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Best Personal Loans in Kansas City, MO

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Updated: October 29, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Kansas City, MO

MoneyGeek determined the best personal loan lenders in Kansas City, MO, using more than 30 data points. These include BBB ratings, loan affordability and accessibility, credit score requirements, APR ranges, income requirements, disbursement period, customer service and origination, prepayment and late fees.

From the findings, LightStream is the best lender in the city overall, while SoFi is the best for residents with good credit. Upstart earned the top spot for borrowers with bad credit, while Upgrade was the best for debt consolidation and Best Egg for home improvement.

Best Overall Personal Loan Lender in Kansas City: Lightstream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Founded in 2013, LightStream is an online consumer lender from Truist Bank offering personal loans with interest rates as low as 4.49%. Borrowers can receive between $5,000 and $100,000 with terms of two to seven years.

    Additionally, the lender does not charge origination and prepayment fees, while customers who make automatic payments earn a 0.5% discount. However, to qualify for a loan from LightStream, you will need a minimum credit score of 660.

    You can apply for a personal loan online and receive your funds within a day. Customers can also manage payments using the LightStream app. LightStream does not pay creditors directly for those who wish to consolidate their debts. New customers and those with no credit history do not qualify for a personal loan from the lender.

    Pros

    • Same-day funding
    • No origination or prepayment fee
    • High maximum loan amount of $100,000
    • 0.5% auto payment discount
    • Joint loans available

    Cons

    • Minimum credit score of 660
    • Does not accept borrowers with new credit
    • Performs hard credit checks
    • No direct payment to creditors for debt consolidation
    LightStream

Best Personal Loan Lender for Bad Credit in Kansas City: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart offers the best personal loans in Kansas City for borrowers with bad credit. Founded in 2012, the lending platform does not have any restrictions on how borrowers use their personal loan funds.

    To qualify for a loan from Upstart, you need a minimum credit score of only 300. The lender conducts a soft credit inquiry on your credit report, which doesn’t affect your rating. Once you accept to proceed with the loan application, Upstart carries out a hard credit check to verify your information.

    Customers receive funds as soon as the next day after completing the application process. Although the lender offers the best financing for those with poor credit, the loan amount does not exceed $50,000. Furthermore, if you have bad credit, you could pay up to 35.99% in interest. Upstart customers with strong credit can take advantage of the company’s generous minimum APR of 3.22%.

    Upstart does not offer loans to customers with new or no credit.

    Pros

    • No prepayment penalty
    • Low credit score requirement
    • Funds disbursed within one day
    • Conducts soft credit inquiry before hard inquiry
    • Unrestricted fund usage

    Cons

    • New customers and those with no credit history do not qualify
    • No co-signers allowed
    • No auto payment discount
    Upstart

Best Personal Loan Lender for Good Credit in Kansas City: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Established in 2011, Social Finance or SoFi provides a wide range of personal loans to its customers and is the best lender in Kansas City, Missouri, for individuals with good credit. To qualify for a loan from SoFi, you need a credit score of at least 680.

    SoFi charges no origination, prepayment or late fees. Borrowers receive up to $100,000 with terms from one to five years. Funds get disbursed within two days, and borrowers receive employment protection that allows them to suspend their monthly repayments in three-month increments for up to one year after an unexpected job loss.

    To confirm your credit history, SoFi conducts soft inquiries that do not affect your credit score. Once you agree to proceed with the application, the lender performs a hard credit pull.

    If you set up auto payments on your account, you will get a discount of 0.25% on your premiums. However, SoFi may not be ideal for borrowers with bad credit or those who wish to add co-signers to their personal loans.

    Pros

    • No origination, prepayment or late fees
    • Up to $100,000 funding
    • Soft credit inquiry does not affect your credit score
    • Unemployment protection
    • 0.25% autopay interest rate reduction

    Cons

    • High credit score requirement of 680
    • No co-signers on personal loans
    • Can take a few days to fund loans
    SoFi

Best Personal Loan for Debt Consolidation in Kansas City: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade is MoneyGeek’s top personal loan lender in Kansas City, Missouri, for debt consolidation. The company was established in 2017 and offers personal loans up to a maximum of $50,000.

    Upgrade pays third-party lenders directly on behalf of customers who wish to consolidate their debts. To qualify, you will need a credit rating of at least 560. After submitting your personal loan application, you will typically get the funds within the same day, and the lender does not have any restrictions on how you use them.

    Upgrade loans have potentially high interest rates, depending on your credit score. If you need an option with a lower APR, you may need to consider other alternatives.

    Borrowers can check their rates online with Upgrade without affecting their credit scores.

    Pros

    • No prepayment fees
    • Same-day funding
    • Pays third-party creditors directly for debt consolidation
    • Flexible repayment options

    Cons

    • Up to 8% origination fee
    • High interest rates
    • Charges late fees
    Upgrade

Best Personal Loan for Home Improvement in Kansas City: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek’s research indicates that Best Egg offers the best personal loans in Kansas City, Missouri, for home improvement. Best Egg has been in operation since 2014 and is a subsidiary of Marlette Funding.

