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Best Debt Consolidation Loans in Missouri of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Missouri
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Missouri
- Best Debt Consolidation Loan Lender for Bad Credit in Missouri
- Best Debt Consolidation Loan Lender for Good Credit in Missouri
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Missouri
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Missouri
Best Debt Consolidation Loan Lenders in Missouri
Based on our analysis, the best debt consolidation loan lender in Missouri is Upgrade. However, the best option for you depends on your financial situation and needs. This is why we also included our recommendations for the best lenders for borrowers with good credit and bad credit.
To arrive at these recommendations, MoneyGeek evaluated over 30 data points to identify the best debt consolidation loan lenders in Missouri. Our analysis included the specific terms, conditions, fees and penalties associated with the personal loan, as well as the minimum requirements for application.
Best Overall Debt Consolidation Loan in Missouri: Upgrade
Runner-Up for Best Debt Consolidation Loan in Missouri: LightStream
Best Debt Consolidation Loan for Bad Credit in Missouri: Upstart
Best Debt Consolidation Loan for Good Credit in Missouri: SoFi
How to Choose the Best Debt Consolidation Loan in Missouri for You
On average, Missouri residents have $19,742 in combined personal loan and credit card debt. Personal loans can simplify your finances if you use them to consolidate multiple debts into one account with a single monthly payment at a cheaper interest rate.
Lenders will look at your credit score, income and any outstanding debts when evaluating your loan application.
MoneyGeek outlines the necessary steps to take when looking for the best debt consolidation loan lender in Missouri.
Ask Yourself the Important Questions
Prior to applying for a debt consolidation loan, you’ll need to take stock of your current financial standing to be certain that it’s the best path forward for you. At a minimum, you should ask yourself the following questions:
- How much funding do you need? It’s important to only take out the amount of funding that you need. Lenders offer different minimum and maximum loan amounts, so you can narrow down your search by only applying with lenders that offer the loan amount that you need.
- What’s your credit score? Your credit score will determine the lenders that you’re eligible for. Improving your credit score will reduce the interest rate you receive, so MoneyGeek advises increasing your credit score first before you apply for a debt consolidation loan.
- Can you afford the monthly payments? Prior to applying for a debt consolidation loan, you should ensure that you have a stable monthly income and can afford to make regular monthly payments.
- Do you have existing debts? It’s best to keep your debt-to-income ratio below 43% to be eligible for a debt consolidation loan.
- Is your debt manageable through other means? Your debt may be manageable through means other than a debt consolidation loan. If the interest rate you receive isn’t lower than your individual loans, a debt consolidation loan may not be the best choice for you.
Do Your Research
We recommend that you shop around and compare rates before choosing a particular lender. Keep in mind that debt consolidation loans are a huge financial commitment that can take between two and four years, on average, to repay completely. Most lenders also conduct hard credit checks that can negatively impact your credit score. Because of this, you’ll want to make sure that you only apply with the lender that’s the best fit for you.
To facilitate the process of finding the best debt consolidation loan lender in Missouri, MoneyGeek has developed this expert guide with recommendations for the average borrower. However, we also know that every consumer has different needs. If you find that our recommendations don’t suit your needs, we suggest that you explore other available options.
Wait
Once you’re certain about your chosen lender, we recommend that you wait a day or two before applying. A debt consolidation loan is a long-term commitment, so you need to be sure that it’s the best decision for you. Allowing yourself time to think about it will permit you to arrive at a more objective decision.
Read the Fine Print
It’s important that you read the fine print details of your loan agreement to identify potential fees like prepayment penalties, origination fees and late fees. While these may seem trivial initially, they can add up over time. Reading the fine print is a simple and easy way to save money in the long run.
Apply
At this point, if you’re sure about your preferred lender and have checked that you meet all their eligibility requirements, you’re ready to submit your application. Lenders will usually ask for your identification, address verification and proof of income during the application process. Depending on your lender, you may have the option to complete your application online, over the phone or by visiting their office in person.
What to Do if You Can’t Get a Debt Consolidation Loan in Missouri
If your loan application in Missouri is denied, don’t lose hope. The first thing you need to do is to ask your lender why your application was rejected. A lender may also send you an adverse action notice, which includes the rationale for rejecting your application. If your loan was denied due to incorrect or missing information, such as an error on your credit report or additional income, you can submit the correct documentation as proof that you qualify.
We highly encourage you to call or email your lender to check whether you could make modifications to your application, like decreasing the loan amount or reducing the loan terms, to increase your odds of getting approved. Before attempting to reapply either with the same lender or with another company, make sure that you’ve resolved the issue that caused your previous application to be rejected.
Borrowers with low credit scores may find it challenging to get approved for a debt consolidation loan and may consider taking out a payday loan. We strongly advise against this, as this type of loan is subject to extremely high interest rates and short repayment terms.
Calculate Your Monthly Payment
If you’re planning to get a personal loan, it’s important to keep in mind that this type of loan is paid off in monthly installments that include both principal and interest. Before applying, you should know that you’re able to make the monthly payments, especially if your loan is already pre-approved by a lender.
You can use MoneyGeek’s personal loan calculator to accurately estimate what you’ll need to pay each month.
FAQs About Debt Consolidation Loans in Missouri
To help you find the best lender for debt consolidation loans in Missouri, MoneyGeek answered some of the most frequently asked questions about the topic:
According to MoneyGeek’s analysis, Upgrade is the best overall debt consolidation loan lender in Missouri. However, the ideal option for you will depend on your unique needs and credit profile. For instance, Missouri residents with bad credit will find the best terms and rates from Upstart, while those with good credit will appreciate SoFi’s many unique benefits, including unemployment protection.
Upstart has the lowest interest rate in Missouri at 3.22% for personal loans that are intended for debt consolidation.
Lenders may impose restrictions on the usage of loans. For instance, some don’t allow borrowers to consolidate debt related to post-secondary education, business or investments. You should check with your lender to see if they have any restrictions on fund usage before you apply.
Depending on the lender and your creditworthiness, you can borrow anywhere from $1,000 to $100,000 to consolidate your existing debt in Missouri.
The loan processing time depends on the lender. But generally, this can take anywhere from one day to a week. If you’re using your personal loan to consolidate debt for education-related expenses, you’ll need to comply with a three business day wait period between loan acceptance and funding in accordance with federal law.
Yes, you can pay off your loan early. However, keep in mind that some lenders charge prepayment fees. It’s best to check if your lender imposes any penalties on borrowers who pay off their debt consolidation loans early.
MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.
sources
- LightStream. "Debt Consolidation." Accessed June 27, 2022.
- LightStream. "Loan Application." Accessed June 27, 2022.
- LightStream. "About Us." Accessed June 27, 2022.
- SoFi. "Personal Loans." Accessed June 28, 2022.
- SoFi. "Frequently Asked Questions." Accessed June 28, 2022.
- SoFi. "About Us." Accessed June 28, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed June 27, 2022.
- Upgrade. "About Us." Accessed June 27, 2022.
- Upstart. "Personal Loans." Accessed June 28, 2022.
- Upstart. "Debt Consolidation Loans." Accessed June 28, 2022.
- Upstart. "Overview." Accessed June 28, 2022.
- Upstart. "Frequently Asked Questions About Personal Loans." Accessed June 28, 2022.
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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