Best Debt Consolidation Loans in Missouri 2024

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Updated: November 19, 2024

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Debt consolidation loans are unsecured personal loans that you can use to pay off outstanding debts, including credit card and student loans — at a lower interest rate.

MoneyGeek analyzed 25 lenders and found PenFed to be the top choice for debt consolidation loans in Missouri, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Missouri Credit Union and Central Missouri Community Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Missouri

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Missouri

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Missouri, with a MoneyGeek score of 96 out of 100. Its competitive rates, borrowing limits, quick fund disbursement, quality service, and reputation make it an ideal choice for borrowers.

PenFed's APR range of 8.99% to 17.99% and loan amount range of up to $50,000 provide flexibility for various financial needs. Receiving funds within 1 to 2 business days ensures timely access to money, helping Washington borrowers consolidate debt efficiently.

Runner-Up for Best Debt Consolidation Loan in Missouri

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Missouri, with a MoneyGeek score of 95 out of 100.

It offers a low APR, which can significantly reduce the overall interest paid on consolidated debts, making it easier for borrowers to manage their finances. And its flexible repayment terms allow borrowers to choose a plan that fits their budget and financial situation. Additionally, the same-day fund disbursement feature helps borrowers quickly pay off existing debts, providing immediate relief and simplifying their debt management process.

Best Debt Consolidation Loan in Missouri for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Missouri for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loans from $3,000 to $100,000 with repayment terms of 12 to 84 months.

Wells Fargo has no origination fees, which means you won't have to pay extra costs upfront. Additionally, the availability of rate discounts can lower your overall interest, making your loan more affordable in the long run.

Best Debt Consolidation Loan in Missouri for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Missouri for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100. PNC provides loan amounts ranging from $1,000 to $35,000.

Its flexible repayment terms allow borrowers to choose a longer repayment period, reducing their monthly payment burden. The high loan amount availability enables borrowers to consolidate multiple debts into one loan, simplifying their financial management.

Best Debt Consolidation Loan in Missouri for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Missouri for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day access to funds, making it an excellent option for those in urgent need of financial assistance.

Additionally, its flexible loan terms enable borrowers to select repayment plans that best fit their financial situation, ensuring manageable monthly payments.

Should You Get a Loan to Consolidate Debt in Missouri?

Using a debt consolidation loan in Missouri can simplify your finances by merging multiple payments into one, but it's not always the best option. If the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in Missouri, affecting interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Missouri can lower your interest rates. For example, reduce 20% APR to 10%.

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Missouri simplifies financial management. One payment is easier than several.

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    Lower Monthly Payments

    A debt consolidation loan in Missouri can lower your monthly payments. For example, reduce total payments from $500 to $300.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Kentucky is a better strategy.

How to Get a Debt Consolidation Loan in Missouri

The average amount of personal debt in Missouri is $82,488, while the overall average debt for Americans is $104,215. In Missouri, the average monthly debt is around $6,874.

Using a personal loan to consolidate debt in Missouri can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2
    Compare loan terms from lenders

    Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure you can use the loan for debt consolidation. Look at APRs, loan limits, and how soon you can receive the funds.

  3. 3
    Check for extra benefits

    Some lenders offer added features that could benefit you. For example, in Missouri, lenders like Upgrade and PNC offer rate discounts. These can save you money in the long run.

  4. 4
    Watch out for fees and penalties

    Some lender features could be drawbacks. In Missouri, lenders like Happy Money charge an origination fee and Laurel Road charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps borrowers gauge their loan eligibility without affecting their credit score. It involves a soft credit check, which doesn't impact your credit.

  6. 6
    Complete your loan application

    Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This can make the process faster and smoother.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN MISSOURI

Lenders might deny your loan application if you have a low credit score or a high debt-to-income ratio. Before applying for a consolidation loan in Missouri, it's practical to check your credit report and take steps to improve your credit score.

You can also consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer your existing debt and avoid interest charges for a specified period, helping you pay down your balance faster.

FAQ: Debt Consolidation Loans in Missouri

MoneyGeek addresses common questions borrowers have about debt consolidation loans in Missouri to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Missouri?
What's the best debt consolidation loan lender in Missouri?
Can I get a debt consolidation loan in Missouri if I have bad credit?
Can a credit counseling agency in Missouri help manage debt?
When should I get a debt consolidation loan in Missouri?

MoneyGeek analyzed 25 national lenders licensed to do business in Missouri, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

25Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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. Learn more about our editorial policies and expert editorial team.

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