What is the best personal loan lender in Virginia?

The overall best personal loan lender in Virginia is Truist. However, the best company varies depending on individual needs. Borrowers with a bad credit rating may find Upstart the top option. Those with a good credit score may consider SoFi as their first choice. Best Egg is the best for home improvement personal loans, while Upgrade is the top lender for debt consolidation.

Which lender in Virginia has the lowest interest rate?

Upstart has the lowest interest rates among the lenders in Virginia. Based on your profile and the loan terms, you may pay as low as 3.22% per year as interest for your personal loan.

Can I use a personal loan for vacations in Virginia?

Typically, you can use your personal loan in Virginia for any expense, including vacations. However, some lenders impose restrictions on how you use your funds. You can check these out in the lender’s fine print before getting the loan.

Can I use a personal loan for home improvement in Virginia?

Yes, you can use your personal loan for home improvement in Virginia. Our analysis shows **Best Egg** as the best option for most borrowers doing home improvements.

What can I not use my personal loan for in Virginia?

Different companies outline different restrictions on the usage of personal loan funds. Lenders such as Truist restrict you from using the borrowed money to refinance an existing loan from them, pay post-secondary educational costs or purchase bonds and stocks. Others restrict you from using the funds for gambling, illegal activities or investing.

How much can I borrow in Virginia?

How much you can borrow in Virginia depends on the lender plus the requirements set by that lender. If you meet those requirements, you can borrow as much as $100,000, while others cap their loan maximums at $50,000 or even less.

How long does it take to get a personal loan in Virginia?

After being approved for a personal loan, the waiting period will vary depending on the lender. Some companies provide same-day funding, while others can take as long as seven days.

Can I pay off my loan early in Virginia?

Generally, lenders in Virginia allow you to pay off your personal loan early. However, some may charge you a prepayment penalty. While choosing the best lender for your needs, make sure you check this out before submitting your application.

Top Lenders & Best Picks for You

Best Personal Loans in Virginia

Truist provides the best personal loan in Virginia. It has no minimum credit score requirement and offers repayment terms of up to 60 months.

Based on MoneyGeek’s research, Upgrade offers the best debt consolidation loan, while Best Egg offers the best home improvement loan. Borrowers with good to excellent credit can get the lowest interest offer from SoFi. Upstart may be a good starting point if you have bad credit and are unable to qualify for most loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Virginia
The Best Personal Loan Lender for Bad Credit in Virginia
The Best Personal Loan Lender for Good Credit in Virginia
The Best Personal Loan Lender for Debt Consolidation in Virginia
The Best Personal Loan Lender for Home Improvements in Virginia
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Virginia
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Virginia

MoneyGeek’s Pick for Best Personal Loan Lender in Virginia: Truist

The best personal loans in Virginia are different for every borrower, based on their unique situations. MoneyGeek analyzed over 30 data points to establish the best option across different profiles.

Some factors used in our research include maximum loan amounts, repayment duration, interest rates and BBB ratings. From our findings, Truist is the best lender overall. Upstart ranked first for borrowers with poor credit while Upgrade and Best Egg were top for debt consolidation and home improvement loans, respectively.

Below, MoneyGeek outlines some of the features provided by each lender so that you can see them at a glance.

Best Overall Personal Loan Lender 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
Established in 2019, Truist offers several loan products to its customers, who can borrow personal loans of between $3,500 and $50,000.
The lender’s repayment period is between six and 60 months, and funds are processed on the day of your loan application approval. Borrowers do not need to worry about additional costs since this lender does not charge origination fees, prepayment penalties or late fees.
Truist may not be the lender for you if you want to use your loan to refinance an existing loan from it, pay for post-secondary education or purchase stocks and bonds.
Pros
No origination fee
Next-day funding
No prepayment penalty or late fees

Cons
Hard credit checks
Only available in 15 states
Restrictions on usage of funds
Maximum loanable amount is up to $50,000 only
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
on Truist Website

Best Personal Loan Lender 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
If you have a bad credit rating, you may not be approved for personal loans from some lenders. However, some companies will offer you a personal loan despite your poor credit score, and the best lender in Virginia for this is Upstart.
Upstart was established in 2012 and currently operates in 48 states, including Virginia. Borrowers only need a credit score of 300 to qualify for personal loans from the lender. Once your application is approved, you will get the funds the next day.
Note that in addition to a minimum gross income requirement of $12,000, you need a debt-to-income ratio of 45% or below. While this lender does not allow co-signers, joint loans are available, and there is no restriction on how you use the funds.
You can easily apply online, but the lender does not have a mobile app.
Pros
Low credit score and income requirement
Funds sent the next day
Conducts soft inquiry before hard checks
No prepayment penalty
Allows joint loans

Cons
Debt-to-income limit must be 45% or less
Does not accept people with new or no credit
Denied for bankruptcies or delinquencies on credit report
0%-8% origination fees
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
on Upstart Website

Best Personal Loan Lender 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
According to our research, SoFi is the best lender for individuals with good credit. Established in 2011, Social Finance, Inc. started by offering student loans and has since diversified its products and services.
For personal loans, borrowers must have a minimum credit score of 680, a minimum gross income of $50,000 and a debt-to-income ratio of 43%. Unlike most other lenders, SoFi offers a higher loan limit, with a minimum of $5,000 and a maximum of $100,000. It also offers unemployment protection to borrowers who lose their jobs.
That said, the lender may not be best for borrowers with poor to fair credit scores. It also does not accept people with new or no credit. However, while SoFi does not allow co-signers, joint loans are available.
There are no restrictions imposed by SoFi on how you use the money.
Pros
0.25% autopay discount
No origination fees
Conducts soft inquiry
No prepayment penalties or late fees
Maximum loan amount of $100,000

