Best Low-Income Loans in Missouri: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in Missouri
- Runner-Up for Best Overall Low-Income Loan Lender in Missouri
- Best Low-Income Loan Lender for Bad Credit in Missouri
- Best Low-Income Loan Lender for Good Credit in Missouri
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in Missouri
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Missouri
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.
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.
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.
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.
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.
Upgrade is the best low-income loan lender in Missouri. However, the best lender for you may vary depending on your borrower profile. For instance, Upstart offers the best rates for people with bad credit, while Prosper is excellent for people with good credit.
Upstart offers the lowest starting interest rate. That said, only those with excellent credit scores are likely to receive it.
Some lenders don’t allow funds to be used for postsecondary education, business investments, debt consolidation or gambling. It’s important to share your financial plans with the lender before submitting an application to inquire about any restrictions they have on their loans.
The amount of debt you can consolidate in Missouri varies by lender. In general, you can consolidate up to $50,000, depending on your lender and borrower profile.
When it comes to processing low-income loans, different lenders have varied turnaround periods; some offer same-day funding while others process funds after a few days.
You may pay off your low-income loan early, but you may be subject to a prepayment penalty depending on your lender.
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.
sources
- LendingClub. "Personal Loans." Accessed October 27, 2022.
- LendingClub. "Qualifying for a Personal Loan." Accessed October 27, 2022.
- Prosper. "Stress Less with Low-Interest Online Personal Loans." Accessed October 27, 2022.
- Prosper. "Personal Loan FAQs." Accessed October 27, 2022.
- Upgrade. "Personal Loans." Accessed October 27, 2022.
- Upgrade. "Personal Loans FAQ." Accessed October 27, 2022.
- Upstart. "What Fees Am I Charged?." Accessed October 27, 2022.
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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