Updated: December 28, 2023
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The best personal loans in Alexandria, Virginia, vary. MoneyGeek examined more than 30 data points to figure out the top options. These included loan amounts, interest rates, BBB ratings and repayment terms.
We found that Truist is the best personal loan lender in Alexandria overall.
Meanwhile, Upgrade and Best Egg ranked best for debt consolidation and home renovation, respectively.
Upstart ranked first for borrowers with bad credit. SoFi was the winner for those with good credit.
Established in 2019, Truist offers multiple lending options to its consumers. It offers personal loans of $3,500 to $50,000.
Truist provides personal loans with low APRs. It can be excellent if you need emergency cash because funds are released promptly. Plus, there are no origination fees or early payment penalties.
That said, Truist has its limitations. For instance, the $50,000 loan limit may not work if you need a lot of money. You can't use your funds for postsecondary education, stocks, bonds or refinancing.
Pros
Cons
Upstart was launched in 2012. It uses artificial intelligence to determine eligibility.
Unlike most other companies, you don't need a credit history to qualify for an Upstart loan. This is one of the biggest reasons we ranked this as number one for individuals with bad credit.
However, having fair-to-good credit can help you earn better rates.
Upstart offers $1,000 to $50,000 in personal loans, payable within three to five years. Check rates before applying with Upstart's convenient online prequalification service.
The lender has a comparatively low income threshold of $12,000 for approval.
If you're looking for a low-cost personal loan, this lender might not be the best choice. It charges late and origination fees, and the maximum APR is high.
Pros
Cons
When it was founded in 2011, Social Finance offered student loans. Since then, it has expanded its range of goods and services. Our study shows SoFi is the top lender for people with good credit.
It can be hard to qualify for SoFi personal loans. However, those who do enjoy flexible limits, competitive rates, few fees and more.
SoFi offers a bigger loan limit than most other lenders: up to $100,000. Additionally, it provides borrowers who lose their jobs with jobless insurance.
This lender doesn't impose origination, late or prepayment fees, saving borrowers money. Borrowers need a minimum credit score of 680, an income of $50,000 and a debt-to-income ratio of 43% to qualify.
Pros
Cons
Upgrade, founded in 2017, provides personal loans in all 50 states. It's MoneyGeek's recommendation for those seeking a debt consolidation personal loan in Alexandria.
Upgrade offers personal loans of $1,000 to $50,000. It settles debts with third parties, simplifying debt consolidation. Additionally, the lender provides loans rapidly, which could be helpful during emergencies.
But Upgrade doesn't hold back on fees. Origination fees can be as high as 8.99%. Additionally, a $10 late fee applies once the 15-day grace period has passed without a payment.
Pros
Cons
We found that Best Egg is Alexandria's best personal loan provider for home improvement.
The lender makes soft credit checks while evaluating your initial application. There are no fees associated with paying off your loan early, and the APR can be low.
Best Egg can be good for people needing fast funding because it typically pays out the following day. Additionally, Best Egg offers secured personal loans to homeowners.
On the flip side, you might not be eligible for a Best Egg personal loan if your credit score is under 700 or your annual income is less than $50,000. Further, your loan may cost more because the lender has several fees, like origination and late payment.
Pros
Cons
Virginians owe $17,503 in personal loans on average. Personal loans are well-liked because of their flexibility.
Your credit history, employment and income help determine whether your loan will be granted. We outlined a few steps to help you make the right choices during your personal loan application.
A personal loan is a sizable, long-term financial commitment. Weigh all the good and bad outcomes. The following questions can help you choose:
Before applying for a personal loan, research your options. Some lenders, for instance, demand a high credit score. Others opt for a moderate score. But, the interest rates may change accordingly.
This list of the best personal loans in Alexandria is here to help. But MoneyGeek still suggests doing your own research to be doubly sure of your choice.
No need to submit your application right away. Take a day or two to consider your options after finding your ideal lender. Use this time to think about other financing choices that suit your needs.
Your personal loan conditions may quietly include additional fees. Study your loan agreement to ensure you're aware of any costs and ask your lender for help if you have any issues. Long-term, this can save you money.
Once you've decided about the lender and loan amount, finish and submit your application. Collect your identification, income details and other paperwork to make this process easier.
Most lenders accept applications online, but some take them over the phone or in person. The latter may be better if you need clarification before submitting your application.
Lenders may reject loan applications for many reasons. These include not meeting credit score or income minimums. Incomplete applications can cause this, too. Don't try to figure it out on your own. We suggest calling the lender to ask why they turned you down.
See if amending your application to have less lofty terms or amounts could change their minds.
Some issues aren’t as easily fixed, which can be discouraging. Still, remember that your profile can improve over time.
Depending on the responses you get, you can try a different lender. But MoneyGeek advises against doing this until you have fixed any problems.
We also suggest that you avoid obtaining payday loans or other short-term loans. These can provide quick cash, but you must pay them back quickly, and their interest rates are very high.
Here, MoneyGeek answers some frequently asked questions about personal loans in Alexandria.
Overall, Truist is the best lender for personal loans in Alexandria. The best provider, however, varies based on each customer's situation.
Upstart can be the best for borrowers with poor credit, and those with good credit may choose SoFi.
Upgrade may be ideal for debt consolidation. Meanwhile, Best Egg is the top for home improvement personal loans.
The lowest interest rates in Alexandria are offered by Truist.
Generally speaking, you can pay for any expense with a personal loan in Alexandria, including travel. But some lenders place limitations on how you can utilize your money.
Personal loans can be used for home improvement, but it's wise to double-check with your provider, as restrictions may differ.
Different lenders specify different limitations on how personal loan funds may be used. Lenders like Truist forbid refinancing a loan, paying for college or buying bonds and equities with your funds. Others prohibit you from using the money for investment and gambling.
In Alexandria, personal loans between $1,000 and $100,000 are available. However, the lender, your credit rating and your financial background impact how much you can get.
The waiting period after receiving a personal loan approval varies by lender. Some companies offer same-day financing; others can take up to seven days or more.
Lenders in Alexandria typically let you settle your personal loan early. Some might impose a prepayment penalty. Make sure to look into this before completing your application.
MoneyGeek looked at more than 30 personal loan providers, using 35+ data points in six areas. These areas were affordability, customer service, accessibility, consumer friendliness, flexibility and lender transparency.
In each category, we considered essential data points for personal loan lenders. These include APRs, amounts, required credit scores, required incomes, costs and disbursement periods.
We also look at customer service, ratings and other features that show consumer friendliness.
Recommendations are made after great deliberation, always keeping your best interests in mind.
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
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