a credit union in Billings, with the National Credit Union of America’s Credit Union Locator. Whether you’re looking for a list of credit unions in Billings or something farther out (like in Helena or Missoula), the tool offers a full listing of area credit unions, which include location maps, number of members and the credit union’s charter year.

Is my search process different if I’m looking for personal loans in Missoula or Helena?

If you’re looking for personal loans in Missoula or Helena, you would follow the same process for locating a reputable bank or credit union.

Where can I find a payday loan in Billings, Mont.?

Payday loans are no longer readily available in Billings. When the state capped interest rates at 36%, most local payday lenders went out of business.

Of course, you can still shop for a payday loan online, but do some research. Look for reputable lenders, read online reviews and use caution when applying for a payday loan, which come with extremely high interest rates. As a general rule, payday loans should be a last resort option for funds.


To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Billings, Mont. We then researched the first 20 unique lenders that appeared in our results, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.


Get personal loan offers from up to 5 lenders in minutes

Featured Articles