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

MoneyGeek’s analysis of different lenders in Norfolk shows Truist offers the best personal loans in the city. SunTrust and Branch Banking and Trust merged in 2019 to form Truist. The lender offers customers credit cards, checking and savings accounts, mortgages and other financial products.

Truist provides two personal loan products: its primary personal loan and the Ready Now loan. The primary personal loan helps you cover significant expenses and lets you borrow up to $50,000. On the other hand, the Ready Now loan maximum is $1,000 and is best for covering smaller expenses like car repairs, utility bills, plumbing and more.

Pros

• No minimum credit score requirement
• No prepayment or origination fees
• Provides faster loan approvals
• Offers payment relief if you’re facing financial difficulties

If you want a personal loan but have a bad credit score, consider applying with Upstart. This company analyzes various factors to determine if you can pay the loan back comfortably. It looks at your employment history, educational background and income details. Upstart makes it easy for borrowers with bad credit to qualify for a loan.

The lender first conducts a soft credit check that doesn’t affect your credit score. Once it approves your loan, you can receive the funds as soon as the next business day. Upstart doesn’t charge a prepayment penalty, making it attractive to pay off your loan early.

Pros

• No prepayment penalty
• Accepts people with limited credit history
• Flexible loan amounts
• Performs soft credit inquiry that doesn’t affect credit score

MoneyGeek analyzed different lenders and found that SoFi offers the best personal loans for borrowers with good credit scores. It was launched in 2011 and began offering personal loans in 2015. In addition to personal loans, the lender offers student loan refinancing, mortgages, auto loan refinancing and other financial products.

SoFi doesn’t charge borrowers any prepayment, origination or late payment fees. It also offers a discount for setting up automatic payments. The lender provides a high maximum loan amount, making it a suitable option for borrowers looking to fund expensive purchases.

Pros

• No prepayment, origination or late payment fees
• Provides an autopay discount
• Comes with unemployment protection
• High maximum loan amount

Upgrade is the best provider of personal loans for those seeking to consolidate high-interest debt and lower their monthly payments. It offers direct payment to creditors in case of debt consolidation. Besides debt consolidation loans, the lender provides credit cards and rewards checking accounts.

Upgrade permits joint loans, making it easier for borrowers with bad credit to qualify for a loan. When you apply for a loan, the lender conducts a soft credit check that doesn't affect your credit score. It doesn't charge prepayment fees if you repay your loan early.

Pros

• Allows joint applications
• No prepayment fees
• Autopay discount available
• Performs soft credit inquiry first
• Pays creditors directly

If you need funds to finance home improvement expenses, we recommend a Best Egg personal loan. Best Egg loans can help you pay for garage door replacement, window replacements, kitchen remodeling and more.

Best Egg’s minimum loan amount is $2,000, which makes it the ideal lender for covering smaller expenses. The lender provides an interest rate discount to borrowers who set up automatic payments. Best Egg won’t charge you a prepayment penalty if you decide to pay off your loan early.

However, the lender has a very high maximum APR. If you have a good credit history, you may want to opt for a lender with a lower rate.

Pros

• Autopay discount available
• Doesn’t charge a prepayment penalty
• A+ Better Business Bureau rating
• Conducts soft credit inquiry first
• $2,000 minimum loan amount