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

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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

A personal loan can be a wise option when you need additional finances. To assist you in identifying the best personal loan in Richmond, MoneyGeek looked at more than 30 companies and considered a variety of variables, such as loan amounts, interest rates and repayment terms. Your income, credit score and employment status are factors that may influence your loan approval.

MoneyGeek also reviewed some consumer-friendly benefits these lenders provide to help you manage transactions, including easy application procedures, online application options and smartphone apps.

Best Overall Personal Loan Lender in Richmond: Truist

  • Truist

    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    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.


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


    • Conducts hard credit inquiry
    • Restrictive usage of funds
    • Co-signers not allowed
    • Not available to new borrowers
    • No direct payment for debt consolidation

Best Personal Loan Lender for Bad Credit in Richmond: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    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.


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


    • Doesn’t offer autopay discount
    • Origination fees of up to 8%
    • Charges late penalty fee
    • Doesn’t accept those with a bankruptcy or delinquency history

Best Personal Loan Lender for Good Credit in Richmond: SoFi

  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    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.


    • 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


    • High credit score requirement
    • Loan funding can take up to a week
    • No secured or joint loan option
    • Restrictive fund usage
    • Available for employed applicants

Best Personal Loan Lender for Debt Consolidation in Richmond: Upgrade

  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    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.


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


    • Charges $10 for late payment
    • Potentially high interest rate
    • Has origination fee
    • Many restrictions on fund usage
    • Co-signers not allowed

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

  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    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.


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


    • High credit score requirement
    • Charges late and origination fees
    • High maximum APR
    • Low loan amounts
    • Minimum income requirement of $50,000
    Best Egg

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

Before submitting an application for a personal loan in Richmond, consider all your options by evaluating the companies' loans and terms, borrowing costs and other expenses. For instance, knowing that Virginians owe $17,503 on average for personal loans can be an important consideration.

Before completing an application for a personal loan in Richmond, MoneyGeek outlines a few factors to keep in mind.

Ask Yourself the Important Questions

Thoroughly assess your financial demands before applying. Spend some time considering the following questions:

  • How much funding do I need? The amount you require will impact several factors, including the repayment schedule and the turnaround time for your loan to be funded.
  • What is my credit score? Knowing your credit score beforehand will help you determine which lenders are likely to approve you, as most lenders have established credit score standards.
  • Can I afford the monthly bill? Personal loans are long-term obligations with monthly payments. Make sure you can afford the monthly installments to avoid paying hefty interest and penalty fees.
  • How much debt do I already have? Ensure your debt-to-income ratio is not excessively high because loan repayments will reduce your income.
Do Your Research

A personal loan is a long-term commitment, so always conduct your own study about rates and other costs. The information we provide in this guide can help you get started. Compare rates and terms from many lenders because the ideal lender for you will depend on your unique profile.


Once you've done your research, take some time to think things over. Consider your choices before deciding whether or not taking out a personal loan is the best course of action for you.

Read the Fine Print

When applying for a personal loan, be aware of all the costs, rates and penalties that may be involved. Over time, late payment fees and other costs might add up, increasing the amount of your personal loan beyond what you first anticipated. Check the fine print, and if any rates or fees are unclear, ask the lender for clarification.


Apply for a personal loan if you are convinced you have chosen the best provider. You will need to present a form of identification, address and other details and documentation, such as your income tax return. Although some lenders offer an online application process, others may ask you to call or apply in person. Always feel free to contact the lender with any questions.

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

If you don't satisfy the minimum requirements, such as credit score or gross income, your application for a personal loan in Richmond may be rejected. Contact the lender to find out why it rejected your loan application so you can determine what to do next.

For instance, you might need to raise your creditworthiness to be eligible for a loan in the future. Deciding to borrow less may also help your chances of approval.

If you are rejected, don’t be tempted by payday loans. They frequently feature high interest rates and few repayment options and can sink you further into debt.

Frequently Asked Questions About Personal Loans in Richmond

Your financial goals remain the most important consideration when choosing a lender. To help you decide, MoneyGeek has answered frequently asked questions concerning personal loans in Richmond.

What is the best personal loan lender in Richmond?
Which lender in Richmond has the lowest interest rate?
Can I use a personal loan for vacations in Richmond?
Can I use a personal loan for home improvement in Richmond?
What can I not use my personal loan for in Richmond?
How much can I borrow in Richmond?
How long does it take to get a personal loan in Richmond?
Can I pay off my loan early in Richmond?

Our Personal Loan Methodology


MoneyGeek assessed more than 30 personal loan providers using over 35 unique data points in six essential categories — loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Under each ranking criterion, we considered different data points we believe are crucial when choosing a personal loan lender, such as APR ranges, maximum loan amounts, necessary credit scores, required minimum income, application fees and disbursement periods.

At MoneyGeek, we value you as a customer. We consider the customer service, convenience, business ratings and other features each lender offers, like prequalification, alternative payment methods and mobile apps.

After careful consideration and computation, we make our decisions keeping your best interests in mind. We hope our expert advice on personal loans helps you choose the lender that best meets your financial goals.

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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.