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

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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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


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


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


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

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.
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.


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.

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.


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.


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?


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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.

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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.