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Trying to budget for a large expense or paying down debt can feel impossible sometimes. If you find yourself needing more cash than you can afford to set aside, why not check out a personal loan? A personal loan is a great way to spread an expense over an extended period of time. Benzinga found the best personal loans in Missouri, so use our list as a launching point.
Best Personal Loans in Missouri Near You:
Best for U.S. Military Service Members and Veterans: Navy Federal Credit Union
Best for Applicants with Low Credit Scores: United Credit Union
Best Personal Loans Through a Credit Union in Missouri
Credit unions are member-owned, so customers benefit from profits, not shareholders. These benefits are often in the form of lower rates for products like personal loans.
Best for U.S. Military Service Members and Veterans: Navy Federal Credit Union
In business for almost 90 years, Navy Federal Credit Union caters to all active and veteran military members and Department of Defense workers. Family of servicemen and women are also eligible members.
Members of Navy Federal have access to world-class banking services. Its comprehensive mobile app is available to Apple, Android and Kindle Fire users.
As a Navy Federal client, you can apply for personal loans, home improvement loans, debt consolidation loans, shared secured loans and certificated secured loans.
Determined by applicant’s borrowing power
Best for Applicants with Low Credit Scores: United Credit Union
United Credit Union offers its services to several counties throughout Missouri. Aside from proof of residence, you need a picture ID, Social Security number and a $1 minimum deposit to an eligible account.
United offers vehicle loans, personal loans, student loans, home and land loans, vehicle refinancing and shared-secured loans. You can also apply for a United Cash Loan, a solution to predatory payday lenders for when you need $100–$500 quickly. There are no prepayment fees and flexible terms, a definite draw when selecting a good personal loan.
One benefit of using United is its transparent loan rates. Many lenders do not specify credit score requirements or accept applicants with poor credit. United spells out expected APR rates for each type of loan and credit tier, including for credit scores at or lower than 579. Applying for a loan with less than perfect credit can be intimidating, so if you want a personal loan to start working on your credit, United is a great credit union to look into.
Best Banks in Missouri Offering Personal Loans
Most of us use banks for our personal finance needs, and for good reason. Banks get points for numerous locations, great online banking options and a host of financial products.
Best for Emergency Funding: U.S. Bank
U.S. Bank is a nationwide bank with numerous branches throughout Missouri.
U.S. Bank offers the following personal banking services: Online and mobile banking, checking and savings, credit cards, mortgages and refinance, loans and credit lines, and investment and retirement.
You can get a personal loan from U.S. Bank to cover a big expense or to consolidate debt. Rates are competitive and fairly flexible. You can also apply for a true emergency expense loan with its Simple Loan offering. As a U.S. Bank client, you’ll be able to access up to $1,000 in quick, fast cash. You know within minutes of applying if you qualify and, if approved, receive your funds just as quickly.
Best Personal Loans in Missouri from Online Platforms
Being able to handle your money online is increasingly important as time goes on. The online lending industry has responded to this need with several great lenders targeting all types of borrowers.
From 5.99% (with autopay)*
Best for Easy Online Application: Credible
Credible is an online lender offering loan flexibility combined with an easy and transparent application process.
Credible’s personal loan option starts at 5.99% APR. Terms range from 2 to 7 years. You can choose loan amounts anywhere from $5,000 to $100,000, a higher limit than typical standard loans.
Mortgages and student loans are also accessible through Credible. You can refinance either, too. Credible is a great online lender for any borrower.
If you consider yourself a techie, you’ll enjoy using Credible for its functionality.
If you usually prefer analog over digital, Credible is super easy to use and the personal loan application process is painless.
$5,000 – $100,000
5, 7, 10, 15 and 20 year
Best for Student Loan Refinancing and Debt Consolidation: SoFi
SoFi is an online lender offering unsecured personal loans along with private student loans and student loan refinancing.
Student loan debt can get in the way of many of life’s milestones like getting married or buying a home, especially as interest compounds. You can look into refinancing a student loan to pay off the debt quicker at a lower rate, saving you money over time.
SoFi has no origination or prepayment fees. This is a plus when paying off student loans as you can put as much money as possible toward the loan. You can borrow with flexible terms: 2 to 7 years at a fixed rate. Loans range from $5,000 to $100,000.
SoFi offers mortgage refinancing and home equity lines of credit, too. You can use SoFi for investment accounts, cryptocurrency investments, savings accounts and insurance.
