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Discover the Best Personal Missouri Loan Options
Explore top Missouri loan options tailored to your financial needs. With a variety of lenders offering competitive interest rates and flexible terms, our guide simplifies the process of securing the best personal loan for your unique circumstances.
Written by:Daniel Lewis
At Finimpact, we understand the importance of finding the right financial partner which is why we've gone the extra mile to identify and review the best lender options available in the state. Our dedicated team has meticulously vetted and analyzed each lender to ensure that our recommendations meet the highest industry standards. We place our trust in transparency and reliability, providing you with loan reviews that you can confidently rely on.
Top Picks for Personal Loans in Missouri
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
By choosing to work with a trusted source like Finimpact, you not only save time but also enhance your chances of securing the most favorable loan terms tailored to your specific needs. Our commitment to providing quality information and expert insights will empower you to make well-informed decisions that positively impact your financial future.
Top Personal Loans in Missouri: Full Overview
Missouri has a diverse economy with numerous financial institutions and lending options available to residents. In such an environment, it's essential to have a knowledgeable and trusted partner like Finimpact to help you navigate the complex landscape of personal loans. Trust our expertise and let us guide you towards the best loan solutions for your needs in Missouri. Together, we can achieve your financial goals and pave the way to a brighter tomorrow.
LightStream — Best Overall Personal Loan
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Pros
Cons
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
The Bottom Line
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Try LightStream
Read more in the full LightStream review.
Avant — Best for Small Personal Loans
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Pros
Cons
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
The Bottom Line
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
Try Avant
Read more in the full Avant review.
SoFi — Best for Loans with No Origination Fee
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Pros
Cons
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
The Bottom Line
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Try SoFi
Read more in the full SoFi review.
Upgrade — Best for Emergency Loans
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Pros
Cons
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
The Bottom Line
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
Try Upgrade
Read more in the full Upgrade review.
OneMain Financial — Best for Loans with Bad Credit
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Pros
Cons
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
The Bottom Line
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Try OneMain Financial
Read more in the full OneMain Financial review.
Tips to Improve Your Credit Score for Better Loan Options in Missouri
Improving your credit score is essential for securing better loan options in Missouri, as lenders use this information to determine your creditworthiness and the terms of your loan. By taking steps to enhance your credit rating, you can access more favorable interest rates and borrowing conditions. To help you achieve a higher credit score, we've compiled a list of practical tips tailored for Missouri residents.
- Review your credit report: Regularly check your credit report for inaccuracies and dispute any errors. An accurate report reflects a true picture of your creditworthiness.
- Pay bills on time: Make timely payments for all bills, including utilities and credit cards, as this demonstrates financial responsibility and positively impacts your credit score.
- Reduce credit card balances: Aim to maintain low credit card balances relative to your credit limit. High credit utilization can harm your credit score.
- Diversify your credit mix: Maintain a healthy mix of credit types, such as installment loans and revolving credit. This shows lenders you can manage various credit products responsibly.
- Limit hard inquiries: Avoid multiple hard inquiries in a short period, as they can temporarily lower your credit score. Carefully select the lenders you apply to for a Missouri loan.
- Establish a credit history: Open a credit account, even if it's a secured credit card, to build a credit history. A longer credit history positively influences your credit score.
- Seek professional advice: Consult with a credit counselor or financial advisor to develop a personalized plan to improve your credit score, tailored to your specific financial situation.
The Pros and Cons of Secured vs. Unsecured Loans in Missouri
When considering a Missouri loan, it's essential to understand the differences between secured and unsecured loans, as each has its own set of advantages and disadvantages. These loan types cater to different financial needs and risk appetites, so understanding the pros and cons can help you make an informed decision. To assist you in weighing your options, we've provided a list of practical information on the benefits and drawbacks of secured and unsecured loans in Missouri.
| Loan Type | Pros | Cons |
| Secured loans | - Lower interest rates: Secured loans typically offer lower interest rates, as they're backed by collateral, reducing the lender's risk. | - Risk of asset loss: If you default on a secured loan, you risk losing the asset used as collateral, such as your home or car. |
| - Higher borrowing limits: With collateral in place, lenders may be more willing to offer larger loan amounts for secured loans. | - Longer processing time: The process of evaluating and appraising collateral can extend the loan approval time. | |
| Unsecured loans | - No collateral required: Unsecured loans don't require collateral, making them more accessible for borrowers without valuable assets. | - Higher interest rates: Due to the increased risk for lenders, unsecured loans generally come with higher interest rates. |
| - Faster approval process: With no need for collateral appraisal, unsecured loans often have quicker approval times. | - Lower borrowing limits: Lenders may offer smaller loan amounts for unsecured loans, as they're not backed by collateral. |
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
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