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Best Personal Loans in Saint Louis, MO

A personal loan in Saint Louis can be used for financing home renovations, planning a vacation, covering emergency expenses and more. The average personal loan debt in Missouri is $14,625, and the average interest rate for these loans is 8.66%. When applying for a personal loan, borrowers should always compare interest rates across multiple lenders. They should also evaluate their borrower profile to determine which lender will be the best fit for their needs.

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Last Updated: 10/25/2022

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

    on LightStream Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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

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

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

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

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

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.

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.

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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.