Top Lenders & Best Picks for You
Best Personal Loans in Kansas City, MO
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, MO
MoneyGeek determined the best personal loan lenders in Kansas City, MO, using more than 30 data points. These include BBB ratings, loan affordability and accessibility, credit score requirements, APR ranges, income requirements, disbursement period, customer service and origination, prepayment and late fees.
From the findings, LightStream is the best lender in the city overall, while SoFi is the best for residents with good credit. Upstart earned the top spot for borrowers with bad credit, while Upgrade was the best for debt consolidation and Best Egg for home improvement.
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
Missouri has an average personal loan debt of $14,625. While a personal loan can help you settle emergency costs such as funeral expenses, debt consolidation and medical bills, you need to determine whether getting one is the right choice for you. You will also need to consider factors like your monthly income, credit score and debt-to-income ratio.
While shopping around for the best personal loan provider in Kansas City, here are some of the steps you should follow:
Ask Yourself the Important Questions
Before you apply for a personal loan, you should make several considerations, including how the loan might influence your financial stability. Take the time to review alternative funding options and compare requirements across lenders to establish whether you can meet them. Some key questions to ask yourself before submitting your application include:
- How much funding should you request and what’s the purpose of the loan?
- What is your credit score?
- How much is the monthly premium?
- What are your existing debts?
Do Your Research
Different lenders review your loan application based on different requirements and charge varying fees depending on the terms associated with the loan. Thorough research can help you identify the best lender and personal loan option for your needs.
MoneyGeek analyzed the loan requirements across lenders in Kansas City to ensure you get the best option for your situation. You may also need to conduct your own research to identify other personal loan products that may have been excluded from our analysis.
Typically, the duration for loan repayments is two to four years, and if your lender conducts a hard credit check, your credit score may get impacted negatively. That’s why you need to compare terms across lenders and choose a loan with the most favorable terms before applying.
Wait
Once you settle on the best lender, take a few days to think through your decision and your financial obligations. Getting a personal loan is a huge commitment, and you need to determine whether the loan will meet your financial objectives before submitting your application. Unless the loan is necessary, you may consider finding alternative funding for your need.
Read the Fine Print
Going through the terms of your loan and reviewing the associated fees helps you eliminate any unnecessary costs associated with the offer.
The lender provides you with an outline of all the terms and conditions of the loan. Ensure you understand the repayment amount and other costs like late payment and origination fees.
Apply
If you are happy with your decision, you can proceed and complete the application process. Ensure you have all the required information, including your personal and contact details and proof of income. Although you can submit all the information online, you may also call or visit the lender’s office if you prefer.
What to Do if You Can’t Get a Personal Loan in Kansas City
Your lender may deny you a personal loan for several reasons, including a poor credit score, high debt-to-income ratio, failure to meet the income threshold or incomplete application documents.
If your application gets rejected, you need to contact the lender to understand why this happened and make the necessary adjustments to your application. For instance, you may need to reduce the loan amount, shorten the repayment period or add a co-signer to the application to get it approved.
If necessary, you may also submit your application to a different lender, although you may first need to rectify the issues that caused your submission to get rejected by the initial lender.
After rejection, you may opt for payday loans. While these may help fund emergencies quickly, the interest rates are incredibly high and the terms are short, meaning they often get people into more financial trouble than they were already in.
Frequently Asked Questions About Personal Loans in Kansas City
The best personal loan in Kansas City for your needs will vary depending on a variety of factors, including your credit score, income level and debt-to-income ratio. MoneyGeek answered some of the most commonly asked questions about personal loans in the city to help you find the ideal lender.
The best overall personal loan provider in Kansas City, Missouri, is LightStream. However, the best lender may vary depending on your unique situation. For instance, MoneyGeek recommends SoFi for borrowers with good credit, Upstart for bad credit, Upgrade for debt consolidation and Best Egg for home improvement.
Upgrade offers the lowest interest rate to personal loan applicants in Kansas City. Well-qualified borrowers can get an APR of 3.22%.
You can use your personal loan to fund many different expenses, including vacation costs. However, some lenders may have restrictions on how you can spend the funds. Check with your personal loan provider to determine if there are any restrictions that you need to know before submitting your application.
Most personal lenders allow you to use the funds for home repair and renovation. If you are not sure whether this applies to your case, be sure to consult your lender.
Kansas City borrowers can use their personal loans to cover many expenses. However, your lender may have limitations on how you spend the funds. For instance, some lenders may prohibit you from using the loan to refinance other loans, pay for college education, invest in a business or fund gambling activities.
How much you can borrow in Kansas City as a personal loan depends on the lender. On average, you can get between $1,000 and $100,000.
The time between submitting your application and receiving the funds varies across lenders. In some cases, you will receive the funds in a day, and in other cases, you may have to wait for as long as one week.
Some lenders will allow you to make early payments, while others may charge a prepayment penalty. You may need to read the fine print of the loan agreement or contact your lender for clarification on early payments.
Our Personal Loan Methodology
MoneyGeek utilized 35+ individual data points across six key categories to review more than 30 personal loan lenders. These categories include loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
For each category, we reviewed various data points that carry the most weight when selecting a personal loan provider. The data points include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
To ensure consumers get the best value from this study, MoneyGeek also analyzed each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.
Our top picks are selected in the best interest of our customers. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "Personal Loans." Accessed June 14, 2022.
- SoFi. "Frequently Asked Questions." Accessed June 14, 2022.
- SoFi. "Personal Loans." Accessed June 14, 2022.
- Upstart. "Personal Loans." Accessed June 14, 2022.
- Upgrade. "Are there any fees?." Accessed June 14, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed June 14, 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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