Best Personal Loans in St. Louis, MO: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in St. Louis, MO

MoneyGeek analyzed over 30 data points to discover which companies provide the best personal loans in St. Louis, Missouri. We examined APR ranges, repayment durations, minimum credit ratings, disbursement times, late fees, loan amounts and Better Business Bureau (BBB) ratings.

Our analysis shows that LightStream is the best personal loan lender in St. Louis. Remember that the best loan provider for you depends on your individual requirements. Upstart, for example, is a great alternative for people with poor credit, whereas Best Egg is ideal for those who wish to remodel their homes.

Best Overall Personal Loan Lender in St. 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

    According to MoneyGeek’s evaluation, LightStream is the best overall personal loan lender in St. Louis. The company was founded in 2013 and is a part of Truist, which specializes in online lending. The LightStream mobile application allows borrowers to apply for loans, submit payments and manage their accounts. In addition, the repayment period for LightStream is 24–84 months.

    The lender's lack of fees or penalties attracts prospective borrowers, notably if you desire to pay off your loan early. Nevertheless, LightStream may not be suitable for everyone. For example, you need a credit score of 660 to qualify for a LightStream personal loan. Also, those with limited or no credit history are ineligible.

    Pros

    • 0.5% autopay discount
    • High maximum loan amount
    • A+ rating by BBB
    • Quick transfer of funds

    Cons

    • Limits the use of funds
    • Won’t consider borrowers with little or no credit history
    • Performs a hard credit check
    LightStream

Best Personal Loan Lender for Bad Credit in St. 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

    According to MoneyGeek's analysis, Upstart is most suitable for borrowers with poor credit. Upstart processes personal loan applications using artificial intelligence. The company was established in 2012 and is headquartered in San Mateo, California.

    With a minimum credit score requirement of 300, Upstart personal loans are available to most borrowers. Typically, your rate is determined by factors such as your credit rating. Although Upstart provides users with online account access, it doesn’t have a mobile app. You will need to look elsewhere to borrow less than $1,000 or more than $50,000.

    Pros

    • A+ BBB rating
    • Low credit score requirement
    • No prepayment fees
    • Provides joint loans

    Cons

    • Possibly substantial interest rates
    • No mobile app
    • Does not permit co-signers
    Upstart

Best Personal Loan Lender for Good Credit in St. 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

    MoneyGeek discovered that SoFi is an ideal lender for people with good credit in St. Louis. SoFi was created in 2011 and has funded loans in excess of $50 billion. The lender’s APRs are based on variables such as credit history and loan type. You can borrow between $5,000 and $100,000. SoFi requires around two days to release funds.

    The lender requires a credit score of at least 680 and a debt-to-income ratio of 43% or less. Additionally, SoFi prohibits co-signers on personal loans.

    Pros

    • A+ BBB rating
    • Zero origination fees
    • Discount of 0.25% for automatic repayment
    • No late fees
    • No prepayment penalties

    Cons

    • No co-signers permitted
    • Good-to-excellent credit required
    • Funding may take a few days
    SoFi

Best Personal Loan Lender for Debt Consolidation in St. 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 a leading provider of personal loans in St. Louis and a perfect choice for debt consolidation borrowers. It was founded in 2017 and is headquartered in San Francisco. Upgrade allows applicants to receive loan approval within one business day with a minimum credit rating of 560.

    You can also obtain a joint loan with your spouse, a close relative or a reliable friend. In addition, Upgrade provides loans of up to $50,000, which may be insufficient for some. If your monthly payments are late, you may be fined up to $10.

    Pros

    • A+ BBB rating
    • 560 minimum credit score requirement
    • Directly pays third-party creditors
    • Joint loans available

    Cons

    • High origination fee of 8%
    • Modest maximum loan amount
    • $10 late fee
    Upgrade

Best Personal Loan Lender for Home Improvement in St. 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

    According to MoneyGeek’s analysis, Best Egg is the best personal loan provider in St. Louis for those planning home improvement projects. The online lender was founded in 2014 and is supported by Marlette Funding, a premier fintech loan and credit provider.

    Borrowers with an excellent credit history will benefit from the simple online application process and the rapid loan payout, which typically occurs within a single day. However, Best Egg charges late fees and up to 6% of the loan amount in origination costs.

