Best Personal Loans in Alexandria, VA: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Alexandria
- The Best Personal Loan Lender for Bad Credit in Alexandria
- The Best Personal Loan Lender for Good Credit in Alexandria
- The Best Personal Loan Lender for Debt Consolidation in Alexandria
- The Best Personal Loan Lender for Home Improvements in Alexandria
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Alexandria
MoneyGeek's Picks for Best Personal Loan Lenders in Alexandria, VA
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.
Best Overall Personal Loan Lender in Alexandria: Truist
Best Personal Loan Lender for Bad Credit in Alexandria: Upstart
Best Personal Loan Lender for Good Credit in Alexandria: SoFi
Best Personal Loan Lender for Debt Consolidation in Alexandria: Upgrade
Best Personal Loan Lender for Home Improvement in Alexandria: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Alexandria for You
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.
Ask Yourself the Important Questions
A personal loan is a sizable, long-term financial commitment. Weigh all the good and bad outcomes. The following questions can help you choose:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
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.
Wait
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.
Read the Fine Print
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.
Apply
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.
What to Do if You Can’t Get a Personal Loan in Alexandria
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.
Frequently Asked Questions About Personal Loans in Alexandria
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.
Our Personal Loan Methodology
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.
sources
- Best Egg. "Personal Loans." Accessed November 14, 2022.
- Truist. "Personal Loans." Accessed November 14, 2022.
- SoFi. "Personal Loans." Accessed November 14, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed November 14, 2022.
- Upstart. "A Personal Loan for Your Personal Needs." Accessed November 14, 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
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