Best Personal Loans in Missouri for 2024

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Reviewed byAlvin Yam, CFP
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Updated: April 11, 2024

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First Tech and PenFed are the top lenders for personal loans in Missouri, with MoneyGeek scores of 97 and 96, respectively. They rank high because of their excellent customer service, competitive interest rates and transparent terms.

MoneyGeek weighed factors like reputation, transparency, APR, minimum credit score requirements and loan term options to identify the best lenders. Your credit score, income and debt-to-income ratio influence your loan's terms and availability.

Based on Experian data from 2023, Missouri's average credit score is 714. This means that the average borrower in the state may have a good chance to get a loan with favorable terms, as lenders generally consider this a good credit score. However, those below the average may find it more challenging to get favorable interest rates.

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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

According to our analysis, lenders in Missouri offer personal loan products averaging about 57 months. 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.

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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 Missouri

When seeking a personal loan in Missouri, be aware of your creditworthiness, which includes factors such as your credit score, income and debt-to-income ratio. Lenders will use these elements to establish terms and also assess factors like reputation, APR ranges, loan term flexibility, and minimum credit scores.

A higher credit score often leads to more favorable loan terms and APRs; it could be advantageous to improve your credit score before you apply. Use the table below to see how different credit scores may affect your monthly loan payments.


This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that 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 Missouri

Personal loans offer several advantages, like potentially lower interest rates for qualified borrowers, the convenience of bundling high-interest debts into one manageable payment and the flexibility of using the funds for several purposes without strict spending constraints. However, it’s important to consider that personal loans may also introduce risks, such as origination fees and the hazard of losing assets when using secured loans. For a balanced view, understanding the personal loan benefits and drawbacks is essential.


FAQ About Personal Loans in Missouri

MoneyGeek has answers to your questions about personal loans, which can help you make an informed decision before applying.

According to MoneyGeek's analysis, First Tech is the best lender in Missouri for personal loans, with a MoneyGeek score of 97. First Tech's average APR is 12%.

In Missouri, individuals can obtain personal loans from online lenders, credit unions and banks. For those preferring local, in-person services, Missouri Credit Union, Central Missouri Community Credit Union and First Missouri Credit Union are among the local credit unions offering personal loans.

PenFed offers some of the lowest APRs on personal loans in Missouri, starting at 7.99%. The best option for you might differ based on personal needs and financial situation, and securing a low rate often requires an excellent credit score.

In Missouri, the restrictions on the use of personal loan funds depend on the lender. Generally, you can use personal loans for various needs like emergency circumstances, vacation or travel, and home or auto repair. Personal loans cannot be used for college tuition or illegal activity.

When considering personal loans, watch out for extremely high APRs, a lack of transparency about the loan originator's federal insurance and unusually strict repayment penalties. Red flags also include a high volume of poor consumer reviews or negative public spotlight regarding predatory practices.

Yes, lenders do consider income level when evaluating an application for a personal loan, but it's part of a broader assessment that includes debt-to-income ratio, credit score, employment history and credit history. Opening new lines of credit during the application process can influence your chances of obtaining a loan.

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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.