Cons
Requires good to excellent credit score
Minimum gross income requirement of $50,000
Won’t accept co-signers
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
on SoFi Website

Best Personal Loan Lender for Debt Consolidation 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
Founded in 2016, the online and mobile bank was launched in 2017. MoneyGeek rates Upgrade as offering the best personal loans in Virginia for debt consolidation. Borrowers are required to have a minimum credit score of 560, far less than the state average of 717. That means you can access personal loans from the company if you have a fair credit rating.
You can apply for a loan in person or online. After your application is approved, you will receive funds on the same day.
That said, the company has restrictions on the usage of funds. An Upgrade personal loan is not suitable for individuals looking for a way to fund their post-secondary education. Similarly, if you plan on using the borrowed money for investment purposes, a personal loan from Upgrade may not be right for you.
Pros
No prepayment penalty
Moderate credit score requirement
1% auto payment discount
No minimum gross income requirement
Joint loans available

Cons
Origination fee between 3%-8%
Those with new or no credit are not eligible
Does not allow co-signers
Restrictions on usage of funds
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
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Virginia: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
If you need a personal loan in Virginia for home improvement, Best Egg might be the best lender for your needs. Established in 2014, the machine learning-powered online credit and financial wellness platform is owned and operated by Marlette Holdings.
Best Egg carries out soft credit inquiries to ensure that your credit score is not affected while reviewing your application. Its interest rate can be as low as 4.99%, there are no prepayment penalties, and you can get a 0.5% discount if you use autopay. However, Best Egg charges origination fees that can reach 6%.
You are not eligible for a personal loan from Best Egg if your credit score is less than 700 or your gross income is less than $50,000. The lender does not allow co-signers or joint loans, and if you need a loan that’s higher than $50,000, Best Egg may not be suitable for you.
Pros
0.5% auto payment discount
Funds disbursed in as little as one day
No prepayment penalty
No debt-to-income limits

Cons
High credit score limit of 700
No co-signers or joint loans
1%-6% origination fee
Minimum gross salary requirement of $50,000
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in Virginia for You

The average personal loan debt in Virginia is $17,503. Personal loans are popular because of their flexibility, with most lenders not having restrictions on how you use the funds. Several factors contribute to whether your loan application will be approved, including your credit history, employment status and income level.

While choosing the best lender in Virginia for your needs, you should follow a few guidelines to ensure you make the right choice.

Ask Yourself the Important Questions

The first question you will need to ask yourself is whether you need the loan. If your response is in the affirmative, find those who offer the best terms for the loan you need. More questions are:

How much money do you need and what do you need it for? If you need funds for investment, a personal loan may not be the best option. However, personal loans can be excellent for emergency expenses. Borrow just as much as you need to avoid paying extra interest.
What is your credit rating? Lenders take your credit score into account when reviewing your loan application. A poor credit score may disqualify you from some loan options.
How much is your monthly payment, and can you afford it? Make sure you can afford your monthly payments before taking out the loan. The more you borrow, the bigger your monthly payments. Likewise, the shorter your term, the bigger your monthly payments. And if you make those payments late, you may need to pay late fees and your credit score may get impacted negatively.
How much existing debt do you have? If you’re already paying off other loans (like credit cards), adding another one can make meeting your monthly payments difficult. It might be better to pay off existing debt before taking on another loan.

Do Your Research

Repaying any loan requires commitment. You will be making monthly payments for at least two to four years. Conducting some research before applying for a personal loan can help you understand the available options and the terms of each option. For example, some lenders require a high credit score while others look for a more moderate score, but the interest rates may be affected accordingly.

MoneyGeek provides all the information you need for the entire loan application journey. However, by doing your own research, you may find different and more suitable options for your circumstances.

Wait

Once you receive the loan, you’ll be locked into years of monthly payments. That means you need to be very certain that you can afford those payments now and in the future.

Don’t rush to complete the application. After doing your research and once you determine your ideal lender, take a day or two to think things over.

Read the Fine Print

Overlooking some details about your personal loan may lead you to pay higher monthly premiums than expected. While researching loans, be sure to note all the relevant details included in the fine print. Go beyond interest rates, and check out any prepayment penalties, origination or administrative fees as well as late fees. Look for discounts, like auto pay discounts.

Apply

Once you’re sure about your choice of lender and loan amount, the final step is to complete and submit your application. Your lender may need information such as proof of income, employment verification and your debt-to-income ratio, along with the usual address verification and so on.

Usually, applications can be processed online, although some lenders offer to apply by phone or in person. The latter may be better if you need clarifications from the lender before completing your application.

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

Your personal loan application may be rejected due to factors like your income level or credit score. If a lender declines your application, take the time to find out why before trying another lender. Review the factors that triggered the decision, whether it’s a high debt-to-income ratio or missing information.

Find out if changing your application will help. Some lenders may reject your application if you want to borrow a higher amount than you qualify for or if you specify a longer repayment period than offered.

Based on the feedback you receive, you may decide to try a different lender. MoneyGeek recommends that you do not do this until you rectify the issues faced with your first application.

Avoid getting short-term loans, such as payday loans. While these can get you quick cash, their interest rates are extremely high, and you usually have to pay them back within a week or two.

Frequently Asked Questions About Personal Loans in Virginia

The best personal loan in Virginia varies depending on various factors. These include your creditworthiness, repayment terms and income level, among others. MoneyGeek responded to some of the frequently asked questions about personal loans in Virginia to ensure you find the right option for your needs.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Truist. "Personal Loans and Lines of Credit." Accessed March 7, 2022.
SoFi. "Personal Loans - Apply Online, Same Day Funding." Accessed March 7, 2022.

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.