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

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Edited byScott Strandberg

Updated: December 28, 2023

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

MoneyGeek ranked the best personal loans in Newport News based on more than 30 data points, including APRs, loan limits, minimum requirements, repayment terms, fees and disbursement times. We also considered customer service ratings and user experiences to help you find the best lender for your unique requirements.

Our analysis found that Truist is the best lender for personal loans in Newport News for most borrowers. However, if you have good credit, SoFi loans may be the best option for you, while Upstart is the best lender for those with bad credit.

Best Overall Personal Loan Lender in Newport News: Truist

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Best Personal Loan Lender for Bad Credit in Newport News: Upstart

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Best Personal Loan Lender for Good Credit in Newport News: SoFi

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Best Personal Loan Lender for Debt Consolidation in Newport News: Upgrade

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Best Personal Loan Lender for Home Improvement in Newport News: Best Egg

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

In Virginia, the average personal loan debt is $17,503. However, before you take out a loan, it is important to consider your credit score, income and debt-to-income ratio. This will help you identify the best lender for your needs.

MoneyGeek outlines some key steps that you can use to find the best personal loans in Newport News.

1

Ask Yourself the Important Questions

Personal loans come with a long-term financial commitment, so it is important to figure out if you can afford the payments long-term. Start by considering these questions to ensure that you make the best decision for your finances.

  • How much funding do I need? Start by figuring out how much you need to borrow. Lenders tend to have different loan limits, so this will help you choose the right lender.
  • What is my credit score? Consider your credit history and how it will impact your eligibility for a loan, as well as the APRs and terms that will be available to you.
  • Can I afford the monthly payment? Make sure that you can handle the monthly payments long-term.
  • How much debt do I already have? Consider whether you can take on more debt based on the debt you already have and your disposable income.
2

Do Your Research

The terms and rates of your loan can vary widely depending on the lender you choose. This is why it is important to ensure that you have done some research before signing up for a loan. Comparing what different lenders offer in terms of APRs, repayment terms and minimum requirements will help you make the best decision for your needs and finances.

MoneyGeek’s recommendations are a great starting point when looking for the best lenders, but remember that our top picks are based on specific borrower profiles. Your situation may be unique, so look for lenders based on your particular situation and needs.

3

Wait

Making a hasty decision when choosing a personal loan can be costly in the long run. Take a couple of days before applying for a loan to make sure you are making a sound financial decision. Consider the commitment of a personal loan and whether you are ready for it.

Waiting will also allow you to consider any other alternatives that are available to you. If you are still confident about your decision to apply for a loan after a couple of days, then you can proceed to the next step.

4

Read the Fine Print

When researching personal loans, you can miss important details if you overlook the fine print. Take time to thoroughly review the terms of the loan you want to apply for. Check for any additional rates like late fees, prepayment penalties or origination fees that can drive up the overall cost of your loan.

Most lenders offer online support, so you can always seek clarification from the lender if there are terms or rates you do not understand. Figuring out what your loan entails is the best way to ensure that you are ready for the costs and commitment.

5

Apply

Once you are confident that you have selected the best lender, you can then proceed to submit your application. Most personal loan lenders have an online application process, but you will be required to provide supporting documents, such as proof of identification, proof of income and financial statements.

If you need assistance with the application process, you can always contact the lender. Some lenders also allow in-person applications, so you can visit them if you need help applying.

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

In some cases, your loan application may get declined. Lenders may decline your application based on factors like failing to meet their minimum requirements or not providing the required information. You should not despair if your application is unsuccessful. Most factors that cause you to be declined can be improved over time, so it is possible to qualify for a loan in the future.

In case your application is unsuccessful, find out from the lender the exact reason why you were declined. This will help you understand what you need to work on to become more creditworthy. You may also find that you meet the requirements of a different lender. However, it is best to avoid reapplying until you have worked on the factors that got you declined.

MoneyGeek also advises against taking out payday loans. Although they may seem like a good alternative, payday loans typically have very high interest rates and unfavorable repayment terms.

Frequently Asked Questions About Personal Loans in Newport News

The best personal loan lender in Newport News for you will depend on your personal needs and factors like your credit score and income. We answered some of the most common questions to help you find the best lender for your profile.

Truist is the best lender for personal loans in Newport News for most borrowers. However, if you have bad credit, Upstart is the best option, and SoFi is the best lender for those with good credit.

Truist offers the lowest interest rates in Newport News, Virginia, for well-qualified borrowers.

Yes, personal loans can usually be used for vacations in Newport News. Check with your lender to see if they have restrictions on loan usage.

Yes. Our preferred lender for home improvement personal loans in Newport News, Virginia, is Best Egg.

Each lender has its own restrictions. Some lenders restrict the use of funds for college education expenses, investments, real estate, gambling or illegal activities.

You can borrow between $1,000 and $100,000 in Newport News, depending on the lender and your creditworthiness.

Most lenders in Newport News disburse loans in a few business days, although some offer same- or next-day funding.

Yes, you can pay off your loan early in Newport News. However, you need to check whether your preferred lender charges any fees for early payment.

Our Personal Loan Methodology

MoneyGeek analyzed more than 30 personal loan lenders in Newport News to rank the best personal loans in the city. Our analysis considered 35+ individual data points across different categories, including loan affordability, accessibility, customer service, consumer friendliness, flexibility and lender transparency.

We consider multiple data points that we feel matter most to consumers, including APR ranges, loan limits, minimum requirements for credit score and income, application fees and funding times.

MoneyGeek values you, the consumer, so we also review lenders based on factors that improve your user experience, such as each lender’s customer support and business ratings. We also consider additional features like prequalification, payment options and mobile apps that could make your experience better.

Our recommendations are made after careful consideration with the goal of helping you make the best financial decision when choosing the right lender for your profile and needs.

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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.