Best Low-Income Loans in Missouri: Top Lenders and Rates for 2024

Updated: October 3, 2024

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Best Low-Income Loan Lenders in Missouri

MoneyGeek reviewed more than 30 personal loan lenders for over 35 key data points, including APR ranges, loan amount, repayment terms and Better Business Bureau (BBB) ratings to pick the best low-income loan lender in Missouri.

According to our study, Upgrade offers the best low-income loan in Missouri, followed by LendingClub. However, the best lender for you may vary based on your borrower profile. For instance, Upstart is the best for borrowers with bad credit, while Prosper is ideal for those with good credit.

Best Overall Low-Income Loan in Missouri: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    In 2016, Upgrade was formed with the goal of providing quality financial products and promoting good financial habits to customers. MoneyGeek ranked Upgrade as the best lender for low-income borrowers due to its low minimum credit score requirement and variable repayment term options.

    Though the lender’s APR is higher than its competitors, Upgrade’s fixed-rate loans give borrowers peace of mind knowing that their rate won’t fluctuate with the market. Borrowers can also reduce their APR by signing up for automatic payments.

    The lender’s loan amounts, ranging from $1,000 to $50,000, are relatively standard in comparison to other lenders. But one notable feature of Upgrade is its variable repayment terms; loan products feature repayment terms ranging from 36 to 60 months.

    While an Upgrade personal loan has many benefits, potential customers should be aware of the lender’s origination fee, which is 1.85% to 8% of the loan amount. The provider also charges fees for late and missed payments, which could further increase the original cost of your loan.

    Pros

    • Low minimum credit score requirement
    • No prepayment penalty
    • Joint loans available
    • Autopay discount
    • Variable repayment terms

    Cons

    • Origination fees between 1.85% and 8%
    • Potentially high APR
    • Late or missed payment fees
    • Restrictions on the usage of funds
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in Missouri: LendingClub


  • LendingClub

    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Since 2007, LendingClub has provided financial services, including low-income loans, to four million customers. MoneyGeek named LendingClub as the second-best low-income loan provider in Missouri based on its fast funding and low minimum credit score requirements.

    Borrowers can obtain a loan from $1,000 to $40,000 with repayment terms between 36 and 60 months. LendingClub is an ideal lender for those that need funds quickly, as most applicants obtain funding within one business day of their application being approved. Prior to applying for a loan, prospective borrowers should be aware of the lender’s high maximum APR — up to 36%. Those with poor credit scores may receive higher interest rates on their low-income loan with this lender.

    Pros

    • Joint loans available
    • Low minimum credit score requirement
    • Quick funding
    • Offers direct payment to creditors

    Cons

    • Origination fees between 2% and 6%
    • Potentially high APRs
    • Low maximum loan amount of $40,000
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: One business day
    LendingClub

Best Low-Income Loan for Bad Credit in Missouri: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart is an online lending platform that has provided funding to borrowers with poor credit scores since 2012. The lender uses artificial intelligence (AI) to evaluate a borrower’s eligibility, taking into account other factors besides credit score, like employment and education history.

    Because Upstart accepts borrowers with credit scores as low as 300, it is the perfect choice for those who are just beginning to establish credit or those who don't have a stellar credit history. Loan products range in amount from $1,000 to $50,000 and feature origination fees. Borrowers with poor credit may be subject to a high APR exceeding 35%. However, interested applicants can check their interest rate before applying without negatively impacting their credit score.

    Pros

    • Low minimum credit score requirement
    • Soft credit inquiry during rate check
    • Accepts part-time, full-time and self-employed borrowers
    • No prepayment penalty

    Cons

    • Potentially high APRs
    • Origination fees
    • Limited repayment term options
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next business day
    Upstart

Best Low-Income Loan for Good Credit in Missouri: Prosper


  • Prosper

    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Prosper, founded in 2005, is a peer-to-peer lending company that offers between $2,000 and $40,000 in loans to borrowers with a minimum credit score of 640. Through its online application, borrowers can choose their desired loan amount and get matched with potential lenders from the marketplace or private investors.

    With Prosper, borrowers can choose loan repayment terms between 36 and 60 months. Once your application is approved, you will most likely receive funding on the same business day. While there are no charges for paying off your loan early, you will have to pay a fee for late payments or check payments.

    The lender’s high maximum interest rate is a serious drawback, particularly for those with poor credit scores. However, borrowers with poor credit scores may be eligible for better rates by applying with a co-applicant.

