Best Debt Consolidation Loans in Kansas City (MO) of 2024

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Edited bySarah Mattie

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Kansas City, MO

Here, MoneyGeek gives you its picks for the best loans for consolidating debt in Kansas City, Missouri. We evaluated each lender using more than 30 data points, such as terms and conditions, requirements and penalties.

Based on these criteria, we recommend LightStream for KCMO consolidated loan borrowers. However, our recommendations aren't universal, and you should always dig deeper.

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Best Overall Debt Consolidation Loan in Kansas City, MO: LightStream

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Runner-Up for Best Debt Consolidation Loan in Kansas City, MO: SoFi

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Best Debt Consolidation Loan for Bad Credit in Kansas City, MO: Upstart

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Best Debt Consolidation Loan for Good Credit in Kansas City, MO: Upgrade

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How to Choose the Best Debt Consolidation Loan in Kansas City, MO

Across Missouri, consumers have an average personal loan of $14,625 at 8.66% interest. Lenders evaluate your creditworthiness based on your income and credit profile.

MoneyGeek outlines the steps to finding the right debt consolidation loan in Kansas City, Missouri, below.

1

Ask Yourself the Important Questions

Have a close look at your financial status and weigh your options. Ask yourself the following questions:

  • How much funding do you need? Get a solid idea of the amount you need, not the amount you want.
  • What’s your credit score? Make sure you meet the lender’s eligibility requirements.
  • Can you afford the monthly payments? Make sure you can pay these monthly installments.
  • Do you have existing debts? Be sure your debts can be consolidated under a single personal loan at a lower APR.
  • Is your debt manageable through other means? Explore other options for paying off your debts.
2

Do Your Research

Compare rates from consolidation loan lenders in KCMO to identify what meets your needs and offers the lowest interest rates.

To take a load off your shoulders, MoneyGeek has provided this list of the best KCMO debt consolidation loans. But, these are general recommendations and may not apply to all borrowers.

3

Wait

After you’ve selected a lender, wait a day or two before submitting your application. This may let you assess your motivations and preparedness before taking the plunge.

4

Read the Fine Print

Avoid being blindsided by thoroughly reading the terms in the loan agreement. It contains all details on factors like late payment, origination and prepayment fees. Ask questions, and don't hesitate to walk away if you feel uncomfortable.

5

Apply

Generally, lenders ask for your ID, address and income. Others may need additional documents. Nowadays, you can generally fill out an online application. But some KCMO lenders let you complete the loan application in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Kansas City, MO

Any type of rejection may feel like a huge blow, more so if it involves finances. But don’t be disheartened if your debt consolidation loan application gets turned down. This can happen to anybody, especially without stellar credit.

If your debt consolidation loan in Kansas City is rejected, contact your lender and ask why. You can also see if you can negotiate with them by lowering your amount or shortening terms.

You can wait to receive your adverse action notice to find out why your loan was denied, but it may be too late to negotiate.

Although applying for a loan with a different lender is possible, you must make sure you’ve fixed any issues to avoid facing another rejection.

But if you’re considering getting a subprime or payday loan, we recommend against it. These come with interest rates of up to 400% and very short terms that could make repayment difficult.

Calculate Your Monthly Payment

Before moving ahead with your debt consolidation personal loan, ensure you can pay for it. Use MoneyGeek’s personal loan calculator to find out about the loan you could get.

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Frequently Asked Questions About Debt Consolidation Loans in Kansas City, MO

Your needs and finances determine which consolidation loan in Kansas City, Missouri, is best for you. Below are MoneyGeek’s answers to the most common questions about this topic.

MoneyGeek found LightStream is the best debt consolidation loan lender in KCMO. That said, your needs and financial profile determine which lender may be ideal for you. For instance, borrowers with bad credit may have better chances of approval from Upstart than from another lender.

In KCMO, Upstart offers the lowest possible APR for debt consolidation loans. However, you must have excellent credit to qualify for this interest rate.

Debt consolidation loan restrictions vary by lender. For instance, some won't let you use your loan to consolidate education debts; others are fine with it.

Depending on your creditworthiness, consolidation loan lenders in Kansas City can offer $1,000 to $100,000.

Loan processing depends on the lender. Some take a day to approve and disburse loan funds, whereas others take a week.

Yes, you can pay off loans early, but some lenders charge a prepayment penalty.

Methodology

METHODOLOGY

MoneyGeek reviewed more than 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 data points we feel carry the most weight when choosing a lender. These factors include APR ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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.

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 our editorial policies and expert editorial team.