Top Lenders & Best Picks for You

Best Personal Loans in Saint Louis, MO

Updated: October 16, 2024

Advertising & Editorial Disclosure

MoneyGeek’s Pick for Best Lender in Saint Louis, MO: LightStream

When choosing the best personal loan in Saint Louis, borrowers must analyze their needs and financial standing. MoneyGeek evaluated more than 30 factors and data points to determine the most suitable personal loan options and lenders according to different borrowers’ profiles in the city.

The factors that were analyzed include loan amounts, fees, repayment schedules, penalties, BBB ratings and more.

Best Overall Personal Loan Lender in Saint Louis: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream was ranked as MoneyGeek’s top overall personal loan lender in Saint Louis. This lender charges no origination fees and no late payment fees. Plus, the APR can be as low as 4.49%. Better yet, you can receive your loan on the same day you apply. LightStream received an A+ rating from the BBB.

    This lender has a mobile app that you can use to check your loan details, and the application process is done online. LightStream is the online consumer lending division of SunTrust Bank, which was launched in 2013.

    One thing that may concern borrowers is that LightStream doesn’t offer loans to individuals having no or new credit history. Additionally, the minimum credit score requirement is 660.

    Pros

    • A+ BBB rating
    • 0.5% autopay discount
    • No origination, prepayment or late fees
    • No minimum income requirement
    • Mobile app available

    Cons

    • Hard credit inquiry
    • Doesn’t accept people with new or no credit history
    • Won’t accept co-signers
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same-day
    LightStream

Best Personal Loan Lender for Bad Credit in Saint Louis: 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 the best lender in Saint Louis for borrowers with bad credit. This lender only requires a credit score of 300.

    The company was founded in 2012 and it currently serves 48 states. You can receive your loan funds within one to two days after your application is accepted. Upstart does a soft inquiry, so your credit score doesn’t go down when you apply.

    However, if you are looking for a larger loan amount, then Upstart may not be a great option. The maximum loan amount they offer is $50,000. Another factor to keep in mind while applying for a personal loan from Upstart is that they ask for a DTI (debt-to-income) ratio limit of 45%.

    Pros

    • A+ BBB rating
    • Low credit score requirement
    • No penalty for prepaying your loan
    • Soft inquiry
    • Fast funding
    • Joint loans available

    Cons

    • Potentially high origination fee of 8%
    • No autopay discounts
    • $15 late fee
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Upstart

Best Personal Loan Lender for Good Credit in Saint Louis: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi was established in 2011 and offers a variety of financial products, including personal loans. It is our top pick for borrowers who have good credit scores since the minimum credit score requirement is 680.

    SoFi can be a great option for borrowers who opt to use the autopay feature since there is a 0.25% discount. The lender charges no origination fee and also doesn’t charge any penalty for prepayment. Furthermore, there is no late fee. All these features combined can help you save money.

    One of the major benefits of getting a personal loan from this lender is the unemployment benefit that it provides. If the borrower loses their job, SoFi temporarily modifies the repayment of loans.

    That said, if you have a credit score that is below 680, SoFi may not be the best option for you. Additionally, it requires a minimum gross income of $50,000 to get a personal loan. Also, it can take up to one week to disburse loans in certain circumstances. So, if you need the money immediately, this lender may not be a good fit for you.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • 0.25% autopay discount
    • Mobile app available
    • Joint loans available

    Cons

    • Minimum gross income requirement of $50,000
    • Good to excellent credit score requirement
    • Doesn’t allow co-signers
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Saint Louis: 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

    Upgrade is our top pick in Saint Louis for debt consolidation. If you want to pay off your debts that have higher interest rates or penalties, this lender can be a good option.

    You can get a loan if you have a credit score of at least 560, which is lower than most other lenders. Borrowers looking for quick distribution of loan funds can opt for Upgrade since it often disburses funds the same day you apply. While the lender asks for your employment status, it doesn’t have any minimum gross income requirements.

    However, Upgrade has a high origination fee and some restrictions on the usage of the loan. If you are looking for a personal loan to make investments, gamble or fund your post-secondary education, then Upgrade might not be the right choice for you.

    Upgrade is a relatively new lender that was established in 2017. It has a presence across the country in all 50 states.

    Pros

    • No minimum income requirement
    • A+ BBB rating
    • 1% autopay discount
    • No prepayment penalty
    • Soft inquiry

    Cons

    • High origination fees ranging between 2.9% and 8%
    • $10 late fee
    • Doesn’t allow co-signers
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same-day
    Upgrade

Best Lender for Home Improvement in Saint Louis: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    If you are looking to renovate your home, a personal loan from Best Egg can be a great option. It is our top pick in Saint Louis for home improvements. If approved, you can receive funds within just one to three days.

