Top Lenders & Best Picks for You
Best Personal Loans in Virginia Beach, VA of 2024
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Virginia Beach
- The Best Personal Loan Lender for Bad Credit in Virginia Beach
- The Best Personal Loan Lender for Good Credit in Virginia Beach
- The Best Personal Loan Lender for Debt Consolidation in Virginia Beach
- The Best Personal Loan Lender for Home Improvements in Virginia Beach
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Virginia Beach
MoneyGeek's Picks for Best Personal Loan Lenders in Virginia Beach, VA
MoneyGeek assessed lenders for over 30 data points to find the best personal loans in Virginia Beach. Our comprehensive analysis evaluated personal loan lenders based on factors like interest rates, loan limits, repayment terms and applicable fees. MoneyGeek also considered other factors such as minimum credit score and gross income requirements, accessibility and user experience to identify the best personal loan lenders for different borrower profiles.
Best Personal Loan Lender Overall in Virginia Beach: Truist
Best Personal Loan Lender for Bad Credit in Virginia Beach: Upstart
Best Personal Loan Lender for Good Credit in Virginia Beach: SoFi
Best Personal Loan for Debt Consolidation in Virginia Beach: Upgrade
Best Personal Loan for Home Improvement in Virginia Beach: Best Egg
How to Choose the Best Personal Loan Lender in Virginia Beach for You
The average personal loan debt in Virginia is $17,503, but a borrower’s income and credit history will determine their loan limit. Before applying for personal loans in Virginia Beach, it’s important to assess your current financial situation and needs, including your credit score, gross income and existing debt. This well help you find the best lender for you.
Ask Yourself the Important Questions
Personal loans are long-term financial commitments, so it’s important to understand the financial implications before taking out a loan. You also need to consider if you meet the minimum eligibility requirements and what options are available to you based on your credit and income profile. You can figure this out by answering the following questions:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
It’s important to research different lenders and compare their rates, fees, terms and other features. While you can use MoneyGeek’s recommendations as a guide, our top picks may not be the best for your unique situation. As such, we recommend that you take the time to evaluate different lenders based on your specific requirements and financial situation to save money in the long term.
Wait
Personal loans are long-term financial commitments — some require payments for up to five years — so it’s important to think through your options before applying. We also recommend that you consider alternative financing options that may be better suited for your needs before applying for a personal loan.
Read the Fine Print
The terms of your personal loans may include other charges like origination, late and prepayment fee. It’s important that you read your loan agreement’s fine print so that you understand any or all of these extra charges. If you have questions, you should reach out to your lender for clarification. This can save you money on penalties and unexpected fees in the long run.
Apply
Once you have selected the best lender for your needs, you can submit your loan application. The lender will require personal information such as your address, proof of income and financial history, among other details. After you’ve submitted your application, the lender will complete their evaluation and, if approved, provide your loan rate and terms.
What to Do if You Can’t Get a Personal Loan in Virginia Beach
Lenders may reject loan applications for several reasons, including failure to meet their minimum credit score or gross income requirement, as well as an incomplete application. While this can be discouraging, it’s important to remember that these factors can be improved over time.
If your loan application is denied, you should alway reach out to the lender to ask why it was rejected. That way, you can work on improving your application before you reapply with the lender or apply with a different lender.
MoneyGeek strongly advises against taking out a payday loan. These loans feature high interest rates and short repayment periods, which can ultimately hurt your credit score if you fail to pay it back in a timely manner.
Frequently Asked Questions About Personal Loans in Virginia Beach
You can learn more about applying for a personal loan in Virginia Beach by reviewing our answers to the most frequently asked questions below.
Truist provides the best personal loans in Virginia Beach for the average borrower. For borrowers with bad credit, Upstart is the best option, while those with good credit should choose SoFi. Upgrade offers the best personal loans for debt consolidation, while Best Egg is the best option for home improvement loans.
Upstart has the lowest interest rates in Virginia Beach ranging from 3.22% to 35.99%.
Most personal loans in Virginia Beach can be used for vacations. However, this varies by lender, so it’s important that you review the terms of your agreement to understand any restrictions on the usage of funds.
Yes, personal loans can be used for home improvement in Virginia Beach. Most lenders allow personal loans to be used for home improvements or renovations, but it’s best to check with your preferred lender since restrictions can vary between lenders.
In Virginia Beach, personal loans cannot be used for illegal activities, gambling or investments. Some lenders will also not give personal loans to cover education expenses. Lenders may have different restrictions on the usage of funds so always check with your preferred lender for their specific terms.
You can borrow personal loans ranging from $1,000 to $100,000 in Virginia Beach. However, the amount you can borrow will depend on the lender, as well as your credit score and financial history.
It can take up to a week to get a personal loan in Virginia Beach, but some lenders provide same-day funding.
In most cases, you can pay off your loan early without being penalized, but some lenders charge prepayment fees. If you are unsure about the terms of your loan agreement, you should always ask your lender for clarification.
Our Personal Loan Methodology
MoneyGeek used 35+ data points to review more than 30 personal loan lenders across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We considered several individual data points within each ranking criteria category, that we feel are the most significant when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so our analysis also takes into consideration each lender’s customer support, business ratings and additional features that could make your experience better like prequalification, payment options and mobile apps.
After careful consideration and calculation, our top picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "Personal Loans." Accessed June 16, 2022.
- SoFi. "Compare Rates and Terms." Accessed June 16, 2022.
- Truist. "Personal Loans." Accessed June 16, 2022.
- Upstart. "Personal Loans." Accessed June 16, 2022.
- Upgrade. "Personal loans." Accessed June 16, 2022.
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
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