Best Debt Consolidation Loans in St. Louis of 2024
Updated: September 20, 2024
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To help you choose the best lender for your needs, MoneyGeek evaluated providers for over 30 data points, including interest rates, loan restrictions, minimum credit score requirements, loan amounts and customer service.
Based on MoneyGeek’s criteria, the top-ranked loan lender in St. Louis for debt consolidation loans is LightStream.
MoneyGeek’s pick for the best debt consolidation loan in St. Louis is LightStream. With same-day funding and a high borrowing limit of $100,000, LightStream offers fast and convenient personal loans that can easily be managed through its mobile application.
Overall, LightStream is a good fit for those looking to consolidate higher loan amounts, such as auto loans and credit card debt. Unlike other borrowers, LightStream has no prepayment penalties, relatively affordable interest rates and a range of flexible repayment terms between two and seven years.
However, LightStream loans cannot be used to pay off student debt or existing loans with the company. Those who wish to borrow smaller amounts should note that the minimum amount you can borrow is $5,000. In addition, LightStream has a credit score requirement of 660, so those with a poor credit score may not qualify.
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SoFi was established in 2011 and offers a number of financial services, including loans and refinancing. MoneyGeek found that SoFi is a strong debt consolidation lender due to its rapid funding, range of discounts, flexible payment terms and high maximum loan amount.
One major perk of applying with SoFi is that you can do everything online. On SoFi's website, you can receive pre-approval and check your interest rates without your credit score being impacted. With unemployment protection, SoFi will also allow you to temporarily stop making payments in the event you lose your job. This is a feature rarely offered by other lenders.
Although there are several advantages to choosing this lender, only those with the highest credit scores will qualify. Furthermore, its minimum loan amount of $5,000 is quite high in comparison to other lenders and may be more than most people need to consolidate their debt.
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Upstart was established in 2012 with the goal of making financial products more accessible to individuals with poor credit. Because of its low credit score requirement of 300, MoneyGeek chose Upstart as the best debt consolidation loan provider in St. Louis for those with bad credit.
The lender provides a soft credit check during the prequalification process that won’t harm your credit score. You also have the option to repay your loan early without incurring any fees. With a low starting minimum loan amount of $1,000, Upstart is well suited to those looking to consolidate smaller debts.
Although the lender provides loan products to those with poor credit, borrowers should be mindful that they may receive a high APR. Because of this, those with fair credit may consider a different provider that offers more favorable terms.
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Founded in 2017 in San Francisco, California, Upgrade is MoneyGeek’s top pick for individuals in St. Louis with good credit looking to consolidate debt. Those with the highest credit scores may qualify for the lowest starting interest rate, though it accepts applicants with a minimum credit score of 560.
However, borrowers should note that they may be charged ACH return and check refund fees as well as late fees in the event of payment issues with Upgrade. Despite this, it is a good option for debt consolidation since it pays third-party lenders directly and even provides a discount for doing so. You may also get a discount for automatic payments.
If you’re having trouble qualifying for a loan on your own, Upgrade also offers joint loans. When you apply with another individual, both your credit histories are considered, and the co-applicant is also liable for repaying the loan.
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The average borrower in Missouri has $14,625 in personal loans. A debt consolidation loan can be used to reduce this amount and repay it faster.
If you're considering applying for a debt consolidation loan in St. Louis, MoneyGeek outlined the following steps you should take to make sure it’s the best decision for you:
Before applying, ask yourself if you really need a loan to consolidate your debt.
Since a debt consolidation loan takes between two and four years to repay, you should research different lenders to make sure you’re getting the best rate and terms. Some lenders run extensive credit checks that lower your credit score, so you should minimize the amount of loan applications that you submit.
MoneyGeek’s guide outlines the best debt consolidation lenders in St. Louis for general borrower profiles, but our findings may not best fit your unique circumstances.
After you’ve identified the best lender for your needs, it’s important to wait a few days before you apply. During this time, you can reflect on your options and consider if a debt consolidation loan is best for you.
Failure to read the fine print of your loan agreement could cost you a significant amount of money. Frequently, hidden costs, such as those for loan origination, late payments and prepayment penalties, are included in the agreement.
If you don't fully understand all the terms and conditions that are stated in the fine print, speak with a financial expert or your preferred lender.
When you've accomplished the steps above, verified your lender's requirements and are happy with your decision, you're ready to sign up. To expedite your application process, you can gather the required materials in advance. Typically, lenders request that you provide proof of identification, address and income, but they may request additional documents depending on the provider.
Although you can apply for a loan online, it may be beneficial to speak with or call your selected lender if you have any concerns about your loan.
If your loan application for a debt consolidation loan is declined, you shouldn’t give up. First, contact the lender directly to find out why your application was rejected. A number of reasons like a low credit score, insufficient income or incomplete application could have caused your loan to be declined.
Often, simply modifying the terms of your loan agreement, like your repayment term or loan amount, could help you gain approval. If your credit score caused you to be rejected, you may want to work on improving it first before you reapply.
Some borrowers may be tempted to take out a payday loan that features minimal application requirements. However, MoneyGeek strongly advises against this. Payday loans feature high interest rates and very short repayment terms. If you can't make timely payments, you may end up with even more debt.
It's important to remember that personal loans must be paid back in periodic monthly installments at a specified interest rate. To estimate your approximate monthly payment, you can use MoneyGeek's calculator.
You can choose the best debt consolidation loan in St. Louis based on your requirements and financial situation. MoneyGeek answered a few frequently asked questions to help you find the best option for your needs.
LightStream is the top provider of debt consolidation loans in St. Louis, based on MoneyGeek's research.
Upstart offers the lowest rate for debt consolidation. However, your actual interest rate will depend on your credit score.
Restrictions on the usage of funds vary by lender, so it’s important that you check with your chosen provider to see if they have any limitations.
Although this also varies by provider, in general, you can consolidate between $1,000 and $100,000 in debt.
Typically, it takes between one to two business days to receive a debt consolidation loan in St. Louis, but this varies by provider.
Although it’s possible to pay off your debt consolidation loan early, it’s advisable to check the terms and conditions because some lenders charge prepayment penalties.
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 individual data points that we feel carry the most weight when choosing a personal loan 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 that meets your needs.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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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