Best Personal Loans in Missouri for 2024
Updated: April 25, 2024
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First Tech and PenFed are the top lenders for personal loans in Missouri, with MoneyGeek scores of 98 and 96, respectively. They rank high because of their excellent customer service, competitive interest rates and transparent terms.
MoneyGeek weighed factors like reputation, transparency, APR, minimum credit score requirements and loan term options to identify the best lenders. Your credit score, income and debt-to-income ratio influence your loan's terms and availability.
Based on Experian data from 2023, Missouri's average credit score is 714. This means that the average borrower in the state may have a good chance to get a loan with favorable terms, as lenders generally consider this a good credit score. However, those below the average may find it more challenging to get favorable interest rates.
- First Tech
- 98MoneyGeek Score
- 8.94% to 18.00%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 6 to 84 monthsRepayment Terms
First Tech is MoneyGeek's pick for the best personal loan lender in Missouri, with a MoneyGeek score of 98 out of 100. First Tech offers an APR range from 8.94% to 18.00%, which is among the most competitive when compared to others. Their loan products are also known for flexibility in repayment terms, extending from 6 to 84 months. First Tech stands out particularly for having exemplary customer service options and educational resources, as well as for maintaining a high level of transparency and up-front process information.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Balanced, low APRs
- Lots of educational resources available for consumers
Cons
Limited state availability
Overall Best Personal Loan Lender in Missouri
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is MoneyGeek’s runner-up for best personal loan lender in Missouri, boasting a MoneyGeek score of 96 out of 100. With APRs ranging from 7.99% to 17.99%, PenFed offers competitive rates slightly above the lower end of MoneyGeek’s observed spectrum. PenFed excels in loan terms, offering repayment options up to 60 months which outshine many competitors. Their exceptional performance is also noted in transparency and reputation, assuring borrowers of clear and comprehensive communication.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Insured by the National Credit Union Administration (NCUA)
Cons
- $50 minimum monthly loan payment required
Runner-Up for Best Personal Loan Lender in Missouri
The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards, and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
According to our analysis, lenders in Missouri offer personal loan products averaging about 57 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate, and term length, helping you make informed decisions before committing.
- 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 provider in Missouri for borrowers with low credit. It's not a traditional lender but partners with various federally insured institutions to offer competitive rates. The provider has a MoneyGeek score of 94 out of 100, with a notable APR range of 11.72% to 17.99%, which stands out in comparison to other options. The minimum credit score required is 640. Happy Money particularly excels in providing upfront information and offering strong customer support, making it an informed and accessible choice for customers seeking personal loans.
Pros
- Works with 10 federally insured lenders to originate all loans.
- Transparent eligibility requirements, including credit score minimum.
- No application fee.
Cons
- The lenders they work with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Missouri for Bad Credit
- Alliant Credit Union
- 96MoneyGeek Score
- 10.99% to 13.99%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
MoneyGeek's pick for the best personal loan lender for debt consolidation in Missouri is Alliant Credit Union, with a score of 96 out of 100. Alliant is an online-only bank that requires membership in good standing for 90 days before eligibility for a personal loan. They offer competitive APRs ranging from 10.99% to 13.99%, lower than many competitors. Alliant shines in offering exemplary rates, fees and transparent information to consumers, factors critical for those consolidating debt.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No prepayment penalties
Cons
- An online-only financial institution with no physical locations
- Mandatory 90-day membership prior to loan application
Best Personal Loan Lender in Missouri for Debt Consolidation
Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in Missouri
When seeking a personal loan in Missouri, be aware of your creditworthiness, which includes factors such as your credit score, income and debt-to-income ratio. Lenders will use these elements to establish terms and also assess factors like reputation, APR ranges, loan term flexibility, and minimum credit scores.
A higher credit score often leads to more favorable loan terms and APRs; it could be advantageous to improve your credit score before you apply. Use the table below to see how different credit scores may affect your monthly loan payments.
This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Missouri
Personal loans offer several advantages, like potentially lower interest rates for qualified borrowers, the convenience of bundling high-interest debts into one manageable payment and the flexibility of using the funds for several purposes without strict spending constraints. However, it’s important to consider that personal loans may also introduce risks, such as origination fees and the hazard of losing assets when using secured loans. For a balanced view, understanding the personal loan benefits and drawbacks is essential.
FAQ About Personal Loans in Missouri
MoneyGeek has answers to your questions about personal loans, which can help you make an informed decision before applying.
According to MoneyGeek's analysis, First Tech is the best lender in Missouri for personal loans, with a MoneyGeek score of 98. First Tech's average APR is 13.5%.
In Missouri, individuals can obtain personal loans from online lenders, credit unions and banks. For those preferring local, in-person services, Missouri Credit Union, Central Missouri Community Credit Union and First Missouri Credit Union are among the local credit unions offering personal loans.
PenFed offers some of the lowest APRs on personal loans in Missouri, starting at 7.99%. The best option for you might differ based on personal needs and financial situation, and securing a low rate often requires an excellent credit score.
In Missouri, the restrictions on the use of personal loan funds depend on the lender. Generally, you can use personal loans for various needs like emergency circumstances, vacation or travel, and home or auto repair. Personal loans cannot be used for college tuition or illegal activity.
When considering personal loans, watch out for extremely high APRs, a lack of transparency about the loan originator's federal insurance and unusually strict repayment penalties. Red flags also include a high volume of poor consumer reviews or negative public spotlight regarding predatory practices.
Yes, lenders do consider income level when evaluating an application for a personal loan, but it's part of a broader assessment that includes debt-to-income ratio, credit score, employment history and credit history. Opening new lines of credit during the application process can influence your chances of obtaining a loan.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 6, 2024.
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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