Updated: October 16, 2024
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When choosing the best personal loan in Saint Louis, borrowers must analyze their needs and financial standing. MoneyGeek evaluated more than 30 factors and data points to determine the most suitable personal loan options and lenders according to different borrowers’ profiles in the city.
The factors that were analyzed include loan amounts, fees, repayment schedules, penalties, BBB ratings and more.
LightStream was ranked as MoneyGeek’s top overall personal loan lender in Saint Louis. This lender charges no origination fees and no late payment fees. Plus, the APR can be as low as 4.49%. Better yet, you can receive your loan on the same day you apply. LightStream received an A+ rating from the BBB.
This lender has a mobile app that you can use to check your loan details, and the application process is done online. LightStream is the online consumer lending division of SunTrust Bank, which was launched in 2013.
One thing that may concern borrowers is that LightStream doesn’t offer loans to individuals having no or new credit history. Additionally, the minimum credit score requirement is 660.
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Upstart is the best lender in Saint Louis for borrowers with bad credit. This lender only requires a credit score of 300.
The company was founded in 2012 and it currently serves 48 states. You can receive your loan funds within one to two days after your application is accepted. Upstart does a soft inquiry, so your credit score doesn’t go down when you apply.
However, if you are looking for a larger loan amount, then Upstart may not be a great option. The maximum loan amount they offer is $50,000. Another factor to keep in mind while applying for a personal loan from Upstart is that they ask for a DTI (debt-to-income) ratio limit of 45%.
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SoFi was established in 2011 and offers a variety of financial products, including personal loans. It is our top pick for borrowers who have good credit scores since the minimum credit score requirement is 680.
SoFi can be a great option for borrowers who opt to use the autopay feature since there is a 0.25% discount. The lender charges no origination fee and also doesn’t charge any penalty for prepayment. Furthermore, there is no late fee. All these features combined can help you save money.
One of the major benefits of getting a personal loan from this lender is the unemployment benefit that it provides. If the borrower loses their job, SoFi temporarily modifies the repayment of loans.
That said, if you have a credit score that is below 680, SoFi may not be the best option for you. Additionally, it requires a minimum gross income of $50,000 to get a personal loan. Also, it can take up to one week to disburse loans in certain circumstances. So, if you need the money immediately, this lender may not be a good fit for you.
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Upgrade is our top pick in Saint Louis for debt consolidation. If you want to pay off your debts that have higher interest rates or penalties, this lender can be a good option.
You can get a loan if you have a credit score of at least 560, which is lower than most other lenders. Borrowers looking for quick distribution of loan funds can opt for Upgrade since it often disburses funds the same day you apply. While the lender asks for your employment status, it doesn’t have any minimum gross income requirements.
However, Upgrade has a high origination fee and some restrictions on the usage of the loan. If you are looking for a personal loan to make investments, gamble or fund your post-secondary education, then Upgrade might not be the right choice for you.
Upgrade is a relatively new lender that was established in 2017. It has a presence across the country in all 50 states.
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If you are looking to renovate your home, a personal loan from Best Egg can be a great option. It is our top pick in Saint Louis for home improvements. If approved, you can receive funds within just one to three days.
When you use the autopay feature, you can get discounts up to 0.5%. You can also pay off your loan early without any prepayment penalties.
However, if you have a low credit score, you may not be eligible for a personal loan from Best Egg since it requires at least a 700 credit score. Another factor to keep in mind is that your gross income must be at least $50,000 to be eligible for this lender’s products. Plus, if you are looking for a higher loan amount than $50,000, BestEgg won’t be a good option for you.
Best Egg was established in 2014 and is available in 47 states, including Missouri.
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The average personal loan Debt in Missouri is $14,625, and the average interest rate on personal loans is 8.66%. However, these averages can vary based on the borrowers’ profile and eligibility. When you are considering a personal loan in Saint Louis, MO, you need to evaluate several factors. These include your minimum income, credit score and more. Here is a step-by-step guide for you to help you find the best personal loans in Saint Louis.