    The insurer charges between 4.99% and 35.99% interest and conducts a soft credit inquiry while reviewing your loan. That means your credit score remains the same during the loan processing period.

    Best Egg requires a high minimum credit score of 700, although it does not have restrictions on how customers use their funds. You may receive up to $50,000, depending on your needs and borrower profile.

    However, Best Egg charges up to 5.99% origination fees.

    Pros

    • No auto payment penalty
    • Next-day funding
    • Soft credit check does not affect customer’s credit score
    • Pays third-party lenders directly for debt consolidation

    Cons

    • High minimum credit score
    • Up to 5.99% origination fee
    • Potentially high APR of up to 35.99%
    Best Egg

How to Choose the Best Personal Loan Lender in Kansas City for You

Missouri has an average personal loan debt of $14,625. While a personal loan can help you settle emergency costs such as funeral expenses, debt consolidation and medical bills, you need to determine whether getting one is the right choice for you. You will also need to consider factors like your monthly income, credit score and debt-to-income ratio.

While shopping around for the best personal loan provider in Kansas City, here are some of the steps you should follow:

  1. 1
    Ask Yourself the Important Questions

    Before you apply for a personal loan, you should make several considerations, including how the loan might influence your financial stability. Take the time to review alternative funding options and compare requirements across lenders to establish whether you can meet them. Some key questions to ask yourself before submitting your application include:

    1. How much funding should you request and what’s the purpose of the loan?
    2. What is your credit score?
    3. How much is the monthly premium?
    4. What are your existing debts?
  2. 2
    Do Your Research

    Different lenders review your loan application based on different requirements and charge varying fees depending on the terms associated with the loan. Thorough research can help you identify the best lender and personal loan option for your needs.

    MoneyGeek analyzed the loan requirements across lenders in Kansas City to ensure you get the best option for your situation. You may also need to conduct your own research to identify other personal loan products that may have been excluded from our analysis.

    Typically, the duration for loan repayments is two to four years, and if your lender conducts a hard credit check, your credit score may get impacted negatively. That’s why you need to compare terms across lenders and choose a loan with the most favorable terms before applying.

  3. 3
    Wait

    Once you settle on the best lender, take a few days to think through your decision and your financial obligations. Getting a personal loan is a huge commitment, and you need to determine whether the loan will meet your financial objectives before submitting your application. Unless the loan is necessary, you may consider finding alternative funding for your need.

  4. 4
    Read the Fine Print

    Going through the terms of your loan and reviewing the associated fees helps you eliminate any unnecessary costs associated with the offer.

    The lender provides you with an outline of all the terms and conditions of the loan. Ensure you understand the repayment amount and other costs like late payment and origination fees.

  5. 5
    Apply

    If you are happy with your decision, you can proceed and complete the application process. Ensure you have all the required information, including your personal and contact details and proof of income. Although you can submit all the information online, you may also call or visit the lender’s office if you prefer.

What to Do if You Can’t Get a Personal Loan in Kansas City

Your lender may deny you a personal loan for several reasons, including a poor credit score, high debt-to-income ratio, failure to meet the income threshold or incomplete application documents.

If your application gets rejected, you need to contact the lender to understand why this happened and make the necessary adjustments to your application. For instance, you may need to reduce the loan amount, shorten the repayment period or add a co-signer to the application to get it approved.

If necessary, you may also submit your application to a different lender, although you may first need to rectify the issues that caused your submission to get rejected by the initial lender.

After rejection, you may opt for payday loans. While these may help fund emergencies quickly, the interest rates are incredibly high and the terms are short, meaning they often get people into more financial trouble than they were already in.

Frequently Asked Questions About Personal Loans in Kansas City

The best personal loan in Kansas City for your needs will vary depending on a variety of factors, including your credit score, income level and debt-to-income ratio. MoneyGeek answered some of the most commonly asked questions about personal loans in the city to help you find the ideal lender.

What is the best personal loan lender in Kansas City?
Which lender in Kansas City has the lowest interest rate?
Can I use a personal loan for vacations in Kansas City?
Can I use a personal loan for home improvement in Kansas City?
What can I not use my personal loan for in Kansas City?
How much can I borrow in Kansas City?
How long does it take to get a personal loan in Kansas City?
Can I pay off my loan early in Kansas City?

Our Personal Loan Methodology

MoneyGeek utilized 35+ individual data points across six key categories to review more than 30 personal loan lenders. These categories include loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

For each category, we reviewed various data points that carry the most weight when selecting a personal loan provider. The data points include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

To ensure consumers get the best value from this study, MoneyGeek also analyzed each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

Our top picks are selected in the best interest of our customers. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

Read Full Bio »
sources
Shield Insurance

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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