Top Lenders & Best Rates for You

Best Debt Consolidation Loans in Virginia of 2024

fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Virginia

MoneyGeek evaluated more than 30 data points to determine the best debt consolidation lenders in Virginia. For this analysis, we gathered data about APR ranges, minimum credit scores, origination fees, late fees, repayment terms, loan amounts, disbursement times, Better Business Bureau ratings, prepayment penalties and more.

Our research shows that Upgrade is the overall best debt consolidation lender in Virginia, where the average credit score is 717. However, the best debt consolidation lender for you may vary based on your needs and financial situation.

Best Overall Debt Consolidation Loan in Virginia: 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

    Based on MoneyGeek’s analysis, Upgrade is the best debt consolidation lender in Virginia. They’re a relatively new financial services company that was founded in 2017. In just five years, Upgrade has served over 15 million customers with products like checking accounts, credit cards and personal loans.

    Upgrade offers unsecured personal loans ranging from $1,000 to $50,000 with an up to 60-month repayment period. They’re a convenient choice for debt consolidation because they will pay your creditors directly, freeing you of the hassle of manually transmitting your payments to your loan providers.

    You can still qualify for an Upgrade loan even with poor credit since the company’s credit score requirement is only 560. Additionally, the company only does a soft credit check during pre-qualification.

    Although Upgrade doesn’t have prepayment fees, they charge an up to 8% origination fee and late payment penalties.

    Pros

    • A+ BBB rating
    • Pays creditors directly
    • Autopay discount
    • Conducts soft credit inquiries
    • Doesn’t charge prepayment penalty

    Cons

    • Charges an origination fee
    • Maximum loan amount is $50,000
    • Has late payment penalty
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Virginia: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist is MoneyGeek’s runner-up for the best debt consolidation loan company in Virginia. Established in 2019 after the merger of BB&T and SunTrust, this company is one of the largest banks in the United States. They have over 2,700 branches in mostly eastern states like Virginia.

    You can borrow up to $50,000 from Truist, which is payable in six to 60 months. Their loans come with relatively low interest rates, and they don’t charge origination or prepayment fees.

    Truist has a streamlined application process through its website. They claim they can make a decision on your application in just 15 minutes and fund your loan within the same day.

    However, they do a hard credit pull to check your rates since they lack a pre-qualification process. Their website features their APR ranges, but they don’t have a detailed FAQ page.

    Pros

    • Offers next-day funding
    • No origination and prepayment fees
    • A+ BBB rating
    • No late fees
    • Offers joint loans

    Cons

    • Conducts hard credit checks
    • $50,000 maximum loan amount
    • No co-signers
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in Virginia: 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 is MoneyGeek’s choice as the best debt consolidation lender in Virginia for borrowers with bad credit. Founded in 2012, Upstart was a pioneer in using artificial intelligence for loan evaluations.

    You only need a credit score of 300 to qualify for an Upstart loan, so you can borrow from this company even with a poor credit score.

    Upstart provides unsecured personal loans of up to $50,000, payable from 36 to 60 months. They have a pre-qualification process and can determine rates through a soft credit pull. Additionally, they allow online applications and claim to fund loans within the next day.

    Although Upstart doesn’t charge prepayment penalties, their loans carry origination fees and high APRs.

    Pros

    • Credit score requirement is low
    • Get funding the next day
    • Performs soft credit check during pre-qualification
    • Doesn’t charge prepayment fees
    • A+ BBB rating

    Cons

    • Has origination fee
    • Charges late payment penalties
    • No co-signers
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Virginia: 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

    Based on MoneyGeek’s research, SoFi is the best debt consolidation lender in Virginia for people with good credit. Established in 2011, Social Finance, or SoFi, is a financial services company that offers savings accounts, insurance, investment and various loan products.

    SoFi’s unsecured personal loan packages range from $5,000 to $100,000, and they have an up to 60-month repayment period. You can get low interest rates and an auto-pay discount from this lender.

    You won’t need to deal with origination, prepayment and late payment fees with SoFi. You can also easily research their policies, as they have a detailed FAQ page on their website.

