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Best Debt Consolidation Loans in Missouri of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade is MoneyGeek’s top pick for the best debt consolidation lender in Missouri. It’s a credit-focused neobank that was established by a team of fintech pioneers in 2017 to provide an alternative banking experience. To date, Upgrade has provided over $15 billion in loan products and credit cards to over 15 million customers across the country.

    An Upgrade personal loan requires a fair minimum credit score of 560, which means that most borrowers in Missouri will be eligible to secure a loan given that the average credit score in the state is 675. Another benefit is that Upgrade doesn’t charge any fees if you pay off your loan early.

    That said, Upgrade charges origination fees and late payment fees. The lowest rates also require a subscription to autopay.

    Pros

    • Same-day funding
    • No prepayment fees
    • Customizable to fit your monthly budget and schedule
    • Mobile application available
    • Fair minimum credit score requirement

    Cons

    • High origination fees of 2.9% to 8%
    • Late payment fees
    • Lowest rates require a subscription to autopay
    • Funds sent directly to creditors may take up to two weeks to clear
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Missouri: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream is MoneyGeek’s runner-up for the best debt consolidation lender in Missouri. This company was established in 2012 as a division of Truist Bank and is one of the leading online consumer lenders in the country.

    LightStream’s popularity is due in large part to its commitment to excellent service. Borrowers who aren’t completely satisfied with their loan experience can get $100 through LightStream’s Loan Experience Guarantee. The lender also received an A+ rating from the Better Business Bureau (BBB).

    On top of its excellent service, LightStream is also unique among lenders in that it accepts joint loans. This allows partners to channel their individual debts into a single account and help each other with the monthly payments. Also, depending on your credit profile, you may be eligible for high loan amounts up to $100,000 which is a plus if you need to consolidate multiple high-interest debts.

    However, this lender doesn’t allow co-signers and doesn’t directly pay creditors.

    Pros

    • High maximum loan amount
    • Joint loans available
    • No prepayment penalty fees
    • Mobile application available
    • Provides competitive rate match
    • Fast funding

    Cons

    • Co-signers not allowed
    • No direct payment to third-party creditors
    • Rates without autopay are 0.5% points higher
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

Best Debt Consolidation Loan for Bad Credit in Missouri: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek’s top recommendation for the best debt consolidation loan lender in Missouri for people with bad credit is Upstart. This lender was established by former Google employees in 2012 as an artificial intelligence lending platform that offers a fully digital loan experience.

    This lender provides a chance for people with a poor credit history to qualify for loans up to $50,000. The lender doesn’t have a minimum credit score requirement and looks at other factors, such as education and employment, to calculate your APR. There are also no prepayment penalties if you’re concerned about repaying your loan early.

    Upstart’s personal loans can be used to consolidate high-cost loans, such as general credit cards, retail credit cards, gas cards, payday loans and title loans. It also offers personal loans to borrowers with no credit score.

    However, the lender charges origination fees and loan amounts are capped at $50,000. If you have a low credit score, you may be subject to a higher interest rate.

    Pros

    • Finance education-related expenses
    • No prepayment fees
    • Soft credit inquiry
    • Considers other factors aside from credit score, such as education and employment, in calculating APRs
    • Variety of repayment terms

    Cons

    • Origination fees
    • Mobile application not available
    • Loans used to fund education-related expenses are subject to a 3 business day wait period between loan acceptance and funding (in accordance with federal law).
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Missouri: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Based on MoneyGeek’s research, Social Finance, Inc., or SoFi is the best debt consolidation loan lender in Missouri for borrowers with good credit. Since its launch in 2011 by Stanford business students, SoFi has made $50 billion in loans available to around four million of its members.

    If you need to consolidate multiple high-interest debts, consider getting a personal loan from SoFi since it offers one of the highest personal loan amounts at $100,000. Other noteworthy benefits offered by this lender are the lack of origination, prepayment and late fees, and unemployment protection which will let you pause your monthly payments temporarily and assist you in finding a new job.

    However, the average Missouri resident might find that getting approved for a SoFi personal loan can be a challenge since it requires a minimum credit score of 680 which is higher than the state’s average credit score of 675.

    Pros

    • Mobile application available
    • No origination, prepayment or late fees
    • Provides loss of employment protection
    • Wide range of repayment terms
    • Co-applicants accepted

    Cons

    • Cannot use loans to consolidate debt related to post-secondary education, real estate, business, investments, purchases of securities and short-term bridge financing
    • Only the most creditworthy borrowers qualify for the lowest rates
    • Loans over $20,000 may require additional underwriting review time
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    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.

1
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.
2
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.

3
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.

4
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.

5
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.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

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:

What is the best debt consolidation loan lender in Missouri?

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.

Which lender in Missouri has the lowest interest rate for debt consolidation?

Upstart has the lowest interest rate in Missouri at 3.22% for personal loans that are intended for debt consolidation.

What kind of debts can I not use my debt consolidation loan for in Missouri?

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.

How much debt can I consolidate in Missouri?

Depending on the lender and your creditworthiness, you can borrow anywhere from $1,000 to $100,000 to consolidate your existing debt in Missouri.

How long does it take to get a debt consolidation loan 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.

Can I pay off my loan early in Missouri?

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.

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METHODOLOGY

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
Shield Insurance

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.

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