Best Debt Consolidation Loans in Virginia Beach of 2024

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Virginia Beach, VA

MoneyGeek used over 30 data points to rank debt consolidation lenders in Virginia Beach. We studied loan amounts, repayment terms, APR ranges, miscellaneous fees, Better Business Bureau (BBB) ratings, funding times and several other factors.

Based on our analysis, we found the best debt consolidation loan in Virginia Beach for different borrower profiles. Overall, the best lender is Truist. However, keep in mind that the best lender for you will depend on your unique borrower profile.

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Best Overall Debt Consolidation Loan in Virginia Beach, VA: 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

    MoneyGeek’s analysis shows that Truist is the best debt consolidation lender in Virginia Beach. Truist was established after the merger of SunTrust Banks and BB&T Bank in 2019.

    Truist offers personal loans that range from $3,500 to $50,000 and can be paid for up to 60 months. This is useful if you’re consolidating numerous debts since you can be sure that you’ll have enough funding and a flexible repayment term.

    In addition, Truist offers relatively low interest rates. However, this lender lacks a prequalification process, so you’ll have to go through a hard credit check to know your rates.

    As a bonus, you won’t have to deal with origination fees when borrowing with Truist.

    Pros

    • Doesn’t charge origination, prepayment or late fees
    • A+ BBB rating
    • Next-day loan funding
    • Flexible repayment period
    • Autopay discount

    Cons

    • Hard credit inquiry
    • No co-signers
    • Won’t accept people with new or no credit
    Truist

Runner-Up for Best Debt Consolidation Loan in Virginia Beach, VA: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi is MoneyGeek’s pick as the runner-up debt consolidation loan provider in Virginia Beach. It’s an online financial services company that was established in 2011. The company has funded over $50 billion and served over four million members so far.

    With SoFi, you can borrow up to $100,000. This flexible loan offer is perfect if you’re consolidating debt since you can be sure to settle all your obligations in the most flexible terms possible.

    SoFi claims that borrowers can know its rates in just 60 seconds and that it can fund loans after a few days. The company doesn’t charge origination fees or penalties for early or late payments. It also has a 0.25% autopay discount.

    However, your credit score needs to be 680 or higher before you can qualify for a SoFi loan.

    Pros

    • A+ BBB rating
    • No origination, prepayment and late payment fees
    • Autopay discount
    • Has unemployment protection

    Cons

    • Requires good-to-excellent credit
    • No co-signers
    • Income requirements
    SoFi

Best Debt Consolidation Loan for Bad Credit in Virginia Beach, VA: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Upstart is MoneyGeek’s choice as Virginia Beach’s best debt consolidation loan company for borrowers with bad credit.

    When it was founded in 2012, Upstart was an early proponent of using artificial intelligence (AI) to evaluate creditworthiness. The company studies applications using factors other than a borrower’s credit score. This means you can get a personal loan to consolidate your debts even if you have a FICO score that’s only 300.

    Upstart lets you borrow $1,000 to $50,000, which is payable for up to 60 months. Its prequalification process only requires a soft credit pull, so you can view your rates without affecting your credit.

    Upstart claims to issue approvals instantly and fund loans within the next business day. Although it doesn’t charge prepayment fees, Upstart's loans come with origination fees.

    Pros

    • No prepayment fee
    • Low credit score requirements
    • A+ BBB rating
    • Next-day funding
    • Soft credit check

    Cons

    • No co-signers
    • Income requirements
    • Low maximum loan amount
    Upstart

Best Debt Consolidation Loan for Good Credit in Virginia Beach, VA: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade is a financial services company that was founded in 2017. Although it has only been around for five years, the company has provided loans and credit cards for over 15 million clients.

    If you have good credit, Upgrade is MoneyGeek’s choice as the best debt consolidation loan provider in Virginia Beach. It offers loans ranging from $1,000 to $50,000.

    Upgrade’s loan packages are flexible, and it can pay your creditors directly. This is convenient if you have numerous credit card debts.

    The company only conducts a soft credit inquiry to prequalify applications. It doesn’t charge early payment fees, but its loans come with origination fees and late payment penalties.

    Pros

    • Checks rates through soft inquiry
    • Doesn’t charge prepayment fees
    • Flexible repayment terms
    • Offers autopay discount
    • A+ BBB rating

    Cons

    • Origination fees
    • Late fees
    • Low maximum loan amount
    Upgrade

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

In Virginia, the average credit card and personal loan debt is $6,189 and $17,503, respectively. For many people, consolidating debts into one is a good idea as it simplifies payments and may result in lower interest rates.

Nonetheless, there are several factors to consider before you apply for a debt consolidation loan in Virginia Beach. MoneyGeek laid out steps to help you make an informed decision.

1

Ask Yourself the Important Questions

There are a number of things you need to ask yourself before you apply for a debt consolidation loan in Virginia Beach.

