Best Personal Loans in Kansas for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loan red flags , be cautious of extremely high APRs, lack of transparency about the lender and federal insurance, and a high incidence of poor consumer reviews. Additionally, be wary of lenders not requiring identity or income verification.

With a MoneyGeek score of 98, First Tech is the best choice for personal loans in Kansas. It boasts competitive interest rates, loan flexibility and high customer service standards.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Denise Cristobal

Updated: November 27, 2024

Advertising & Editorial Disclosure

First Tech and PenFed are MoneyGeek's top choices for personal loans in Kansas, scoring 98 and 96 out of 100, respectively. They're recommended for excellent customer support, fair interest rates and clear processes. MoneyGeek picked the best lenders after looking at their reputations, annual percentage rate (APR) ranges, minimum credit score requirements and loan terms.

According to Experian data from 2023, the average credit score in Kansas is 723, which means the average borrower in Kansas is likely to get good loan terms. In addition to your credit score, personal loan lenders consider your income history and debt-to-income ratio when checking your loan application.

Best PersonalLoan LendersKansas

2024

Best Personal Loan Lenders in Kansas

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

We completed our analysis of banks and lenders licensed to do business in Kansas as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Personal Loan Lender in Kansas

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

First Tech is MoneyGeek's pick for the best personal loan lender in Kansas, scoring 98 out of 100. It offers APRs from 8.94% to 18.00%, lower than many lenders analyzed by MoneyGeek. Its repayment terms range from six to 84 months, providing flexibility comparable to the best in the market. First Tech offers competitive rates and fees, excellent customer service and an educational support system, helping borrowers understand and navigate their loan options efficiently.

Pros

Insured by the National Credit Union Administration (NCUA)
No early repayment penalty
Provides granular APR data for a variety of loan terms

Cons

Need to be a member to apply
Could provide more detail on the loan application process
Little published information about credit score requirements

Runner-Up for Best Personal Loan Lender in Kansas

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed is the second-best personal loan lender in Kansas, with a MoneyGeek score of 96 out of 100. This financial institution offers a competitive APR range from 7.99% to 17.99%. It also features repayment terms of up to 60 months, providing borrowers with flexibility. The credit union excels in loan flexibility and transparency, ensuring a user-friendly experience and clear guidance for borrowers.

Pros

Offers some of the lowest APRs available
No early repayment penalty
Insured by the National Credit Union Administration (NCUA)

Cons

Longer time to wait for loan approval compared to other lenders analyzed
No information provided about credit score requirements
$50 minimum monthly loan payment

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

Loan Amount

Loan Term

5 Years

Interest Rate

Payment:

$0/Month

Total Principal Paid:

Total Interest Paid:

Total Paid

Why You Can Trust MoneyGeek

MoneyGeek partners with some of the companies we write about. However, our content is written and reviewed by an independent team of editors and licensed agents. Reference our data methodology and learn more about advertising and editorial disclosure.

Best Personal Loan Lender in Kansas for Bad Credit

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

Happy Money is MoneyGeek's pick for the best personal loan option in Kansas for borrowers with low credit, with a 94 out of 100 score. Although not a traditional lender, Happy Money partners with financial institutions to offer installment loans, standing out for transparency and customer education. It offers APRs ranging from 11.72% to 17.99%, lower than most competitors for similar credit tiers. It has a minimum credit score requirement of 640. Its strength lies in providing upfront information, educational resources and robust support services.

Pros

Works with 10 federally insured lenders to originate all loans
Transparent eligibility requirements, including credit score minimum
No application fee

Cons

The lenders it works with charge an origination fee
Longer time to wait for loan approval compared to other lenders analyzed

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Getting a personal loan is still possible if you have a lower credit score than 580, but you will not have access to the best interest rates and terms available. Some lenders offer prequalification, which doesn't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender in Kansas for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

MoneyGeek's pick for the best lender for debt consolidation personal loans in Kansas is Alliant Credit Union, scoring 96 out of 100. Alliant Credit Union, an online-only bank, requires you to be a member in good standing for 90 days to be eligible for a personal loan. It offers competitive APRs from 10.99% to 13.99%, lower than many lenders reviewed. Alliant discloses rates and fees, maintains a strong reputation and transparency and ensures borrowers are well-informed.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
No prepayment penalties

Cons

An online-only credit union with no physical branches
Membership requirement of 90 days before applying

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Kansas

When seeking a personal loan in Kansas, lenders will assess your credit profile, income and debt-to-income ratio to determine your creditworthiness. A higher credit score can lead to more favorable loan terms and lower APRs, so consider improving your credit before applying.

Refer to the table below to see how your credit score might affect your monthly loan payments.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

BEST PERSONAL LOANS IN CITIES IN KANSAS STATE

Pros and Cons of Personal Loans in Kansas

Personal loans offer the advantage of consolidating various debts at a lower interest rate and the convenience of a simple, quick application process. However, you should be aware of risks such as origination fees and the danger of accruing unnecessary debt.

For a thorough understanding, consider weighing the pros and cons of personal loans to assess whether they align with your financial goals.

The Pros and Cons of Personal Loans

Competitive interest rates for creditworthy borrowers
Simplifies debt management through consolidation
Expedited funding for emergent financial needs
Access to loans with a creditworthy co-signer

Increased overall loan cost due to origination fees
Risks of prepayment penalties for early settlement
Possibility of asset loss with a secured personal loan
Potential for accumulating excessive debt

FAQ About Personal Loans in California

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Kansas for personal loans?

According to MoneyGeek's analysis, the top lender for personal loans in Kansas is First Tech, with a MoneyGeek score of 98. Its average APR is estimated to be 13.5%.

Where is the best place to get a personal loan in Kansas?

In Kansas, personal loans are available from online lenders, banks and credit unions. For those seeking in-person services, local credit unions like CommunityAmerica Credit Union provide such options.

Who has the best personal loan interest rates in Kansas?

PenFed offers the lowest starting APR for personal loans in Kansas at 7.99%, as noted by MoneyGeek's analysis. An excellent credit score is often necessary to secure a low rate.

What can I use a personal loan for in Kansas?

You can use personal loans in Kansas for various purposes, such as consolidating debt, covering emergency circumstances or financing home repairs. However, personal loans can't be used for gambling or illegal activities.

What are some personal loan red flags to look out for?

When considering personal loan red flags, be cautious of extremely high APRs, lack of transparency about the lender and federal insurance, and a high incidence of poor consumer reviews. Additionally, be wary of lenders not requiring identity or income verification.

Do lenders consider income level when applying for a personal loan?

Yes, lenders consider income level, but that's part of a broader assessment. They evaluate your debt-to-income ratio, credit report, employment history and type of employment, among other factors. It's prudent to avoid opening new credit lines while seeking a personal loan, as this could affect your application.

Personal Loans

Best Personal Loans

Personal Loans

Best Bad Credit Loans

About Zachary Romeo, CBCA

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.

Read Full Bio »

sources

Experian. "What Are the Different Credit Scoring Ranges?." Accessed October 13, 2024.
Experian. "What Is the Average Credit Score in the US?." Accessed October 13, 2024.

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.