Best Personal Loans in Richmond, VA

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Updated: September 20, 2024

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Call Federal Credit Union is the best personal loan lender in Richmond, Virginia, with a MoneyGeek score of 99 out of 100 due to its competitive interest rates, flexible repayment terms and credible, transparent loan process. Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100 given its strong customer service, broad repayment terms and fast application and approval process.

We prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Virginia.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick-and-mortar locations in Richmond, Virginia. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Richmond, VA

Company logo for Call Federal Credit Union
Call Federal Credit Union
MoneyGeek Score99
APR Range8% to 18.00%
Loan Amount RangeUndisclosed
Repayment TermsUp to 84 months
Time to Receive FundsUndisclosed
Overview

Call Federal Credit Union is the best personal loan lender in Richmond, Virginia, with a MoneyGeek score of 99 out of 100. It offers no origination or prepayment fees, which can save borrowers money right from the start. Its acceptance of joint applications makes it easier for those with lower credit scores to qualify.

Best Online Personal Loan in Richmond, VA

Company logo for Laurel Road
Laurel Road
MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

The best online lender for personal loans in Richmond, Virginia is Laurel Road. It has a MoneyGeek score of 93 out of 100, a testament to its quality service and offerings. Laurel Road provides loans ranging from $5,000 to $45,000, with repayment options spread out over 36 to 60 months. This provides flexibility for borrowers to manage their payments over a time frame that suits their financial situation.

Calculate Your Monthly Payment in Richmond, VA

As reported by the United States Census Bureau in 2022, the median annual household income in Richmond, Virginia was $58,988. Regardless of whether your actual income is above or below this median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan with a 10% interest rate and a three-year repayment term, your monthly payment would be $323, resulting in $3,876 per year. This amount constitutes roughly 7% of the median annual household income in Richmond, Virginia.

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Updated: Sep 21, 2024

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Runner-Up for Best Personal Loan in Richmond, VA

Company logo for Virginia Credit Union
Virginia Credit Union
MoneyGeek Score97
APR Range7.74% to 18%
Loan Amount RangeUndisclosed
Repayment Terms3 to 60 months
Time to Receive FundsSame Day
Overview

Virginia Credit Union stands out as the runner-up for the best personal loans in Richmond, Virginia, with a MoneyGeek score of 97 out of 100. Borrowers looking at its loans should note that its APR can be as low as 7.74%, and it offers same-day funding, providing immediate access to funds when necessary.

Other Options for Personal Loans in Richmond, VA

Company logo for Credit Union of Richmond
Credit Union of Richmond
MoneyGeek Score95
APR RangeFrom 7.49%
Loan Amount RangeUp to $25,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Credit Union of Richmond is a suitable choice for personal loans in Richmond, Virginia, earning a MoneyGeek score of 95 out of 100. It stands out for being federally insured by the NCUA and having no application fee, which can save borrowers money right from the start.

Company logo for Partners Financial Federal Credit Union
Partners Financial Federal Credit Union
MoneyGeek Score89
APR RangeFrom 10.24%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Another good choice for personal loans in Richmond, Virginia, is Partners Financial Federal Credit Union, which received a MoneyGeek score of 89 out of 100. It is federally insured by the NCUA, ensuring the safety of your deposits.

National Lenders With Physical Locations in Richmond, VA

Borrowers in Richmond, Virginia seeking the best personal loans with a preference for in-person services offered by a national lender have a selection that includes Truist and Wells Fargo. These lenders provide residents with the opportunity to discuss loan options face-to-face, ensuring personalized service and a better understanding of the financial products they offer.

OneMain FinancialAPR Range18.00% to 35.99%Loan Amount Range$1,500 to $20,000Repayment Terms24 to 60 months
U.S. BankAPR Range8.74% to 24.99%Loan Amount Range$1,000 to $50,000Repayment Terms12 to 84 months
Wells FargoAPR Range7.49% to 23.24%Loan Amount Range$3,000 to $100,000Repayment Terms12 to 84 months

What to Do if You Can't Get a Personal Loan in Richmond, VA

Your personal loan application in Richmond, Virginia can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons helps you improve your weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service helps you find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from Virginia State Corporation Commission's list of credit counseling agencies. Department of Justice's list of approved credit counseling agencies can be another option.

FAQ About Personal Loans in Richmond, VA

We addressed frequently asked questions about the best personal loans in Richmond, Virginia to offer valuable insight and assist you in making informed decisions.

What is the best overall personal loan lender in Richmond, Virginia?

Call Federal Credit Union stands out as the best overall personal loan lender in Richmond, Virginia, offering an APR range of 8% to 18.00%, loan amounts that vary based on the borrower's qualifications, and repayment terms of up to 84 months.

What are personal loans used for in Richmond, Virginia?

In Richmond, Virginia, you can use personal loans for a variety of needs including home improvements, medical expenses and emergency circumstances. However, restrictions may apply, as personal loans typically can't be used for college tuition or illegal activities.

What are the interest rates on personal loans in Richmond, Virginia?

Based on our database, personal loans in Richmond, Virginia have APRs ranging from 6.25% to 32.49%. Remember to compare personal loan rates to find the best deal for you.

What are the benefits and drawbacks of personal loans?

Personal loans can offer lower interest rates for qualified borrowers, the option for debt consolidation and quick access to funds. However, they do come with risks such as potential origination fees and restrictions on fund usage.

What are some personal loan red flags to look out for?

When considering personal loans, be aware of red flags like extremely high APRs, strict repayment penalties, and a lack of transparency about the lending institution. Ensure you can manage the debt before applying.

How to apply for a personal loan online?

Many lenders now offer online applications for personal loans, making the process to apply for a loan convenient and accessible through their websites.

Can I get a personal loan with bad credit in Richmond, Virginia?

While obtaining a personal loan with bad credit in Richmond, Virginia is challenging, it is not impossible. Explore your options with our recommendations for the best loans for bad credit and best loans for bad credit in Virginia.

What are the best low-interest personal loans in Richmond, Virginia?

We have compiled some of the best low-interest personal loans to help you compare and make an informed decision.

What is an installment loan? Is there a difference between personal loans and installment loans in Richmond, Virginia?

Personal loans are a form of installment loans, meaning they have a set number of scheduled payments over time. The term "installment loan" describes the repayment schedule rather than a specific type of loan.

Is there a difference between credit union loans and bank loans in Richmond, Virginia?

Credit union loans may offer lower interest rates and more flexible application requirements compared to bank loans. Regardless of choice, you'll usually need a bank account or checking account to proceed when you apply for a loan.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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.

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