Best for Debt Consolidation: Payoff
If you specifically want to consolidate your debt into easier monthly payments, Payoff is a great lender to help you meet that goal.
Loans range from $5,000 to $35,000 at a fixed rate APR. Terms fall between 2 to 5 years with origination fees of 0% to 5%. Your creditworthiness determines your exact rates and terms.
Unlike many lenders, Payoff is 100% transparent about its borrower standards. If you meet the following requirements, you should be eligible for a loan from Payoff.
Credit score of at least 660
Debt-to-income (DTI) ratio under 50%
3+ years of credit history
2 open credit lines with no more than 1 installment plan loan
No current delinquent accounts
No delinquencies occurring in the last 12 months for over 90 days
Use Payoff for a personal loan that can help improve your credit score and tackle your debt.
Personal Loan Considerations
Not sure if you need a personal loan? Think about the following: Do you need a lump sum of cash? Do you think you can stick to rigid payment terms? Are you trying to raise your credit score or consolidate debt into 1 monthly payment? If so, a personal loan sounds like an option worth exploring.
Personal Loans vs. Credit Cards
Personal loans and credit cards are similar in that they extend credit to borrowers who need to cover expenses that they aren’t able to with their current income. They differ in that personal loans have fixed rates and terms, while credit cards typically have variable rates and terms. Personal loans are usually a lump sum of cash that you close upon final payment; credit cards are a revolving line of credit that you can reuse after paying on your balance.
Frequently Asked Questions
Q: What happens if I can’t repay my personal loan on time?
A: If you miss payments, pay off a loan late (or early in some cases), you may face consequences. These can include collateral seizure and steep fees. Make sure loan terms work for you before agreeing to one.
Q: Can I get a personal loan with bad credit?
A: In short, you can. Some lenders seek out borrowers with bad credit; others will work with you with higher rates and stricter terms. Personal loans can help with bad credit as well, so weigh the pros and cons for your specific financial situation to make the best decision.
Should You Get a Personal Loan?
Do you want to consolidate your debt or add value to your home by upgrading your appliances or getting a new roof? A personal loan is a great way to cover these and others expenses. If you have decent credit, you can usually find reasonable rates and terms. If you don’t, a lender may work with you anyway, and you’ll get the added benefit of improving your creditworthiness by raising your debt limit and lowering your DTI ratio.
After 70 years in Monterey County, 87-year-old Mary Martinez moved in the middle of a pandemic, evicted from her modest one-bedroom, second-floor apartment at 1118 Parkside St. in north Salinas.
According to her former landlord, Martinez was evicted because she allowed a “violent man” to live with her, violating the conditions of her lease. Martinez said the man is her epileptic nephew.
Advocates say that while evictions like Martinez’s are rarer during the pandemic, landlords are feeling the financial squeeze. Some have sold rental properties to make up for lack of income. That can leave renters out in the cold when their new landlord raises the rent by hundreds of dollars or requires all renters move out before they take over the building.
“I don’t want to leave”
Nearly half the housing units in Monterey County are renter-occupied and of those renters, about half pay 35% or more of their monthly income in rental costs, according to American Community Survey (ACS).
The same data shows people of color tend to be renters rather than homeowners. People ACS data identified as Hispanic, Latino or Mexican –– such as Martinez –– make up the largest body of renters in the county.
Martinez does not deny violating her lease agreement but said her landlord was looking for an excuse to kick her out since March when he bought her building.
She also said she believed her status as a Section 8 recipient made her a target, an assertion her landlord denied.
According to Martinez, he soured on her after her epileptic nephew suffered a seizure in the bathroom, leaving emergency crews to break down the locked door. Martinez paid about $70 to replace the door, she said
In June, she received a 90-day notice to evict.
“I don’t want to leave,” Martinez said through tears during a July interview. Her voice quavered. She sat on her living room couch, her shoulders slumped.
In August, she closed the door to apartment 10 behind her for the last time.
“Keep the house housed”
At the state level, Assembly Bill 3088, co-authored by California State Senator Anna Caballero (D-Salinas), keeps renters facing hardship due to COVID-19 in their homes.
The legislation, signed by Gov. Gavin Newsom in August, states tenants who have provided qualifying declarations of hardship can’t be evicted before Feb. 1, 2021.
Monterey County, like other counties, passed a similar moratorium early in the pandemic, extending it multiple times to keep it alive until the state legislature could find a solution.
Martinez is not the only person to be evicted or lose their housing during the pandemic. The moratoriums dealt with eviction for nonpayment of rent, not of someone in violation of their lease, as Martinez was. Others saw their landlords sell to new owners who raised the rent an untenable amount.