    When you use the autopay feature, you can get discounts up to 0.5%. You can also pay off your loan early without any prepayment penalties.

    However, if you have a low credit score, you may not be eligible for a personal loan from Best Egg since it requires at least a 700 credit score. Another factor to keep in mind is that your gross income must be at least $50,000 to be eligible for this lender’s products. Plus, if you are looking for a higher loan amount than $50,000, BestEgg won’t be a good option for you.

    Best Egg was established in 2014 and is available in 47 states, including Missouri.

    Pros

    • A+ BBB rating
    • Autopay discount of 0.5%
    • No prepayment penalty
    • Loan disbursement in 1-3 days
    • Mobile app

    Cons

    • High credit score requirement
    • Doesn’t allow co-signers
    • $15 late fee
    • APR range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Best Egg

How to Choose the Best Personal Loan Lender in Saint Louis For You

The average personal loan Debt in Missouri is $14,625, and the average interest rate on personal loans is 8.66%. However, these averages can vary based on the borrowers’ profile and eligibility. When you are considering a personal loan in Saint Louis, MO, you need to evaluate several factors. These include your minimum income, credit score and more. Here is a step-by-step guide for you to help you find the best personal loans in Saint Louis.

  1. 1
    Ask Yourself the Important Questions

    Before applying for a personal loan, make sure whether or not you really need one and if it’s the right option for you. There are some key questions you should ask yourself before you start the research process. These include:

    • How much funding do I need?
    • What is my credit score?
    • Can I afford the monthly payment?
    • How much debt do I already have?
  2. 2
    Do Your Research

    It is important to keep in mind that getting a personal loan means a commitment of monthly payments for two to four years on average. Also, a hard credit check by the lender during the application process can affect your credit score adversely. So, before applying for a personal loan, it is crucial to do your research and compare different lenders to find the most suitable one for your needs.

    MoneyGeek tried to provide all the necessary information to guide you through the process. However, our recommendations may not be perfect for all borrowers, so it’s in your best interest to explore other options.

  3. 3
    Wait

    It is a huge commitment to take out a personal loan, so you need to be absolutely sure you need one before applying. After you are done with your research, wait for a day or two to reconsider your decision and see whether you really want the loan or if you can find another way to get the funds you need.

  4. 4
    Read the Fine Print

    When you have chosen a lender for a personal loan, read the fine print of the offer thoroughly. Borrowers often miss certain fees, such as prepayment penalties, early payoff fees, origination fees and others, which increases the burden of repayment. As a result, it is important to look into the little things in order to save money in the long run.

  5. 5
    Apply

    Once you’ve completed the other steps, it’s time to apply for your loan. All lenders require identification, address verification and proof of income during the application process. Be prepared with this information once you select your lender. While it is easier to apply online, there’s no harm in calling or visiting the lender if that option is available. It can help you better understand the loan, and you can ask questions directly if you have any concerns.

What to Do if You Can’t Get a Personal Loan in Saint Louis

While many personal loan applications get approved, it is not uncommon for an application to get rejected. There are various reasons why this can happen, such as a low credit score, not enough income, incomplete or incorrect information in the loan application, high debt-to-income ratio and more.

If you are rejected when applying for a loan, it is best to contact the lender to find out the exact reason why and determine if there is a way you could modify your application to make it more acceptable. This can include shortening the loan term or decreasing the amount of the loan.

You can also apply for a loan with another lender. However, you should wait until you have worked on the factors which led to the denial of your previous application.

Also, be wary of payday loans. Though these short-term loans can be really attractive, they have exorbitant interest rates and hidden charges.

Frequently Asked Questions About Personal Loans in Saint Louis

The best personal loan lender in Saint Louis depends on your personal needs and various other credit and income factors. MoneyGeek answered the most commonly asked questions about personal loans in Saint Louis to help the prospective borrowers choose the right option for their needs.

What is the best personal loan lender in Saint Louis?

Which lender in Saint Louis has the lowest interest rate?

Can I use a personal loan for vacations in Saint Louis?

Can I use a personal loan for home improvement in Saint Louis?

What can I not use my personal loan for in Saint Louis?

How much can I borrow in Saint Louis?

How long does it take to get a personal loan in Saint Louis?

Can I pay off my loan early in Saint Louis?

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in 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.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

About Christopher Boston


Christopher Boston headshot

Maumita Mitra is a personal finance writer who covers insurance, mutual funds, stocks market and loans. She has been in this industry for six years after completing her graduation in Finance. Presently, she is a CFA (US) Level 2 aspirant as well.


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.