Best Personal Loans in Kansas for 2024
Updated: April 24, 2024
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First Tech and PenFed are MoneyGeek's top choices for personal loans in Kansas, scoring 98 and 96 out of 100, respectively. They're recommended for excellent customer support, fair interest rates and clear processes. MoneyGeek picked the best lenders after looking at their reputations, APRs, minimum credit score requirements and loan terms.
According to Experian data from 2023, the average credit score in Kansas is 723, which means the average borrower in Kansas is likely to get good loan terms. In addition to your credit score, personal loan lenders consider your income history and debt-to-income ratio when checking your loan application.
- First Tech
- 98MoneyGeek Score
- 8.94% to 18.00%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 6 to 84 monthsRepayment Terms
First Tech is MoneyGeek's pick for the best personal loan lender in Kansas, scoring 98 out of 100. It offers APRs from 8.94% to 18.00%, lower than many lenders analyzed by MoneyGeek. Its repayment terms range from six to 84 months, providing flexibility comparable to the best in the market. First Tech offers competitive rates and fees, excellent customer service and an educational support system, helping borrowers understand and navigate their loan options efficiently.
Pros
- Insured by the National Credit Union Administration (NCUA)
- No early repayment penalty
- Provides granular APR data for a variety of loan terms
Cons
- Need to be a member to apply
- Could provide more detail on the loan application process
- Little published information about credit score requirements
Overall Best Personal Loan Lender in Kansas
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed is the second-best personal loan lender in Kansas, with a MoneyGeek score of 96 out of 100. It offers a competitive APR range from 7.99% to 17.99%. It also features repayment terms of up to 60 months, providing borrowers with flexibility. The credit union excels in loan flexibility and transparency, ensuring a user-friendly experience and clear guidance for borrowers.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Insured by the National Credit Union Administration (NCUA)
Cons
- Longer time to wait for loan approval compared to other lenders analyzed
- No information provided about credit score requirements
- $50 minimum monthly loan payment
Runner-Up for Best Personal Loan Lender in Kansas
The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.
— Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
- Happy Money
- 94MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
Happy Money is MoneyGeek's pick for the best personal loan option in Kansas for borrowers with low credit, with a 94 out of 100 score. Although not a traditional lender, Happy Money partners with financial institutions to offer loans, standing out for transparency and customer education. It offers APRs ranging from 11.72% to 17.99%, lower than most competitors for similar credit tiers. It has a minimum credit score requirement of 640. Its strength lies in providing upfront information, educational resources and robust support services.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders it works with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Kansas for Bad Credit
- Alliant Credit Union
- 96MoneyGeek Score
- 10.99% to 13.99%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
MoneyGeek's pick for the best lender for debt consolidation personal loans in Kansas is Alliant Credit Union, scoring 96 out of 100. Alliant Credit Union, an online-only bank, requires you to be a member in good standing for 90 days to be eligible for a personal loan. It offers competitive APRs from 10.99% to 13.99%, lower than many lenders reviewed. Alliant discloses rates and fees, maintains a strong reputation and transparency and ensures borrowers are well-informed.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No prepayment penalties
Cons
- An online-only credit union with no physical branches
- Membership requirement of 90 days before applying
Best Personal Loan Lender in Kansas for Debt Consolidation
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in Kansas
When seeking a personal loan in Kansas, lenders will assess your credit score, income, and debt-to-income ratio to determine your creditworthiness. A higher credit score can lead to more favorable loan terms and lower APRs, so consider improving your credit before applying.
Refer to the table below to see how your credit score might affect your monthly loan payments.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Kansas
Personal loans offer the advantage of consolidating various debts at a lower interest rate and the convenience of a simple, quick application process. However, you should be aware of risks such as origination fees and the danger of accruing unnecessary debt.
For a thorough understanding, consider weighing the pros and cons of personal loans to assess whether they align with your financial goals.
FAQ About Personal Loans in California
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the top lender for personal loans in Kansas is First Tech, with a MoneyGeek score of 98. Its average APR is estimated to be 13.5%.
In Kansas, personal loans are available from online lenders, banks and credit unions. For those seeking in-person services, local credit unions like CommunityAmerica Credit Union provide such options.
PenFed offers the lowest starting APR for personal loans in Kansas at 7.99%, as noted by MoneyGeek's analysis. An excellent credit score is often necessary to secure a low rate.
You can use personal loans in Kansas for various purposes, such as consolidating debt, covering emergency circumstances or financing home repairs. However, personal loans can't be used for gambling or illegal activities.
When considering personal loan red flags, be cautious of extremely high APRs, lack of transparency about the lender and federal insurance, and a high incidence of poor consumer reviews. Additionally, be wary of lenders not requiring identity or income verification.
Yes, lenders consider income level, but that's part of a broader assessment. They evaluate your debt-to-income ratio, credit score, employment history, type of employment and credit history, among other factors. It's prudent to avoid opening new credit lines while seeking a personal loan, as this could affect your application.
sources
- Experian. "What Are the Different Credit Scoring Ranges?." Accessed April 9, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 9, 2024.
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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