Far fewer people have been evicted during the pandemic than anticipated, said Joel Hernández Laguna, the lead organizer for Center for Community Advocacy’s (CCA). But in recent months, CCA received a higher-than-usual number of calls about people being forced out of their homes due to rent increases.
“You have to see the other point of view,” said Hernández Laguna, who has worked for CCA for almost nine years. “Some landlords are struggling to make payments on properties they rent out.”
He suspects that resulted in higher property turnover than normal. New owners often stipulate in the purchase contract that all tenants must move out upon sale of the property, or raise the rents so much the current tenants can’t stay, Hernández Laguna said.
“Landlords aren’t able to evict people with the current ordinances so instead are (increasing) the rent,” he said. “Which is another way of pushing them out indirectly.”
Matt Huerta, Director of housing at the Monterey Bay Economic Partnership (MBEP), said housing stakeholders are raising the issue of eviction and housing in MBEP group discussions.
“Our overarching message has been to keep the housed housed,” Huerta said. “Unless it’s a health and safety problem – in terms of the tenant creating a health and safety problem – everyone should be motivated to prevent a large health and safety problem to prevent evictions that will lead to crowded housing and homelessness.”
Phyllis Katz, directing attorney at California Rural Legal Assistance (CRLA) of Monterey County, said while CRLA had not seen any eviction cases during the pandemic, an eviction could lead to the same – or worse – consequences for someone.
“People acquire bad credit by being evicted,” Katz said in an email.
That bad credit can follow renters and can result in their wages being garnished to pay off debts or keep them from renting on their own. The cost of applying to apartments can be prohibitive, too.
“It costs $30-$50 for each application for housing,” Katz said. “People stay with relatives if they can, or in their car, if they can’t until they find housing.”
That can put people at risk, Katz noted.
“Families who go live in crowded conditions with another family are more prone to contracting COVID-19, and suffering illness as a result,” he said.
Health experts say this creates a prime environment for the coronavirus to spread throughout a household.
A June analysis by The Californian and CalMatters showed the hardest-hit neighborhoods had three times the rate of overcrowding and twice the rate of poverty as the neighborhoods that suffered the least. The neighborhoods with the most infections are disproportionately populated by people of color.
“People end up in that situation because they don’t want to become homeless,” Hernández Laguna said. “Families are willing to share an apartment complex or bring someone else into their home to pay the rent. One of the consequences of being evicted is having to overshare a property.”
Personal and financial loss
At first glance, you wouldn’t know Martinez is in the latter half of her ninth decade.
Before the pandemic, she walked to church almost every day for services. When she lived in Salinas, she’d walk to a nearby grocery store to purchase food, and carried it home herself, two blocks and up a flight of stairs.
Martinez’s age puts her at a higher risk of complications from COVID-19, should she contract the virus.
An eviction increases the odds she might encounter the virus, as she is no longer able to safely isolate herself, and moved three times in fewer than two months. Her sisters, who hosted Martinez following her eviction, are also at increased risk. Both women are in their 70s.
Martinez eventually moved to Pueblo, Colo. to stay with her younger sister, Esther, 76.
In the midst of all this, Martinez is struggling with the loss of her nephew, Greg Palacios.
Palacios was diagnosed with cancer shortly after his seizure in Martinez’s bathroom. He moved into hospice care and died over the summer.
Martinez cried as she talked about his death. She was unable to visit him while he was in care hospice due to pandemic-induced restrictions on visitors.
Martinez is wrestling with financial concerns as well.
She can’t afford a new apartment without the six weeks’ worth of rent, she told The Californian. She has little in the way of savings – she never married and worked mainly as a babysitter and a housekeeper.
While she hopes to keep her Section 8 status, she doesn’t know how moving out of state will impact her.
Furthermore, Martinez said she did not receive her deposit back when she moved out and was owed two weeks’ rent.
When reached by phone, her landlord introduced himself as “Pete.” He confirmed he had been Martinez’s landlord, but refused multiple times to give his last name, or say how long he had owned the property.
According to Monterey County Assessor records, 1118 Parkside St., the complex where Martinez used to live, was purchased by Ace Organic in March of 2020, which is headquartered in Salinas. An LLC-12 Statement of Information filed with the Secretary of State shows Peter Quinlan King as the owner of Ace Organic.
