Personal Loans in Missouri: Online & Local Lenders

If you live in Missouri and need a personal loan, it’s best to compare multiple options. Finding the best personal loan should include comparing online options because you may qualify for better terms and a lower rate than at a local bank. We’ve compiled the best online options for a personal loan in Missouri in the table below.

Lender	Loan amounts
Credible	$600 – $200,000
SoFi	$5,000 – $100,000
Upgrade	$1,000 – $50,000
LightStream	$5,000 – $100,000

Reviews of online personal loans for residents of Missouri

Getting an online personal loan in your state is easier than you think and may have better terms than you realize. 

The following lenders rate well on many criteria—including APR, fees, loan amount, loan flexibility, customer service, and online experience—whereas local lenders have more unknowns and may not be as convenient. 

Credible

Best marketplace

5.0 _/5

LendEDU Rating

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Why we picked it

Credible is a highly-rated marketplace for finding a personal loan. It’s easy and convenient to use. 

To get loan offers from Credible, complete information about your identity, income, address, birth date, employment status, mortgage or rent payment, and Social Security number (though there’s no hard credit inquiry). Create an account, and Credible will verify your personal information before sending you offers.  

You can choose from multiple lenders, which can be helpful no matter where you’re at with your financial goals. For example, if you have less-than-perfect credit, Credible’s prequalification tool won’t show you loans you don’t qualify for. The prequalification tool is also helpful because you know what loan terms you’re getting before committing to a loan. 

Once you complete prequalification, you’ll see top online lenders, how much you qualify for, the interest rate you qualify for, and what loan terms are available. You’ll select one and complete the application process. 

• Trusted by thousands of borrowers
• Allows comparison of multiple lenders at once
• No hidden fees

Loan details

Rates (APR)	7.49% – 35.99%
Loan amounts	$600 – $200,000
Repayment terms	1 – 10 years

SoFi

Best for good credit

5.0 _/5

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Why we picked it

SoFi is an excellent choice for individuals with FICO credit scores of 670 and up looking for personal loans in Missouri. With the potential for same-day funding, SoFi ensures quick access to the funds you need. 

One of SoFi’s most attractive features is the ability to check your rate in just 60 seconds without affecting your credit score. This makes it easy to explore loan options without any risk to your credit.

In addition to its user-friendly prequalification process, SoFi stands out for not requiring origination, prepayment, or late payment fees. However, it offers the option to pay an origination fee in exchange for a lower rate, giving borrowers plenty of flexibility. 

Like LightStream, SoFi’s minimum loan amount of $5,000 may be higher than some borrowers need. Despite this, SoFi is a top choice for borrowers with good credit, offering convenience, speed, and financial flexibility.

• No required fees
• Same-day funding
• 3 rate discounts

Loan details

Fixed rates	8.99% – 29.99% APR with all discounts
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 7 years

Upgrade

Best for fair credit

4.9 _/5

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Why we picked it

Upgrade is a top option for individuals with FICO credit scores of 580 to 669 seeking personal loans in Missouri. Known for its flexible loan terms, Upgrade allows borrowers to choose their monthly payment and term length, making it easier to tailor the loan to their financial situation. 

Funds can be available within one day, providing quick access to cash when needed. Upgrade also accepts joint applications, which can improve the chances of approval and better loan terms for those applying with a co-borrower.

A significant benefit of Upgrade is the ability to check your rate without hurting your credit score, enabling borrowers to explore their options risk-free. Upgrade also offers the convenience of adjusting your payment date during repayment, adding another layer of flexibility to manage your finances. 

When loan shopping, consider the origination fee, which ranges from 1.85% to 9.99%. Despite this fee, Upgrade is an excellent choice for borrowers with fair credit, offering a balance of flexibility, speed, and accessibility.

• Accepts borrowers with fair credit
• Provides free credit monitoring
• Adjust your payment date during repayment

Loan details

Rates (APR)	8.49% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	1 – 10 years

LightStream

Best for excellent credit

4.8 _/5

LendEDU Rating

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Why we picked it

LightStream is an ideal option for those with FICO credit scores of at least 740 seeking personalized loan solutions in Missouri. Known for its competitive rates, LightStream ensures borrowers can get loans tailored to their specific financing needs. 

One of its standout features is the availability of funds as soon as the same day, which benefits those requiring quick access to cash. Another advantage is the absence of fees and prepayment penalties, allowing borrowers to repay their loans early without incurring extra costs. 

LightStream guarantees to beat the interest rate from other lenders for loans with comparable terms. However, because it doesn’t offer a soft credit check for prequalification, meaning a hard credit inquiry is required to determine eligibility, we think this lender is best for those who have excellent credit and are confident they’ll be approved. 