    Pros

    • A+ BBB rating
    • No prepayment penalty
    • Offers a mobile application
    • 0.5% autopayment discount
    • Soft credit check

    Cons

    • Requires a high minimum credit score
    • Origination fees range from 1%–6%
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in St. Louis for You

Personal loans can help finance significant expenses, such as medical costs, funerals, debt consolidation and weddings. Before applying for a personal loan in St. Louis, evaluate your financial position. The average personal loan debt in Missouri is $14,625, and the average resident's credit score is 675.

MoneyGeek has outlined a series of steps to assist you during the personal loan process.

1
Ask Yourself the Important Questions

Make an informed decision by considering your financial requirements and goals. Answering the following questions will help you identify a lender who meets your particular needs and preferences.

  • How much funding do I need? It is crucial to establish exactly how much you need to borrow.
  • What is my credit score? Before applying for a personal loan, determine whether you meet the lender’s minimum credit score requirement.
  • Can I afford the monthly payment? You typically repay personal loans in monthly installments, so be sure you can fit these in your budget.
  • How much debt do I already have? Some lenders impose a maximum debt-to-income (DTI) ratio on borrowers. Be aware that a personal loan will increase your DTI.
2
Do Your Research

MoneyGeek encourages prospective borrowers to evaluate rates and terms from several lenders. Applying for a personal loan is a serious undertaking. Certain creditors conduct rigorous credit checks, which might have a negative impact on your credit rating. In addition, the average payback term is between two and four years, and you will need to make your monthly payments on time.

MoneyGeek has assembled pertinent information to help you choose the best St. Louis personal loan for your requirements. Each provider has its benefits, drawbacks and criteria. Although MoneyGeek recommends particular lenders, always research alternative options.

3
Wait

Wait a few days once you've narrowed down your choices, and give yourself time to reflect. A personal loan is a substantial, long-term obligation, so be sure it’s your best financial option. Reconsider taking out a personal loan if other options meet your financial needs.

4
Read the Fine Print

Occasionally, borrowers overlook minor but crucial elements in their personal loan’s fine print. MoneyGeek strongly recommends carefully examining your personal loan's terms to identify important costs, such as origination and late fees, prepayment penalties and other applicable fees.

The fine print can include ambiguous terminology, so contact a lender agent or financial professional if you have any questions about the loan terms. When you’re fully aware of your personal loan's terms, you can plan for future costs and better manage your budget.

5
Apply

After following the preceding steps and ensuring you meet the lender's eligibility requirements, you can submit your application. Generally, lenders require identification, proof of income and address verification. However, you may be required to submit additional supporting documentation. Depending on the lender, you can apply for a personal loan in St. Louis online, in person or over the phone.

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

If your application for a personal loan is declined, don't worry. Lenders reject applications for various reasons, including inadequate income, poor credit scores or other issues. MoneyGeek suggests you ask the lender why it denied your application. Typically, you can open negotiations and modify your application. For example, the lender may allow you to reduce the loan duration or the loan amount.

Nevertheless, if your application for a personal loan is still denied, you can always apply with a different lender. However, we only recommend doing so after you have addressed the issue that led to your initial application’s rejection.

We strongly suggest taking out a payday loan. Payday loans are available immediately but have exceptionally high interest rates and short repayment durations. As a result, you may lose money in the long term.

Frequently Asked Questions About Personal Loans in St. Louis

Navigating the personal loan market can be overwhelming. To assist you with the process, MoneyGeek provides answers to frequently asked questions. The best personal loan lender in St. Louis for you will depend on your financial circumstances and objectives.

What is the best personal loan lender in St. Louis?
Which lender in St. Louis has the lowest interest rate?
Can I use a personal loan for vacations in St. Louis?
Can I use a personal loan for home improvement in St. Louis?
What can I not use my personal loan for in St. Louis?
How much can I borrow in St. Louis?
How long does it take to get a personal loan in St. Louis?
Can I pay off my loan early in St. Louis?

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek assessed over 30 personal loan providers using more than 35 distinct data points in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each category of ranking criteria, we analyzed a number of data factors that, in our opinion, bear the most weight when selecting a personal loan lender. These variables include APR ranges, minimum credit score, minimum income, possible loan amount, application costs and disbursement time.

MoneyGeek values you, the customer, so we also consider each lender's customer service, business ratings and added services that may make your experience more convenient, such as prequalification, payment alternatives and mobile access.

After deliberation and calculation, our recommendations are made with your best interests in mind. We compile personal loan tips and professional advice to assist you in selecting the best lender for your specific needs.

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.

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