  • How much funding do you need? List your existing debts and determine the amount that you need. Since you’re repaying the debt consolidation loan with interest, borrowing too much may result in unnecessary costs.
  • What’s your credit score? Loan providers have minimum credit requirements before you qualify for a loan. Check your credit score first to know which companies can accept your application.
  • Can you afford the monthly payments? Calculate your monthly income and expenses and check if you have enough to pay for your potential loan payments.
  • Do you have existing debts? Borrowers will assess your debt-to-income (DTI) ratio before they approve your loan.
  • Is your debt manageable through other means? A debt consolidation loan is not necessary in all cases. You can repay your obligations by selling off your possessions or by manually paying your creditors over time.
2

Do Your Research

Getting a debt consolidation loan is a serious and long-term commitment. Although you’ll use it to repay your debts, you should avoid getting stuck with another debt that you’ll have difficulty repaying.

Debt consolidation loans are repaid with interest. On average, it may take you two to four years to pay off your loan. Some lenders also conduct hard credit checks that hurt your credit score just to see if you qualify.

With that, it’s important that you research for the best available offer for you. Study several providers and check details about their loan offers. This ensures that you’ll have the lowest interest rates possible and the absence of unnecessary fees.

Although we picked the best debt consolidation loan providers in Virginia Beach, our studies are based on generalizations. Ultimately, your needs and situation will determine the best debt consolidation loan for you.

3

Wait

Before deciding on a personal loan company, it’s a good idea to wait a day or two before you finalize your decision.

A debt consolidation loan is repaid in several years and with interest. On average, personal loans in Virginia come with a 9.25% APR. As a result, you must be absolutely sure that your preferred lender is the best one that’s available for you.

By letting time pass, you’ll have a more objective understanding of the situation. This lets you identify potential issues about the loan that you may not have thought of during your initial assessment.

Spend this time to think if getting a debt consolidation loan is the best way to address your debts. Consider if paying your debts as scheduled will be easier or cheaper compared with getting a debt consolidation loan.

4

Read the Fine Print

Take the time to read your preferred lender’s fine print. Doing this informs you about key details that you may have missed during your initial research.

It’s a good idea to check a lender’s APR range, repayment term and miscellaneous fees. Although most companies don’t charge prepayment fees, watch out for loan providers that have origination and late payment fees.

In addition, read through the terms and conditions of promotional offers that may have enticed you toward the lender. Check any restrictions that come with the loan. Some lenders will disallow you from using your loan proceeds to pay off your debts from their company.

By going through this process, you can avoid unnecessary fees and save money over time.

5

Apply

Once you’ve completed the previous steps, you can proceed with your loan application.

It’s recommended that you gather requirements that the bank may ask for during loan evaluation. Usually, you’ll need to provide documents related to your identification, address and income. Note that some lenders may ask for other documents, so make sure everything is in order before you contact a loan company.

It’s easy to get a debt consolidation loan in Virginia Beach. Most lenders offer online application processes, which allow you to get a loan in the comfort of your home. Nonetheless, feel free to call or visit a lender’s branch if you prefer in-person transactions and that option is available.

Choose the method of application that you’re most comfortable with to ensure all your questions are answered.

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

Loan companies in Virginia Beach deny debt consolidation loans due to low credit scores, insufficient income and various other reasons. If your application gets rejected, don’t worry. You can still do certain things to move the process forward.

We advise that you call your lender to find out why your application was declined. Ask if adjusting the loan amount or repayment term will make them reconsider their decision. If the issue is with your profile, determine the exact reason behind their rejection.

Although it’s possible for you to file a new application with another lender, we don’t recommend it. Chances are, if you haven’t resolved the issues that resulted in your loan rejection, they will still show up on your next application.

It’s a good idea to fix your profile first before you shop around for new lenders. You can also find a co-signer or a co-applicant to help improve your chances.

No matter how desperate you are, don’t be tempted to take out a payday loan. Such loans feature high interest rates and short repayment terms, which will only lock you deeper into debt.

Calculate Your Monthly Payment

Remember, you’ll repay your debt consolidation loan in monthly installments and with interest. MoneyGeek’s loan calculator can help you check if you have enough disposable income to pay your potential loan payments.

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Frequently Asked Questions About Debt Consolidation Loans in Virginia Beach, VA

Your needs and financial situation will determine what’s the best debt consolidation lender in Virginia Beach for you. MoneyGeek responded to some frequently asked questions to help you make an informed decision before you take out a debt consolidation loan.

MoneyGeek’s research shows that Truist is the overall best debt consolidation loan company in Virginia Beach. However, the top lender may vary depending on the borrower’s profile. We recommend Upstart to folks with bad credit and Upgrade for individuals with good credit.

Truist offers the lowest possible interest rate in Virginia Beach. However, your loan preferences and creditworthiness will determine your interest rate.

Each loan company has its own restrictions regarding loan usage. Nonetheless, most lenders will not allow you to use your debt consolidation loan to pay off your liabilities from their company.

Debt consolidation loan offers in Virginia Beach range from $1,000 to $100,000, depending on the company. However, the amount you can get will depend on your income, creditworthiness and other factors.

Loan companies feature different funding times. The best debt consolidation loans in Virginia Beach can get funded on the same day.

Yes, you can repay your debt consolidation loan early. However, some companies may charge a prepayment fee. That’s why it’s important to read the fine print so that you’re aware of all the fees that come with your loan.

Methodology

METHODOLOGY

MoneyGeek reviewed more than 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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.