Best Loans for Bad Credit in Missouri for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byDenise Cristobal
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Updated: April 24, 2024

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Happy Money stands out as the best personal loan lender for bad credit in Missouri, with a MoneyGeek score of 94 out of 100. It provides quality service, offers competitive interest rates and is credible and transparent about its loan terms and process. The runner-up is Avant, with a MoneyGeek score of 92 out of 100. It excels with its quick application and approval process, broad payment options and strong customer service.

To identify the best options for those with bad credit, MoneyGeek reviewed four personal loan lenders in Missouri that set and disclosed minimum credit score requirements between 580 and 640. While the highlighted lenders lead the rankings, other institutions like Missouri Credit Union, Central Missouri Community Credit Union and First Missouri Credit Union offer localized services and could also be suitable for your personal loan needs.


    Overall Best Bad Credit Loan Lender in Missouri

  • 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 Missouri, with a MoneyGeek score of 94 out of 100. It is not a traditional lender but a fintech company that partners with lending institutions federally insured by the NCUA to offer personal loans. For borrowers with lower credit scores, it sets a minimum credit score requirement of 640 and offers loans ranging from $5,000 to $40,000. Funds are available as soon as the next day. Happy Money does not charge fees for late payments or early repayment. It offers flexible repayment terms from 24 to 60 months. However, applicants should note that it only provides loans for debt consolidation and charges an origination fee.


    • Doesn't charge late, early repayment, bounced check, failed ACH or other fees
    • Offers to pay creditors directly
    • Conducts soft credit pulls


    • Only offers loans for debt consolidation
    • Charges an origination fee
    • $40,000 borrowing limit
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in Missouri

  • 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 Missouri, with a MoneyGeek score of 92 out of 100. It partners with WebBank to originate personal loans. It requires applicants to have a minimum credit score of 580. Borrowers with less-than-perfect credit can secure loans between $2,000 and $35,000 and often receive funds by the next day. It offers flexible repayment terms and no prepayment penalties, which can be helpful for borrowers. Applicants should note the administration fee of up to 9.99% and late fees before applying.


    • Doesn't charge a prepayment penalty
    • Offers next-day funding
    • Has a mobile app


    • Charges an administration fee of up to 9.99%
    • Has late fees and dishonored payment fees
    • Doesn't allow co-signers or joint applications

Calculate Your Monthly Loan Payment in Missouri

In Missouri, the average new account balance for personal loans is $5,777, according to TransUnion's Credit Industry Snapshot report. When you take out a personal loan, you agree to repay the borrowed amount plus interest through regular monthly payments over a specified term.

For those with less-than-ideal credit, understanding how much you will owe each month becomes even more necessary. Failure to make timely payments on a personal loan can adversely affect your credit score and create additional financial strain. To estimate your monthly payments, utilize MoneyGeek's personal loan calculator. This tool can provide a clearer picture of your potential financial commitment before you proceed with a loan.


Best Bad Credit Loans by Credit Score in Missouri

The average credit score in Missouri is 714, slightly below the Experian data-reported national average of 715.

Some lenders in Missouri specialize in assisting borrowers with less-than-perfect credit scores, though it usually means higher interest rates and more restrictive terms. To identify which personal loan providers are options for you in Missouri, refer to the table below and match it with your credit score range.

What to Do if Your Loan Application Is Denied in Missouri

It's not uncommon to face a personal loan application denial in Missouri, 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 of approval for future applications.

Find out the reason for the denial

After a loan application denial, review the lender's feedback. Common reasons for denial include a poor credit score, high debt-to-income ratio, low income or errors in your application. Understand these reasons to address any issues and reduce the likelihood of future denials.

Modify your loan terms

Consider asking the lender to adjust the loan amount or the repayment terms. Making these adjustments might increase the chances of your loan being approved.

Find another lender

Different lenders have varied approval criteria. Shop around and compare lenders based on key factors to find the right one for your credit situation. Consider:

  • Eligibility requirements: Lenders vary in their credit score, income, debt-to-income ratio and employment history requirements.
  • Interest rates: Seek lenders offering competitive rates, which is beneficial for those with less desirable credit.
  • Additional fees: Some lenders impose fees like origination, late and prepayment penalties, while others do not. It's important to be aware of these fees.
  • Loan terms: Lenders offer diverse repayment terms. Assess the impact of short vs. long terms on your financial situation.
  • Customer service and reputation: Research the lender's reputation and the quality of its customer service.
Look for alternatives

If personal loans are not an option, explore alternatives suitable for those with bad credit. These might include secured loans, credit builder loans or borrowing from friends or family.

Improve your credit score

Enhancing your credit score can improve your loan approval prospects. Some tactics for improving your credit score include paying bills on time, reducing debt and avoiding new credit inquiries.

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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 Missouri

When shopping for personal loans in Missouri, it's common for borrowers, especially those with bad credit, to have questions or concerns. We compiled answers to frequently asked questions to assist in this process, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Missouri?
Which lender in Missouri has the lowest APR rates for personal loans?
Which lender in Missouri has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in Missouri?
Can I pay off my personal loan early in Missouri?
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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 our editorial policies and expert editorial team.