    Pros

    • Fixed-rate loans
    • No prepayment penalty
    • Quick funding
    • Allows co-applicants

    Cons

    • Potentially high APRs
    • Late payment, check payment and insufficient funds fees
    • Origination fees
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in Missouri for You

In Missouri, residents have an average personal loan debt of $14,625 with an interest rate of 8.66%. Whether you’re taking out a loan for the first time or using your low-income loan to consolidate existing debt, it’s important to think about whether a loan is the best way to meet your financial goals.

MoneyGeek suggests taking the following steps to make the best decision with regard to obtaining a low-income loan in Missouri:

1
Ask Yourself the Important Questions

To save time and money, we recommend asking yourself the following questions before researching personal loan lenders:

  • How much funding do you need? Knowing your loan amount will help you avoid taking out too much or too little money. It will also help you short-list lenders, as most offer different loan amounts.
  • What’s your credit score? Your credit score will impact your interest rate and the lenders available to you. Those with higher credit scores will likely receive lower interest rates.
  • Can you afford the monthly payments? Making a higher monthly payment will reduce the amount you pay in interest, but it’s important to have money left over to cover other expenses. Choose a monthly payment amount that fits your budget and lifestyle.
  • Do you have existing debts? Consider repaying your current debt before taking out a low-income loan.
  • Is your debt manageable through other means? If you need money but don't want further debt, consider interest-free options, like borrowing from loved ones or taking advantage of a credit card's 0% introductory APR offer.
2
Do Your Research

Before applying for a loan, you should compare lenders for their APR ranges, repayment terms, loan amounts and eligibility requirements to find the best one for you. MoneyGeek’s recommendations can help get you started, but our research is based on an average borrower profile rather than your unique situation.

3
Wait

Short-list potential lenders based on your research, and give yourself time to choose the best one for your needs. Taking out a personal loan is a big deal, so now is the time to carefully consider alternative options.

4
Read the Fine Print

Any fees, like those for loan origination, prepayment or late payments, will be disclosed in the fine print of your loan agreement. It’s important to know about these costs before you submit your application so that you can budget accordingly.

5
Apply

Once you've vetted your lender, you may submit your application. Although online-only lenders are becoming more common, you may still be able to apply for a loan in person. Most lenders will require you to provide proof of identification, address and income. If you have any questions about the application process, you should contact your lender for more information.

What to Do if You Can’t Get a Low-Income Loan in Missouri

Don't let a rejection for a loan application discourage you from pursuing funding. Lenders often reject loan applications due to an issue with a borrower’s credit score, DTI ratio or application details.

If your application is declined, you should contact your lender to ask why. Sometimes, modifying the terms of your loan agreement, like the loan amount or repayment period, can lead to your application being approved. However, if the issue was your credit score, we recommend improving it first before reapplying.

It’s always best to avoid getting a payday loan. These lending products often feature high interest rates and short repayment terms that end up costing borrowers more money in the long term.

Calculate Your Monthly Payment

Prior to applying for a loan, it’s important to have an idea of how much you will need to pay each month. That way, you can budget accordingly. MoneyGeek’s personal loan calculator can help you approximate your monthly payment amount on your low-income loan.

years
months
%


Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+

Total monthly Payment
$123.31

FAQs About Low-Income Loans in Missouri

We answered some of the most frequently asked questions about low-income personal loans in Missouri to help you decide which lender is the best for you.

What is the best low-income loan lender in Missouri?
Which lender in Missouri has the lowest interest rates for low-income?
What kind of debts can I not use my low-income loan for in Missouri?
How much debt can I consolidate in Missouri?
How long does it take to get a low-income loan in Missouri?
Can I pay off my loan early in Missouri?

Methodology

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METHODOLOGY

MoneyGeek reviewed more than 30 personal loan providers for over 35 data points across six main categories — affordability, loan accessibility, user friendliness, customer service, flexibility and lender transparency.

We highlighted data points under each category that we believe are the most important to a consumer’s choice of lender. These include APR ranges, loan amounts, minimum income and credit score requirements, application fees and loan disbursement times.

At MoneyGeek, we are dedicated to helping customers achieve their personal financial goals. Before recommending a lender, we also considered whether it offers convenient features that improve the user’s overall experience, like prequalification, adjustable rates and mobile apps.

Through extensive research and analysis, we chose the best low-income lenders. Our expert tips and recommendations will help you make a well-informed financial decision when it comes to low-income loan products.

About Christopher Boston


Christopher Boston headshot

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.


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.