Best Loans for Bad Credit in West Virginia for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
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Updated: April 25, 2024

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Happy Money stands out as the best personal loan lender for bad credit in West Virginia, with a MoneyGeek Score of 94 out of 100. It offers competitive interest rates, a quick application and approval process, and is credible and transparent about its loan terms and process. No other lenders from our analysis offer personal loans with disclosed credit score minimums between 580 and 640 in the state.

Other lenders like West Virginia Federal Credit Union, WVU Employees Federal Credit Union and West Virginia Central Credit Union may also offer valuable options for people seeking more localized personal loan services.

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    Overall Best Bad Credit Loan Lender in West Virginia

  • 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 lender for bad credit in West Virginia, with a MoneyGeek score of 94 out of 100. It is not a lender but a fintech company that partners with federally insured lending partners by the National Credit Union Administration (NCUA) to originate personal loans.

    Focusing on applicants with a minimum credit score of 640, it offers loans ranging from $5,000 to $40,000 and can disburse funds by the next day. Borrowers will benefit from freedom from various fees and flexible repayment terms are perks. But Happy Money charges an origination fee and only offers loans for debt consolidation.

    Pros

    • Doesn't charge late, early repayment, bounced check, failed ACH or other fees
    • Flexible repayment terms from 24 to 60 months
    • Offers to pay creditors directly

    Cons

    • No co-signers or co-borrowers
    • Only offers debt consolidation loans
    • Charges an origination fee
    Happy Money

Calculate Your Monthly Loan Payment in West Virginia

The average new account balance for personal loans in West Virginia is $11,783, as reported in TransUnion's Credit Industry Snapshot. Personal loans are typically repaid in equal monthly installments over a set period, and these payments include both the principal and interest.

Accurately calculating your monthly loan payments is particularly beneficial for individuals with bad credit to ensure affordability and avoid additional financial strain. To estimate your loan payments, you can utilize the personal loan calculator provided by MoneyGeek.

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Best Bad Credit Loans by Credit Score in West Virginia

With an average credit score of 703, West Virginia's average is below the national average of 715, according to Experian data. Even with a lower credit score, obtaining a personal loan is still a possibility. But in West Virginia, only one lender has a disclosed credit score minimum between 580 and 640: Happy Money.

What to Do if Your Loan Application Is Denied in West Virginia

Personal loan application denials are common, especially when your credit score is lower than average — but it doesn't have to halt your borrowing journey. Here's what you can do to enhance your chances of approval for future applications.

1
Find out the reason for the denial

If a lender denies your loan application, it could be due to reasons such as a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing these reasons helps you identify weak areas to address and can prevent future denials.

2
Modify your loan terms

You may be able to adjust the loan amount or repayment terms to increase the likelihood of approval. Consult with your lender to explore these options.

3
Find another lender

Different lenders have varied criteria for loan approval. Shopping around to compare lenders is key to finding the best match for your needs and credit history. Consider the following:

  • Eligibility requirements: Lenders may have varying credit score, income level, debt-to-income ratio and employment history requirements. Knowing these can guide you to the right lender.
  • Interest rates: Seek out lenders with competitive rates to save money, particularly if you have bad credit.
  • Additional fees: Understand the different fees lenders may charge, such as origination, late or prepayment fees, to avoid unexpected costs.
  • Loan terms: Lenders offer various repayment terms. Shorter terms typically lead to higher monthly payments but save on interest, while longer terms spread out payments but incur more interest over time.
  • Customer service and reputation: Assess the lender's customer service and reputation to ensure a satisfactory borrowing experience.
4
Look for alternatives

There are alternatives to personal loans that can be suitable for borrowers with bad credit, such as secured loans, credit union loans or family loans. These options might offer more flexibility or favorable terms.

5
Improve your credit score

Enhancing your credit can increase your chances of being approved for a personal loan. Steps to start improving your credit score include paying bills on time, reducing outstanding debt and checking your credit reports for inaccuracies.

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EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in West Virginia

When shopping for personal loans in West Virginia, it's common for borrowers, especially those with bad credit, to have questions or concerns. We compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

What is the best personal loan lender for bad credit in West Virginia?
Which lender in West Virginia has the lowest APR rates for personal loans?
Which lender in West Virginia has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in West Virginia?
Can I pay off my personal loan early in West Virginia?
Sources

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 15, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 15, 2024.

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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.