Find the Best Personal Loan for Your Needs
Missouri is located in the Midwestern region and is 18th most populated state of the United States. The diverse region of Missouri, with plains in the north and mountains in the south, is able to sustain different kinds of industries.
The primary industries that contribute towards the state economy include aerospace, food processing, manufacturing, transportation and agriculture. There is also a surge in production of wine in Missouri, thanks to its favorable climatic conditions. The Show Me State is doing OK economically. This state is not on fire like Texas and Georgia is because it has higher taxes than those states.
An average household income of $44,306 and per capita income of $32,705 indicate that the economic state of Missouri is stable. However, despite its various industries and employment options for its residents, financial setbacks can strike anyone at any time.
Personal loans are easily available and can be accessed quickly to meet short-term financial requirements. One can obtain high loan amount with low personal loan rates that can be paid over a period of time in equal monthly installments. Many people find it convenient to weave personal loan payments into their monthly budgets.
Personal Loans for Vehicle Repair
Depending on the type of maintenance your vehicle requires, its upkeep can prove to be very costly. Car repair expenses can sometimes far exceed your expectations. From transmission overhaul to urgent repairs, personal loans can cover your car maintenance costs and get you back on the road faster than you think!
If you are in urgent need to get your vehicle restored, it is advisable to apply for a personal loan to get the necessary funds. A personal loan can help you spread out your payments rather than footing the entire invoice at once.
By paying a fixed amount each month, it becomes easier to manage your bills and stay up-to-date with your finances. You can also pay off your loan early. However, do check with the bank or lender about prepayment charges. That is the prudent thing to do!
Personal loans are advanced on the basis of your creditworthiness and ability to make repayments. For someone who has a good credit score, securing personal loans can be very easy. The procedure is simple and requires very few documents for loan processing. Access to personal loans has become much easier over the years because of a few leading websites dedicated to facilitating these loans.
Best Banks for Personal Loans in Missouri
Here are the best banks in Missouri to get a personal loan:
The Bank of Missouri
Formerly known as the Bank of Perryville, they were the only bank in that county from 1891 to 1997. However, they have since expanded to serve other counties.
Missouri Credit Union
Missouri Credit Union is a very exclusive and demographic-specific credit union. Its members are able to get loans at rates way lower than an average credit union of the same size.
The Missouri Bank
Unlike most banks, The Missouri Bank only offers secured personal loans where assets such as new/used cars, boats(see boat financing), and motorcycles serve as your collateral.
St. Louis Community Credit Union
St. Louis Community Credit Union is one of the bigger local banks in the area, with 98 percent of the residents of the county are within two miles of one of their branches.
With Mid-Missouri Bank, there is no established minimum or maximum APR. Instead, their loan officers individually assess the eligibility of the applicant to determine a rate and term suited to them.
Having served the state since 1913, Guaranty Bank has a streamlined loan application process as well as competitive rates and flexible terms.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you're absolutely sure you can pay it off quickly.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.