Top Lenders & Best Picks for You
Best Personal Loans in Kansas City, KS
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Kansas City
- The Best Personal Loan Lender for Bad Credit in Kansas City
- The Best Personal Loan Lender for Good Credit in Kansas City
- The Best Personal Loan Lender for Debt Consolidation in Kansas City
- The Best Personal Loan Lender for Home Improvements in Kansas City
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Kansas City
MoneyGeek's Picks for Best Personal Loan Lenders in Kansas City, KS
MoneyGeek examined the top personal loan lenders in Kansas City for over 35 data points. We compared loan availability and affordability, APR ranges, terms, minimum credit score and income requirements, origination and late fees, disbursement time, customer service, BBB ratings and other features. The data was then used to select the best lender for specific borrower profiles.
According to this research, LightStream is the best overall lender in Kansas. However, depending on your needs, another lender may be a better fit. For example, SoFi is best for borrowers with good credit, while Upstart is best for those with no credit history or a low credit score. Upgrade is also the best lender for debt consolidation, and Best Egg offers the best personal loans for home improvement projects.
Best Overall Personal Loan Lender in Kansas City: Lightstream
Best Personal Loan Lender for Bad Credit in Kansas City: Upstart
Best Personal Loan Lender for Good Credit in Kansas City: SoFi
Best Personal Loan for Debt Consolidation in Kansas City: Upgrade
Best Personal Loan for Home Improvement in Kansas City: Best Egg
How to Choose the Best Personal Loan Lender in Kansas City for You
Personal loans are sought after by individuals for a variety of reasons. It could be for home improvement projects, debt consolidation, auto financing, moving costs, medical bills or educational costs. In Kansas, the average personal loan is $18,093. To determine your eligibility, your lender will check your credit score, monthly income and DTI ratio.
We recommend following the steps below to find the best personal loan in Kansas City:
Ask Yourself the Important Questions
Before applying for a personal loan, it’s important that you assess your current financial situation. At a minimum, you should ask yourself the following questions:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Lenders have different terms, fees and rates, so it’s important that you research each lender to find the best fit for you. MoneyGeek’s guide is a great place to start, but our recommendations are for general borrower profiles. You may be able to find a lender that’s best for your situation by doing some research.
Wait
Once you’ve selected your chosen lender, it’s important that you wait a few days before submitting your application. Taking out a personal loan is a huge financial commitment — repayment terms can be up to seven years — so it’s crucial that you’ve thought through and are confident with your decision.
Read the Fine Print
It’s easy to overlook details when comparing personal loans from various lenders, but it’s important that you read the fine print to save money on potentially hidden fees. Once you’ve selected a lender, you should research their fees, including prepayment penalties, late fees and origination fees. We also encourage you to check the interest rates and collateral requirements that may be in place.
Apply
At this point, you should be confident in your lender selection and have all of the information you need to apply. Identity verification, address verification, and proof of income are all standard loan application requirements for lenders. Even if applying online is more convenient, calling or visiting the lender in person may be a better option.
What to Do if You Can’t Get a Personal Loan in Kansas City
If your loan application is rejected, you should contact the lender to find out why it was denied. Sometimes, you can make changes to your loan application, like shortening the loan term or lowering the loan amount, for it to be approved. Other times, you may have been denied due to a low credit score or insufficient income. Before you reapply with the lender or apply with a different lender, you should work on improving your application to increase your chances of approval.
Following a rejection, some people may seek out payday loans. However, MoneyGeek strongly warns against this, as these loans have extremely high-interest rates and short repayment periods. Even if you pay on time and in full, your credit score will not improve.
Frequently Asked Questions About Personal Loans in Kansas City
Your specific needs and financial history will determine the best personal loan lender in Kansas City for you. To help you make the best decision, we've answered some of the most frequently asked questions about personal loans in Kansas City, KS:
The best overall personal lender in Kansas City is Lightstream. But, for those with good credit, the best lender is SoFi, and for those with bad credit, the best is Upstart. Upgrade and Best Egg are the best lenders to get personal loans for debt consolidation and home improvements, respectively.
LightStream offers personal loans in Kansas City with APRs ranging from 2.49% to 20.49%.
Personal loans can be used for a variety of purposes, including vacation costs. However, not all lenders permit the use of their loans for any purpose. It’s best to check with your lender to see if there are any restrictions on how you can use your loan.
Most personal loans can be used for home improvement. When in doubt, check with the lender to see if there are any restrictions.
Personal loans can be used for virtually any purpose. However, some lenders may impose restrictions on how you use the loan. Some lenders forbid their loans from being used to refinance mortgages or other loans, for educational purposes, for business capital, to purchase bonds or stocks or for illegal or gambling purposes.
The maximum amount you can borrow varies for every lender. Depending on the lender, you may qualify for a loan ranging from $1,000 to $100,000.
Each lender has a different timetable for funding your loan. Some lenders process personal loans within a day to a week.
Lenders may charge you a prepayment fee if you pay off a personal loan before the end of its term. Some lenders do not charge you a fee if you repay your loan early. It's best to consult with your lender or read the fine print in your loan agreement.
Our Personal Loan Methodology
Over 30 personal loan lenders were evaluated using 35+ individual data points in six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We considered several individual data points within each ranking criteria category that we believe are most important when choosing a personal loan lender. These factors are APR ranges, available loan amount, minimum credit score, income amount, application fees and disbursement time.
At MoneyGeek, we value you, the consumer, so we consider each lender's customer service, business ratings, and additional features that may make your experience easier and more accessible, such as prequalification, payment options and mobile apps.
After careful consideration and calculation, our decisions are made with your best interests in mind. Our loan recommendations and expert advice help you make the best decision when looking for a lender that meets your needs.
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.