Best Loans for Bad Credit in Kansas for 2024
Updated: April 26, 2024
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Happy Money stands out as the best personal loan lender for bad credit in Kansas, with a MoneyGeek score of 94 out of 100, due to its quality customer service, competitive interest rates and credible and transparent practices. The runner-up, Avant, is notable with a MoneyGeek score of 92 out of 100 for its broad payment options, quick application and approval process and strong customer service.
While these are the highlighted options, other lenders such as CommunityAmerica Credit Union, Kansas State Bank and Mainstreet Credit Union also offer localized services. They may suit your personal loan needs in Kansas. MoneyGeek reviewed four personal loan lenders in Kansas that set and disclosed their minimum credit score requirements between 580 and 640 to find the best personal loans for bad credit in the state.
- 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 Kansas with a MoneyGeek score of 94 out of 100. It is not a lender but a fintech company that partners with lending entities insured by the NCUA to originate loans. With a minimum credit score requirement of 640 and loan amounts ranging from $5,000 to $40,000, borrowers can receive funds as soon as the next day. It offers flexible repayment terms and conducts soft credit pulls, which is ideal for those with bad credit. However, applicants should note that it only provides loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Conducts soft credit pulls
- Offers to pay creditors directly
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- $40,000 borrowing limit
Overall Best Bad Credit Loan Lender in Kansas
- 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 Kansas, with a MoneyGeek score of 92 out of 100. This lender partners with WebBank, a state-chartered member FDIC bank, to originate personal loans. With a minimum credit score requirement of 580 and loan amounts ranging from $2,000 to $35,000, Avant serves borrowers efficiently, providing funds as soon as the next day. It also offers the flexibility of repayment terms from 12 to 60 months and next-day funding, which are quite accommodating for those with bad credit. However, an administration fee of up to 9.99% and the lack of co-signing options should be noted by applicants.
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
- Low borrowing limits at $35,000
Runner-Up for Best Bad Credit Loan Lender in Kansas
Calculate Your Monthly Loan Payment in Kansas
The average new account balance for personal loans in Kansas is $7,743, according to theCredit Industry Snapshot report by TransUnion.
Repayment of personal loans involves making fixed payments over a set period, with the payment amount depending on the loan's terms, interest rate and the loan's duration. If you have a lower credit score, it's particularly useful to understand your monthly loan payments, as rates can be higher, thus affecting the payment amount. To help you estimate your monthly payments on a personal loan, you can use the personal loan calculator provided by MoneyGeek.
Best Bad Credit Loans by Credit Score in Kansas
The average credit score in Kansas is 723, which is higher than the national average of 715.
If your credit score is on the lower end, you might still qualify for a personal loan. Certain lenders in Kansas understand your needs and may provide loans to those with bad credit; however, anticipate higher interest rates and more restrictive terms. Refer to the following table to discover which personal loan providers in Kansas accommodate various credit scores.
What to Do if Your Loan Application Is Denied in Kansas
It's not uncommon to face a personal loan application denial, 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.
Find out the reason for the denial
If you face a loan application denial, lenders might have decided against granting your request for reasons such as a poor credit score, a high debt-to-income ratio, insufficient income or errors in your application. Understanding the specifics behind the denial helps you address these issues and improve your chances for future loan approvals.
Modify your loan terms
Should your application get rejected, consult with your lender to see if changing the loan amount or repayment terms could lead to a successful loan application. Adjustments might make the loan more agreeable to the lender's risk assessment.
Find another lender
Each lender uses distinct criteria for loan approval, making it beneficial to compare options. Searching for the right lender includes considering factors that determine a good match for your financial situation and credit background.\n- Eligibility requirements: Check for diversity in credit score, income level, debt-to-income ratio, and employment history requirements among lenders.\n- Interest rates: Look for lenders offering competitive rates to save money, particularly when your credit is less than perfect.\n- Additional fees: Be aware of fees such as origination, late or prepayment charges. Some lenders may waive these, which is significant for those with bad credit.\n- Loan terms: Lenders offer various repayment terms. Short terms usually result in higher monthly payments but lower interest over time, while long terms mean smaller payments but more interest paid overall.\n- Customer service and reputation: Research how lenders treat their customers and their overall reputation. A lender's approach to service and problem-solving can affect your borrowing experience.
Look for alternatives
If personal loans aren't a good fit due to your credit score, consider alternatives such as secured loans, credit union loans or co-signed loans. Each offers different benefits and risks, so evaluate them carefully to determine the right option for your financial situation.
Improve your credit score
Enhancing your creditworthiness can lead to better loan opportunities. Start by paying bills on time, reducing debt and checking your credit reports for errors. Over time, these steps can result in an improved credit score.
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 Kansas
When shopping for personal loans, it's common for borrowers in Kansas, especially those with bad credit, to have questions or concerns. To assist, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Kansas is offered by Happy Money, with a MoneyGeek score of 94 out of 100.
The lender with the lowest minimum credit score requirement is Avant, with a score requirement of 580.
The time it takes to get a bad credit loan in Kansas varies by lender. Some lenders provide same-day funding, while others may take from a few business days to a week.
Yes, you can pay off your loan early. It's advised to check with your lender regarding any prepayment penalties they may impose.
Sources
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
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