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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WHAT WE’RE GEEKING OUT ON

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


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    Our study shows LightStream is the best debt consolidation lender in Kansas City, Missouri. Established in 2012 as the online lending division of Truist Bank, it has become one of the leading personal loan providers in the country.

    A debt consolidation loan from LightStream offers many advantages. For instance, the most creditworthy borrowers in KCMO may be able to consolidate up to $100,000. It also offers joint loans, letting partners or spouses merge debts into one account.

    However, LightStream doesn’t offer direct payment to creditors or allow co-signers. You also need to take out at least $5,000.

    Pros

    • Has high maximum loan limits
    • Provides a discount when you sign up for automatic payments
    • No prepayment penalty
    • Has a mobile application

    Cons

    • Doesn’t have loan pre-approval
    • Lowest APRs require excellent credit
    • No option for direct payment to third-party creditors
    LightStream

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


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi is MoneyGeek’s runner-up for the best debt consolidation lender in Kansas City, Missouri. Launched by Stanford business students in 2011, SoFi has granted over $50 billion in loans to millions of members.

    A SoFi consolidation loan might be a great option if you want to pay off several high-interest debts. It has a high loan cap of $100,000, which could let you convert a lot of debt into a single account at a lower fixed APR. SoFi doesn’t charge origination, late payment and prepayment fees. However, it does provide a 0.25% discount for autopayments.

    This lender's debt consolidation loan is only open to people with a credit score of 680 and above. Also, its minimum and maximum APRs are higher than LightStream's.

    Pros

    • Offers loss of employment protection
    • Has a fast prequalification process
    • Doesn’t charge origination fees, late fees and prepayment penalties
    • Accepts loans with co-applicants
    • Has mobile app

    Cons

    • Applicants with no credit history don’t qualify
    • No option to have a co-signer
    • Personal loans over $20,000 have longer waiting times due to underwriting review
    SoFi

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


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    MoneyGeek found Upstart to be the best debt consolidation lender in Kansas City, Missouri, for those with bad credit. Launched by former Google employees in 2012, it's an AI-powered marketplace for personal loans

    Upstart has a rock-bottom minimum credit score requirement of 300. Borrowers with credit at that level can't get the lowest rates or highest amounts. However, an Upstart personal loan may help build or rebuild one’s credit history.

    This lender charges origination fees and doesn’t offer autopayment discounts. Further, it has a maximum APR that's higher than most credit cards' APRs.

    Pros

    • Lowest credit score requirement
    • Offers personal loans to borrowers with no credit history
    • Doesn’t charge prepayment fees
    • Very low minimum APR
    • Joint loans are available

    Cons

    • Relatively low loan amount cap
    • Borrowers with bad credit may get very high maximum APRs
    • Doesn’t have a mobile app
    Upstart

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


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    If you have good credit, you may find Upgrade is the best personal consolidation loan lender in KCMO. You only need a fair credit score of 560 to qualify.

    Upgrade also offers direct payment to creditors for debt consolidation and the option to apply for a joint loan.

    However, Upgrade isn't necessarily perfect for everyone. The company charges origination and late fees.

    Pros

    • Has a fair credit score requirement
    • No prepayment fees
    • Offers a discount for signing up for automatic payment
    • Accepts joint loans
    • Directly pays creditors

    Cons

    • Relatively low loan amount cap
    • Charges for late payments
    • Has potentially high origination fees
    Upgrade

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
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.