Further, the minimum loan amount of $5,000 might not suit those looking to borrow smaller sums. Despite these minor drawbacks, LightStream is a top contender for personal loans in Missouri, especially for borrowers with strong credit profiles.

• Rate Beat Program will beat competitors’ rates
• $100 refund with Loan Experience Guarantee
• No fees whatsoever

Loan details

Rates (APR)	7.49% – 25.49%
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 12 years

Local personal loans in Missouri

If you’re not comfortable with online lending yet, you may want to see what local lenders have to offer. It is harder to determine what rate and terms you’ll get. Many of these lenders don’t disclose that online or have the technology to support it.

The main issue is that you’ll likely need to visit a branch or call them to see what your loan will look like.   

While you might already be familiar with the big-name national banks that exist in most states, you might not be aware of how many financial institutions look to serve the residents of Missouri specifically.

Lender	Rates (APR)	Locations
Central Missouri Community Credit Union	13.0% – 15.5%	Warrensburg, MO Sedalia, MO Richmond, MO
First Community Credit Union	8.25% – 18.0%	St. Louis, MO
UMB	Not disclosed	Kansas City, MO

Missouri regulations and laws on personal loans

The Consumer Credit Section of the Division of Finance in Missouri handles all licensing, regulation, and investigation of complaints related to banks, credit unions, payday lenders, pawnshops, and other companies that deal with consumer lending in the state. 

Most laws targeting personal loans in Missouri are aimed at short-term loans for $500 or less (generally those considered payday loans). These laws are to protect consumers from excessive fees and interest. Lenders need to be licensed and are required to post and 

If a lender is noncompliant with the law, a cease and desist order may be issued, and the institution may be fined $1,000 per day. 

Personal loans in Missouri are regulated by federal law. Consumers are protected from unethical lending in the Truth in Lending Act, or Regulation Z, requires lenders to disclose the following in standardized forms:

• Borrowing costs
• Finance charges
• Amount financed
• Total of payments 

Borrowers can use these standard loan documents to help them compare offers among loan issuers. 

How Missouri’s economy affects personal loans

Missouri’s economic output ranks it near the middle of the pack in the United States. Gross domestic product—which measures economic activity—ranks 21st. Residents earn an average of $59,225 per year, have an average credit score of 714 and have an average debt of $82,488. Cost of living is the sixth lowest in the U.S. 

What does all this mean when you need a personal loan? With the average credit score of Missouri residents at 714, many will qualify for great rates regarding personal loans. 

Combined with a low cost of living, residents may have an appropriate debt-to-income ratio to qualify for a personal loan. The lower-than-average income, however, may make it harder for some residents to qualify for a personal loan. 

FAQ

Can I get bad-credit personal loans in Missouri?

Yes, it is possible to obtain a personal loan in Missouri even if you have bad credit. Many lenders offer bad-credit personal loans, although these usually come with higher interest rates and may require a cosigner or additional security to mitigate the lender’s risk.

It’s important to shop around and consider various lenders, such as credit unions, online lenders, and specialized bad-credit loan companies, to find the best terms that suit your financial situation.

How do I apply for a personal loan in Missouri?

To apply for a personal loan in Missouri, follow these steps:

1. Check your credit score to determine your eligibility.
2. Compare lenders to find the best rates and terms.
3. Gather necessary documents, such as proof of identity, income, and residency.
4. Submit your application online, in-person, or by phone.
5. Await approval and receive funds upon agreement signature.

What are the eligibility requirements for personal loans in Missouri?

The general personal loan requirements in Missouri include:

• Age: Minimum of 18 years.
• Residency: Must be a Missouri resident.
• Income: Demonstrable stable income.
• Credit Score: Specific minimum requirements vary by lender.
• Debt-to-income ratio: Must be reasonable relative to income.

How long does it take to get approved for a personal loan in Missouri?

The approval time for a personal loan in Missouri can vary depending on the lender and the completeness of your application.

Some online lenders can process applications and disburse funds within one to two business days if all documents are in order and your application is straightforward.

Traditional banks might take longer, potentially a few days to a week. The total time also depends on how quickly you submit necessary documents and respond to any inquiries from the lender.

How we chose the best loans in Missouri

LendEDU evaluates personal loan lenders to help readers find the best loans. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Missouri.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap: Online personal loans in Missouri

Lender	Loan amounts
Credible	$600 – $200,000
SoFi	$5,000 – $100,000
Upgrade	$1,000 – $50,000
LightStream	$5,000 – $100,000