Before applying for a personal loan, make sure whether or not you really need one and if it’s the right option for you. There are some key questions you should ask yourself before you start the research process. These include:
It is important to keep in mind that getting a personal loan means a commitment of monthly payments for two to four years on average. Also, a hard credit check by the lender during the application process can affect your credit score adversely. So, before applying for a personal loan, it is crucial to do your research and compare different lenders to find the most suitable one for your needs.
MoneyGeek tried to provide all the necessary information to guide you through the process. However, our recommendations may not be perfect for all borrowers, so it’s in your best interest to explore other options.
It is a huge commitment to take out a personal loan, so you need to be absolutely sure you need one before applying. After you are done with your research, wait for a day or two to reconsider your decision and see whether you really want the loan or if you can find another way to get the funds you need.
When you have chosen a lender for a personal loan, read the fine print of the offer thoroughly. Borrowers often miss certain fees, such as prepayment penalties, early payoff fees, origination fees and others, which increases the burden of repayment. As a result, it is important to look into the little things in order to save money in the long run.
Once you’ve completed the other steps, it’s time to apply for your loan. All lenders require identification, address verification and proof of income during the application process. Be prepared with this information once you select your lender. While it is easier to apply online, there’s no harm in calling or visiting the lender if that option is available. It can help you better understand the loan, and you can ask questions directly if you have any concerns.
While many personal loan applications get approved, it is not uncommon for an application to get rejected. There are various reasons why this can happen, such as a low credit score, not enough income, incomplete or incorrect information in the loan application, high debt-to-income ratio and more.
If you are rejected when applying for a loan, it is best to contact the lender to find out the exact reason why and determine if there is a way you could modify your application to make it more acceptable. This can include shortening the loan term or decreasing the amount of the loan.
You can also apply for a loan with another lender. However, you should wait until you have worked on the factors which led to the denial of your previous application.
Also, be wary of payday loans. Though these short-term loans can be really attractive, they have exorbitant interest rates and hidden charges.
The best personal loan lender in Saint Louis depends on your personal needs and various other credit and income factors. MoneyGeek answered the most commonly asked questions about personal loans in Saint Louis to help the prospective borrowers choose the right option for their needs.
In Saint Louis, the overall best personal loan lender is LightStream. However, the best lender for you depends on your specific need for the loan and your eligibility.
Upstart provides the lowest interest rates for personal loans in Saint Louis. It charges interest as low as 3.22%, depending on the loan and the borrower’s profile.
Usually, you can use personal loans to finance your vacations. However, certain lenders impose restrictions on how you can use your loan. It is better to clarify the purpose of the loan with the lender before applying for it.
Yes, you can use a personal loan for improving and renovating your home. According to Moneygeek’s research, Best Egg can be the lender most suitable for getting a personal loan if you are planning home improvements.
Restrictions on the usage of a loan can vary from one lender to another. However, one common restriction includes illegal activities, which none of the lenders support. In certain cases, investment activities, post-secondary education and business expenses are also restricted. Talk to your lender to find out if they place any other limitations on how you can use your funds.
The typical range of personal loan amounts is $1,000 to $100,000. However, how much you can borrow depends on how much you need and your eligibility. The lending company has the authority to decide how much it wants to lend depending on your income, credit score, employment status and other factors.
The time taken to disburse personal loans in Saint Louis varies from one lender to another. While some lenders, like LightStream, disburse loans on the same day, others, like SoFi, can take up to a week.
Yes, you can pay your personal loan before the term ends. However, it is important to check with the lender beforehand as some lenders charge prepayment fees.
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in 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.
After careful consideration and calculation, our picks are determined with your best interest in mind. 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
Maumita Mitra is a personal finance writer who covers insurance, mutual funds, stocks market and loans. She has been in this industry for six years after completing her graduation in Finance. Presently, she is a CFA (US) Level 2 aspirant as well.
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
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