King told The Californian he worked in conjunction with the Housing Authority to evict Martinez, informing them on “everything, step by step.” He also pointed out that he had multiple Section 8 tenants on the premises.
“Mary had a violent and unauthorized tenant living there, so that was cause for eviction,” King said when reached for comment.
According to Monterey attorney David Brown, who handles civil matters between landlords and tenants, if Palacios had been on the lease with Martinez, it likely would have been unlawful to evict them due to his seizure.
As Martinez paid for the damage done to the door, Brown said, that might have violated the Americans with Disabilities Act.
“I don’t know for sure but…assuming that was the landlord’s motivation, yeah, that would probably violate the ADA,” Brown said.
King declined to comment further on Martinez’s eviction, or if he planned to return her deposit.
Although Martinez reached out to the Housing Authority for help and spoke regularly with her caseworker, she found herself confused as to whether she truly had to move out, or if her eviction notice was just a warning.
She moved out in August but still had doubts at the time of her departure.
Hernández Laguna urged people facing eviction or unanticipated rent increases to reach out to his organization or CRLA for help.
“Seek help,” he said. “There are protections out there for families.”
In Pueblo, Martinez found a new home with her sister Esther, though she doesn’t like the cold that’s begun to settle in for the Colorado winter.
Esther says she hopes Martinez will stay with her. Pueblo had a low rate of COVID-19 compared to the rest of Colorado, but in recent weeks has seen cases rise. Still, Esther said she feels she and Mary are safe from the virus there.
“I think Mary’s going to stay here,” said Esther. “We’ll go to California to visit.”
Kate Cimini is a reporter with The Salinas Californian. This article is part of The California Divide, a collaboration among newsrooms examining income inequality and economic survival in California.
ATLANTA _ Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.
An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-hosting services.
Other services firms providing expertise or help include Aprio, an Atlanta-based accounting firm, and First Horizon Bank.
It’s a package of products that many Black entrepreneurs couldn’t get through a bank or credit union, said John Hope Bryant, CEO of Operation Hope.
“A bank won’t lend you money unless you can prove that you don’t need it,” Bryant said. “That’s especially true with minority-owned small businesses.”
Small businesses with Black owners were half as likely to obtain business loans as whites, according to a Federal Reserve survey published earlier this year.
The initiative is the latest effort to help Black consumers and businesses enter the financial mainstream. Earlier this month, a group that includes rapper Killer Mike opened a digital bank aimed at Black and Latino consumers.
Banks and credit unions have tried for years to help Black consumers open checking and savings accounts. The efforts helped, as the number of U.S. households without bank accounts fell to 5.4% in 2019 from 6.5% in 2017, the Federal Deposit Insurance Corp. said Monday.
Consumers who own checking and savings accounts typically have access loans with better rates and a wider variety of financial services.
The federal government’s $660 billion loan initiative for businesses hit by COVID-19, the Paycheck Protection Program, also helped few Black-owned businesses, Bryant said. PPP loans were based on a company’s number of employees and its rent obligations. many Black-owned small businesses typically didn’t have enough workers to qualify and are based out of the owner’s residence.
Bryant said a bad credit history may not prevent applicants from receiving a loan.
He hopes more companies will contribute services such as insurance advice or software typically available only to well-established businesses.
Bryant noted that 1MBB is not a charitable organization, as participating companies like Shopify will likely get a pipeline of new business customers through the program.
“This is not pure philanthropy,” he said. “Shopify believes that Black-owned businesses are good businesses if they’re properly supported.”
The final days of October offer a chance to take advantage of outstanding model year-end deals. Most offers end November 2, which means there isn’t much time left to enjoy this month’s best lease deals and deepest new car discounts. We even found incentives that can help those with bad credit buy a new or used car.
Why are small cars bad to lease? Even though smaller cars typically come with lower price tags, that isn’t always the case when leasing. A mix of lower discounts, worse residual values, and smaller discounts can actually make a Nissan Altima cheaper than a Versa despite having an almost $10,000 difference in MSRP.
Shorter-mileage leases. More brands are offering shorter mileage allowances on car leases. Although this is typically used to offer consumers more flexibility, we’ve found cases in which you can end up getting less for your money. If you don’t read all the fine print, this could make comparison-shopping difficult.
$0 down leases. If you’re adamant about now putting down any money on a lease, you’ll love Sign & Drive leases. In addition to requiring no money down, $0 down lease deals can cover your first month’s payment. Even hot sellers like the Honda CR-V Hybrid offer $0 down and as little as $330/month on a lease.