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Best Personal Loans in Virginia

A personal loan is a form of unsecured debt that you can use to finance a wide array of expenses, including medical emergencies, home improvements and large purchases. You can also use a personal loan to consolidate high-interest debt.

While processing your loan application, lenders consider various factors, which may include your employment history, credit score, debt-to-income ratio, gross income and loan term requested. In Virginia, the average personal loan debt amount is $17,503 at an interest rate of approximately 9.41%. Credit debt averages $6,189 across the state, and the average credit score in Virginia is 717.

Last Updated: 6/8/2022
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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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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.

1

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.
2

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.

3

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.

4

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.

5

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.

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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.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.