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Best Personal Loans in Springfield, MO
Discover the best personal loans Springfield, MO has to offer and secure your financial future. In Missouri, on-line personal loans can provide competitive interest rates, helping borrowers manage expenses and achieve their financial goals. Explore top lenders, compare options, and find the perfect...
Written by:Daniel Lewis
At Finimpact, we're committed to helping you find the best loans Springfield, MO has to offer. Our team has thoroughly vetted and reviewed each lender, ensuring they meet our high standards for quality, reliability, and competitive rates. Choosing the right loan is crucial, so we recommend comparing options and considering factors like interest rates, loan terms, and customer service.
Top Picks for Personal Loans in Springfield, MO
- 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
Top Personal Loans in Springfield, MO: Full Overview
Springfield, with a population of over 167,000, has seen steady economic growth in recent years, making it an ideal location to invest in your financial future. Trust Finimpact to guide you through the process of securing the perfect loan to achieve your goals in Springfield, MO.
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.
Interest Rates and Loan Terms Explained: Crucial Factors for Personal Loans Springfield, MO
Interest rates are the cost of borrowing money and are generally expressed as a percentage of the loan amount. They can be fixed or variable, with fixed rates remaining constant throughout the loan term, and variable rates fluctuating based on market conditions.
Loan terms refer to the duration of the loan and the conditions under which the borrower must repay the loan. The loan term can impact the monthly payment amount and the total cost of the loan. When considering loans Springfield, MO, it is crucial to weigh both interest rates and loan terms to ensure that the loan best suits your financial needs and capabilities.
Fixed vs. Variable Interest Rates: Fixed interest rates are set when the loan is taken and do not change during the loan term. This offers stability and predictability in monthly payments. Variable interest rates may start lower than fixed rates but can change over time, impacting your monthly payments and making budgeting more challenging.
Shorter vs. Longer Loan Terms: Shorter loan terms typically have higher monthly payments but lower overall interest costs. Conversely, longer loan terms generally have lower monthly payments but higher total interest costs. Assess your financial situation and choose a term that strikes the right balance between affordability and cost-efficiency.
Prepayment Penalties: Some lenders impose penalties for paying off loans early. Before committing to a personal loan, inquire about any potential prepayment penalties and consider whether you may want to pay off the loan ahead of schedule.
APR vs. Interest Rate: The Annual Percentage Rate (APR) includes not only the interest rate but also other fees and charges associated with the loan. Comparing APRs can provide a more accurate picture of the total cost of borrowing.
Shop Around: Do your research and compare loan offers from multiple lenders in Springfield, MO. This can help you find the most competitive interest rates and favorable loan terms, ensuring you secure the best personal loan for your needs.
Mastering the Application Process: Essential Tips for Securing Personal Loans Springfield, MO
You can increase your chances of securing the funds you need. Understanding the factors that lenders consider when evaluating loan applications, such as credit scores, income, and debt-to-income ratios, can help you position yourself as a reliable borrower. Additionally, being aware of the various types of loans available in Springfield, MO, and their respective terms and conditions can enable you to select the loan product that best fits your financial needs.
By gathering all the necessary documentation, polishing your credit score, and conducting thorough research on potential lenders, you can confidently approach the application process and maximize your chances of securing personal loans Springfield, MO.
- Check Your Credit Score: Your credit score is a major factor that lenders consider when determining your eligibility for loans Springfield, MO. Obtain a copy of your credit report, review it for accuracy, and address any errors or discrepancies to improve your credit score before applying for a loan.
- Gather Necessary Documentation: Lenders typically require proof of income, employment, and other financial information. Assemble all necessary documents, such as pay stubs, tax returns, and bank statements, to streamline the application process and demonstrate your financial stability.
- Compare Loan Options: Research various lenders in Springfield, MO, and compare their loan products, interest rates, and terms. This can help you identify the most competitive offers and choose a loan that aligns with your financial goals.
- Consider a Co-signer: If you have a lower credit score or limited credit history, consider asking a trusted friend or family member with a strong credit profile to co-sign the loan. This can increase your chances of approval and potentially secure more favorable loan terms.
- Beware of Scams: Be cautious of lenders offering loans Springfield, MO with too-good-to-be-true interest rates or terms. Verify the lender's legitimacy by checking their licensing and online reviews, and avoid sharing sensitive personal information with unverified sources.
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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