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

Branch Banking and Trust and SunTrust Banks merged in 2019 to create Truist. Customers have access to numerous loan products, including personal loans, with funding levels ranging from $3,500 to $50,000. MoneyGeek named Truist as the overall best personal loan provider in Richmond.

Since Truist does not set a minimum credit score for applicants, you can be eligible for a loan even if you have bad credit. The repayment term may range from six to 60 months. But unlike other lenders, it doesn’t offer prequalification and restricts the usage of funds. However, Truist doesn't impose origination fees, prepayment penalties or late fees.

Pros

• No minimum credit score requirement
• Autopay discount of 0.5%
• No origination, late or prepayment fees
• Provides mobile app for customers

The artificial intelligence (AI) loan platform Upstart was formed in 2012 and has a solid reputation. Due to its low minimum score requirement of 300, it serves applicants with bad credit. Depending on your circumstances, you may be eligible for an Upstart loan even if you don't have a credit history. As such, Upstart provides the best personal loans in Richmond for those with bad credit.

Upstart's borrowers will get access to their money the following working day. You can borrow between $1,000 and $50,000 with repayment terms between 36 and 60 months. You can use the money from Upstart personal loans however you'd like because there are no usage restrictions.

Pros

• Conducts soft credit inquiry
• Minimum credit score of 300
• No prepayment penalty
• Low interest rates

SoFi, a 2011 startup, is MoneyGeek's pick for providing the best personal loan in Richmond for borrowers with good credit. It provides loans with no fees, in various amounts, and flexible repayment terms. Available loans range from $5,000 to $100,000.

Although a 680 credit score is the minimum prerequisite, highly qualified candidates can obtain sizable loan amounts while paying the lowest interest rates. Borrowers typically receive their funds a few days after their loan application is approved.

Pros

• No prepayment and late fees
• Does soft credit pull
• Offers autopay discount of 0.3%
• Provides mobile app for tracking loans
• Maximum loan amount up to $100,000

A fintech company called Upgrade was established in 2017 and provides personal loans, credit cards and checking account services. The company is MoneyGeek's top pick for the best personal loan in Richmond for debt consolidation.

Since Upgrade personal loans can be funded the same day the loan is approved, it is a great option for debt consolidation, especially for those who require fast cash. This lender accepts applicants with credit scores of at least 560 and has no minimum income requirement. It provides loans up to $50,000 with customizable repayment plans that last no more than 60 months.

Pros

• Does soft credit inquiry
• No prepayment fee
• Below-average credit score requirement
• Allows joint loans
• Autopay discount of 1%

Best Egg is an online lender based in Delaware that provides competitively priced secured and unsecured loans. The company allows consumers to obtain loans between $2,000 and $50,000.

A borrower must have a credit score of at least 700, an annual income of at least $50,000 and a lengthy credit history to qualify for a Best Egg personal loan. People without a long credit history or stable employment may find better terms from alternative lenders. Some of Best Egg's borrowers receive their money within a day, although funding release can take up to three days.

Pros

• Doesn’t charge prepayment penalty
• Conducts soft credit pull
• Quick funding in 1–3 days
• Autopay discount of 0.5%
• Accessible rates provided online