Best Personal Loans in Chesapeake, VA: Top Lenders & Best Picks for You

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Edited bySarah Mattie

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Chesapeake, VA

MoneyGeek's rankings and top picks are based on more than 30 data points to identify the best personal loans in Chesapeake for different borrowers.

Since the most suitable lender depends on individual needs and profiles, we considered several factors to find the most suitable lenders for those with bad credit, good credit, looking to consolidate debt or searching for home improvement loans. We also identified the best overall personal loan lender in Chesapeake.

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Best Overall Personal Loan Lender in Chesapeake: Truist

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Best Personal Loan Lender for Bad Credit in Chesapeake: Upstart

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Best Personal Loan Lender for Good Credit in Chesapeake: SoFi

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Best Personal Loan Lender for Debt Consolidation in Chesapeake: Upgrade

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

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Where to Start: How to Choose the Best Personal Loan Lender in Chesapeake for You

In Virginia, the average debt from personal loans is $17,503. Personal loans are convenient and easier ways to cover big expenses like vacations, home improvements and unexpected medical expenses.

However, you should assess your financial status and needs before applying. A personal loan lender typically considers your credit score, monthly income and debt-to-income ratio when determining eligibility.

Taking these steps when searching for Chesapeake personal loans can help you find the best deal.

1

Ask Yourself the Important Questions

Getting a personal loan is sometimes necessary. But, before you take out a loan, you need to evaluate your needs, ability to repay and purpose.

The following questions could help you decide whether a personal loan would be a good choice:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2

Do Your Research

Since getting a personal loan requires long-term commitment, it's imperative to find the best deal according to your needs and financial capability. One of the best ways to do this is by comparing quotes from several lenders before submitting a loan application.

With MoneyGeek's comprehensive guide, you can discover all the necessary information you need to know about personal loans in Chesapeake.

Be aware that we're making generalizations based on data for average borrowers. You may have very different needs and circumstances. As this guide doesn't cover all loan offers and providers, you should also consider other financing options.

3

Wait

It's still a good idea to wait for a few days before you make a final decision, even if you have all the information you need and have found a lender that fits your needs. Due to the financial commitment involved in getting a personal loan, it's essential to contemplate whether you need it. Let this time serve as a time to reflect and examine your decision critically.

4

Read the Fine Print

Reviewing your loan agreement can help avoid many pitfalls when borrowing. Most lenders charge fees, so be aware of them from the outset. Among them are prepayment penalties, early payout fees and origination costs.

Before applying, make sure to clarify the terms of the loan with the lender. Over time, giving attention to small details can save you large sums of money.

5

Apply

As soon as you believe your decision is correct, begin preparing the necessary documents to apply. For example, you need identification, income verification documents and proof of address.

In most cases, you can apply for a loan online. However, if you want to ask your lender a direct question or concern, most have a phone number, if not an office.

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

Many issues can lead to personal loan application denial. But don't lose heart. Credit can be denied for several reasons, including having inadequate income, a low credit score, owing a large amount of debt or lacking documentation.

After a denial, call or email your lender to find out exactly why they denied your loan request. Ask about how you might improve your chances of approval. The details of your loan application might need to be changed, such as requesting a smaller loan, to strengthen your case.

Using collateral or a cosigner might also help you secure a loan if you're having trouble getting approved.

You might need to seek a loan from another lender. However, this could result in an additional hard credit check and, potentially, another ding on your credit score.

To reduce the risk of another rejection, we recommend you resolve the issues that led to the rejection of your application before applying to another lender.

Additionally, we recommend avoiding payday loans unless you have exhausted all other options. This type of loan has disadvantageous conditions due to its short repayment period and exceedingly high-interest rates.

Frequently Asked Questions About Personal Loans in Chesapeake

Various factors, such as your personal needs, individual credit and income, determine which lender is best for you. To assist you in making an informed decision, we answered some of the most frequently asked questions about personal loans below.

Among all Chesapeake personal loan lenders, Truist stands out. However, other lenders may be better suited to your needs and profile.

Upstart is best suited for people with bad credit. SoFi is best suited for people with good credit. The best option for those looking to consolidate debt is Upgrade, whereas the best choice for homeowners looking to make home improvements is Best Egg.

Truist offers the lowest personal loan rates in Chesapeake.

In most cases, personal loans can pay for vacations. However, lenders aren't always willing to grant your request, so check with them before agreeing to a hard credit pull.

Home improvement projects are typically eligible for personal loans. If you're uncertain, ask the lender if any conditions apply.

It's common for lenders to impose restrictions on how borrowers may use the loan funds. Some limitations may include refinancing an existing loan, funding postsecondary education, investing in businesses and buying bonds and stocks. Check with your chosen lender to learn what restrictions they have.

Depending on the lender, you can borrow between $1,000 and $100,000.

In Chesapeake, lenders process personal loans according to their requirements. Some lenders offer same-day or next-day funding; others take a few days.

Some lenders allow borrowers to pay off their loans early. However, prepayment penalties may apply to other lenders. Usually, you can find this information on the lender's website or on the loan agreement.

Our Personal Loan Methodology

METHODOLOGY

Using 35+ individual data points, we analyzed more than 30 personal loan lenders across six key categories, including accessibility, loan affordability, customer service, consumer friendliness, flexibility and transparency.

To determine which personal loan lender is the best, we considered a number of individual factors within each ranking criteria category. Among these factors are APR ranges, minimum credit scores, income requirements, available loan amounts, application fees and loan disbursement periods.

MoneyGeek values its customers, so we consider features like payment options, prequalifying and mobile apps as well as each lender's customer support and business rating.

With your best interests in mind, our picks are carefully considered and calculated. If you're looking for a personal loan, our recommendations and expert tips can help you make the best decision.

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.