Best Personal Loans in Kansas for 2024

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Updated: November 21, 2024

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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.

MoneyGeek Logo IconBest 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.

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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
    First Tech

    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
    PenFed
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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: Nov 21, 2024

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    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
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    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
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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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:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

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.

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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

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  • 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
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  • 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
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MORE ON KANSAS LOANS

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?
Where is the best place to get a personal loan in Kansas?
Who has the best personal loan interest rates in Kansas?
What can I use a personal loan for in Kansas?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

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.

Read Full Bio »
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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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