    However, you need a FICO score of at least 680 to qualify for a SoFi loan. The company does soft credit checks when determining rates and claims to decide on most loans within two days.

    Pros

    • Doesn’t charge origination, prepayment or late fees
    • Performs soft credit inquiries
    • Joint loans are allowed
    • Autopay discounts
    • A+ BBB rating

    Cons

    • High credit score requirement
    • Co-signers are not allowed
    • High income requirements
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Virginia for You

On average, Virginia residents have $17,503 in personal loan debt. The average personal loan interest rate in the state is 9.41%. If you have multiple debts, you can consolidate your loans and repay them in one fixed monthly installment.

When getting a debt consolidation loan in Virginia, companies will evaluate your credit score, income and more before approving your application. MoneyGeek shares the steps that you can take to get the best rates:

1
Ask Yourself the Important Questions

Before proceeding with your loan application, it’s important to fully understand your needs and your financial situation. Ask yourself the following questions:

  • How much money do you need?
  • What’s your credit score?
  • Can you afford the monthly payment?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

Gather all the information you can about your preferred loan provider. Evaluate their interest rates, repayment terms, features and policies. While MoneyGeek compiled some of the information you’ll need to get a debt consolidation loan in Virginia, our data and recommendations are based on generalizations. Shopping around and comparing offers from various companies is the best way to find the lowest rates and most flexible options for your specific situation.

3
Wait

Getting a debt consolidation loan is a big financial commitment, so you need to be sure it’s the best choice for your needs. As with any major financial decision, it’s recommended to wait for a day or two before finalizing your choice. This will give you enough time to assess the situation with a more objective outlook. Since debt consolidation loans come with high interest rates that will be paid over several years, you should make sure that your preferred lender will be helpful in your journey towards getting out of debt.

4
Read the Fine Print

If you’ve reached this point, you may have decided that getting a debt consolidation loan is the best way for you to settle your debts. Now’s a good time to review your options and their offers. Take the time to read their fine print. Some of the details you should watch for are prepayment penalties, origination fees, late payment fees and other items that can increase your loan’s total expense. Doing this can result in big savings over time since you’ll avoid unnecessary charges with your loan.

5
Apply

Once you’ve considered all your options, reviewed all the details and feel good with your preferred lender, all that’s left to do is to apply. We suggest that you prepare the documents that are usually asked by lenders in advance, such as your identification cards and proof of income. Most debt consolidation lenders in Virginia allow online applications. This is a convenient option since you can do the entire process from home. However, you can also call or visit a lender’s office if you want to learn more about their processes and policies.

What to Do if You Can’t Get a Debt Consolidation Loan in Virginia

There’s a possibility that your loan application will get rejected. Debt consolidation lenders in Virginia deny loans for various reasons, such as low credit scores and insufficient income.

If this happens to you, we suggest that you reach out to the lender and ask for the reason why they rejected your application. You can inquire if your loan’s terms can be modified to reverse their initial decision. Sometimes a shorter term or a lower loan amount can help you get approved.

While you can apply at a different company, it’s better to improve your profile first before going to another lender. You should address the reason why your initial loan has been denied to have a better chance the next time you apply for a loan.

No matter how desperate you are, avoid payday loans. They have short repayment terms and high interest rates, causing you to be buried in deeper debt.

Calculate Your Monthly Payment

Remember, debt consolidation loans incur interest and are paid in monthly installments. The calculator below lets you have a better understanding of how much you’ll spend repaying this loan. Use this to assess if you’re financially prepared for the loan, especially if you’re already pre-approved by a lender.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Virginia

Your own needs and situation will determine the best debt consolidation loan provider for you. MoneyGeek answered some frequently asked questions about debt consolidation lenders in Virginia to help you learn more about the topic.

What is the best debt consolidation loan lender in Virginia?
Which lender in Virginia has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Virginia?
How much debt can I consolidate in Virginia?
How long does it take to get a debt consolidation loan in Virginia?
Can I pay off my loan early in Virginia?
mglogo icon
METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking 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 chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use