Best Low-Income Loans in Virginia: Top Lenders and Rates for 2024

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in Virginia

MoneyGeek ranked the top companies providing low-income loans in Virginia by reviewing more than 30 data points. The best lender for your situation depends on your financial background and personal preferences.

We ranked the top companies overall and the best options for those with bad and good credit. Our key factors include the loan amount, interest rate, credit score requirements and features that promote high customer satisfaction, like a seamless application process.

From our findings, Upgrade offers the best low-income personal loans in the state. Upstart ranked first for bad credit, while Prosper is the best for borrowers with good credit. By shopping around, you can find a suitable offer for your profile.

Best Overall Low-Income 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

    Established in 2017, Upgrade offers up to $50,000 in low-income loans to Virginia residents. For your application to be approved, you must meet the 560 minimum credit score requirement.

    Upgrade allows you to use your low-income loan for many purposes, except funding postsecondary education and investments. Although its loans do not feature a prepayment penalty, you will pay up to 8.99% in origination fees. Fortunately, you can reduce your interest rates through automatic payments.

    Upgrade pays creditors directly for debt consolidation. The lender also conducts an initial soft credit inquiry and funds most loans within a day. Repayment periods vary from 36 to 60 months.

    Pros

    • Pays creditors directly for debt consolidation
    • No prepayment penalty
    • Broad range of repayment terms
    • Low minimum APR

    Cons

    • High maximum APR
    • Charges origination fees
    • Restricted funds usage
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in Virginia: LendingClub


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Borrowers can apply for a low-income personal loan from LendingClub for practically anything, except investments and postsecondary education. The lender was established in 2007 and offers to fund between $1,000 and $40,000 for low-income loans in Virginia. The exact amount depends on a borrower’s preferences and eligibility.

    LendingClub has a minimum credit score requirement of 600. Low-income loans from this lender have a maximum repayment period of five years. After completing the approval process, the lender typically funds your account within a day.

    Borrowers can submit joint applications at LendingClub and may have their existing debts paid directly for debt consolidation. One primary drawback of the company is the high APR. You will also pay an origination fee of up to 8.99% of the total loan amount.

    Pros

    • Direct payment to creditors
    • Allows joint loan applications
    • No prepayment penalty
    • Soft credit inquiry

    Cons

    • Maximum of $40,000
    • Restricts use of funds
    • High interest and origination fees
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    LendingClub

Best Low-Income 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 for the top low-income loan lender in Virginia for residents with bad credit. The lender uses an AI platform to offer personal loans between $1,000 and $50,000. It has the lowest credit score requirement of 300, meaning it accepts applicants with bad or incomplete credit.

    Upstart was established in 2012 and has an online application process. Customers typically receive funding within one day. The lender will conduct an initial soft credit check to verify your eligibility as a borrower.

    Unfortunately, Upstart charges origination fees of up to 10%, which can significantly increase the cost of your loan. It also only offers two repayment term options, so if you want to repay your loan in any duration other than three or five years, you’ll need to look elsewhere.

    Pros

    • Does not charge prepayment fees
    • Low minimum credit score
    • Initial soft credit inquiry
    • Low baseline APR

    Cons

    • Lacks autopay discount
    • Origination fee of up to 10%
    • High maximum APR
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Low-Income Loan for Good Credit in Virginia: Prosper


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Prosper is a peer-to-peer lending platform founded in 2005 that allows borrowers to obtain funding from several investors. Virginia residents who meet the credit score requirement of 640 from Prosper may apply for a low-income loan from this lender, which is MoneyGeek’s pick for the best low-income loan lender in the state for borrowers with good credit.

    Borrowers can get a minimum of $2,000 and a maximum of $40,000. The lender features a repayment period from 36 to 60 months and usually disburses funds the same day of application.

    The lender charges several fees, including late, origination and check payment fees.

    Pros

    • Few restrictions on loan purpose
    • Quick funding
    • Does not have a prepayment penalty
    • Co-applicants allowed
    • Several repayment term options

    Cons

    • Potentially high APR
    • High credit score needed
    • Charges late fees and origination fees
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in Virginia for You

Personal loans can help you cover large or unexpected expenses. In Virginia, the average personal loan debt is $17,503, and the average interest rate is 9.41%. Requirements for a low-income loan vary across lenders, and some may restrict how you use the funds.

Most lenders consider your creditworthiness while evaluating your suitability for a loan. MoneyGeek summarized the following steps to help you identify the right low-income loan offer in Virginia for your needs.

1
Ask Yourself the Important Questions

You must be sure that getting a low-income loan is the best option for your financial needs. MoneyGeek suggests you respond to the following questions to determine if a loan is the best decision for your financial goals.

  • How much do you need to borrow? The amount will depend on the purpose of the loan, how much you can comfortably repay per month and the lender you choose.
  • How’s your credit standing? A lower credit score may deny you eligibility for a low-income loan from some lenders. For instance, with a credit score of 300, you may get a loan from Upstart but not from Prosper, Upgrade or LendingClub.
  • Can you make your monthly payments? Ensure the loan you choose has affordable monthly installments for your level of income. Late payments may attract additional costs to your loan.
  • Do you have other debts? How does adding another loan to your existing debt affect your financial health? If you anticipate huge repayments after getting the loan, you may need to consider other funding alternatives.
  • Is your debt manageable through other means? You can borrow from friends and family or use your credit card to meet urgent financial needs.
2
Do Your Research

MoneyGeek outlines details of the top low-income loan lenders in Virginia to ensure you do not miss out on the best rates and offers in the state. However, personal research may help you get better deals for your circumstances. Remember, repaying a loan requires long-term dedication, and you need to ensure you land the best deal on the market.

3
Wait

After getting details about your preferred lenders, take a few days to think through your decisions. Taking a deep look at the lender and loan details can help you identify areas that need a review. Remember, once you sign the offer, you commit to making monthly payments without fail until you finish repaying the loan.

4
Read the Fine Print

Key details of your loan are outlined in the lender’s fine print. Check for details about application fees, interest, penalties, repayment durations and deadlines. If you miss any costs, you may end up paying more than you intend for your loan. For instance, some lenders charge prepayment, origination and late fees, while others don’t.

5
Apply

After completing the initial steps and confirming that you have chosen the best low-income loan in Virginia for your situation, ensure you have the requested documents ready for submitting your application. Typically, you need proof of identification and financial information.

What to Do if You Can’t Get a Low-Income Loan in Virginia

Lenders can refuse your loan application if you do not meet the minimum requirements. You could be denied due to a low credit score or a high debt-to-income ratio. If your loan application is denied, don’t despair.

A loan denial does not mean you will never qualify for a loan. Making the necessary adjustments to your profile and application information can help you get the funds you need. Ensure you speak to your lender to establish why your submission was declined.

Problems with your debt-to-income ratio or credit score should be resolved before you apply to other lenders. MoneyGeek recommends keeping away from payday loans due to the extremely high interest rates and short repayment durations that can significantly worsen your financial situation.

Calculate Your Monthly Payment

To help you stick to your preferences and budget, MoneyGeek formulated a personal loan calculator to estimate repayment amounts for your preferred low-income loan. Enter your loan details and get a quick estimate of your monthly obligations.

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

FAQs About Low-Income Loans in Virginia

Low-income loan lenders in Virginia offer different repayment terms and rates based on your profile. To make the application process easier for you, MoneyGeek answered the common questions about low-income loans in the state.

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

Methodology

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METHODOLOGY

MoneyGeek utilized 35+ individual data points and 30 lenders to identify top low-income loan providers for different borrower profiles. The 35+ data points were then merged into six primary categories, including lender transparency, consumer friendliness, flexibility, loan affordability, customer service and accessibility.

Our data points comprise factors that influence lender ratings the most. These include loan amounts, income levels, credit score requirements and APR ranges.

MoneyGeek prioritizes you, the consumer, in our research. As such, our analysis includes careful consideration of attributes that contribute to an excellent customer experience, like payment options, prequalification processes and the availability of online and mobile platforms.

We utilize a thorough methodology to identify the top lenders for your needs. Our up-to-date recommendations and tips ensure you make smart financial decisions that suit your long-term goals.

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.

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