Best Personal Loans in Virginia Beach, VA

Truist was founded in 2019 and is available in 15 states including Virginia. MoneyGeek found that Truist offers the best personal loans in Virginia Beach for the average borrower.

Truist offers personal loans ranging from $5,000 to $100,000 at relatively low APR rates between 8.14% and 18.99%. Funds are disbursed quickly, usually on the same day that your application is approved, so it’s a good option if you need funds for emergency expenses. This lender is also ideal if you want a personal loan with no additional fees, as there are no origination fees or early payment fees.

However, you need a lengthy credit history to qualify for a Truist personal loan — the minimum credit score requirement is 660. You also won’t be able to check rates before applying since Truist does not have a prequalification option.

Pros

• Low APR rates
• No early payment fees
• No origination fees
• Quick disbursement of loans
• Auto-pay discounts

Upstart was founded in 2012 and uses artificial intelligence (AI) to assess a borrower’s eligibility for a loan. To qualify for an Upstart loan, you don’t need to have any credit history, though having fair to good credit will allow you to get a better interest rate.

The lender has a minimum gross income requirement, but it’s fairly modest at $12,000. Loan limits are available from $1,000 to $50,000 at an APR of 3.22% to 35.99%. Upstart has a convenient online prequalification feature where you can check rates before applying without impacting your credit score.

However, this lender charges fees for origination and late payments, so it may not be the best option if you want a low-cost personal loan. Furthermore, co-signers are not allowed and mobile apps aren’t available to manage your account.

Pros

• Quick disbursement of funds
• No minimum credit score requirement
• No prepayment fees
• Flexible payment options
• Soft credit inquiry

SoFi was founded in 2011 by Stanford Business School graduates. Since its inception, the lender has expanded its loan products to include student loan refinancing, mortgages and personal loans. Its personal loans feature flexible limits with low APRs, but also have a strict credit score and income requirements. This makes it the best lender for borrowers with excellent credit in Virginia Beach.

SoFi offers a range of personal loan limits from $5,000 to $100,000 at an APR between 5.74% and 20.28%, depending on your creditworthiness. This lender also doesn’t charge origination or prepayment fees, so borrowers can save on costs. SoFi personal loans can be used for a variety of expenses like funding home renovations, financing large purchases and paying for emergency expenses.

However, SoFi does not permit funds to be used for education expenses, so if you’re seeking a loan to pay for school, you’ll want to choose a different lender. The lender’s high minimum credit score requirement and gross income requirement may also make it difficult for borrowers to qualify for a loan.

Pros

• Flexible loan limits
• Auto-pay discounts
• Relatively low APR
• No origination fees
• No early payment charges

Upgrade was established in 2017. Though the lender is based in San Francisco, it offers personal loans in all 50 states. For borrowers looking for the best personal loans in Virginia Beach for debt consolidation, Upgrade is MoneyGeek’s top choice.

Upgrade pays off third-party creditors directly, making debt consolidation easier for borrowers who need to pay off different creditors. The lender also disburses funds fairly quickly, which may be useful for borrowers seeking emergency funding. Personal loans from $1,000 to $50,000 at APRs between 5.94% and 35.47% are available to those that qualify.

Though the lender is our top choice for debt consolidation, its personal loan policies may come with additional costs for origination and late fees. Upgrade also restricts the use of funds, so you won’t be able to use your loan for post-secondary education, gambling or investments.

Pros

• Prequalification option with soft credit inquiry
• Quick disbursement
• No minimum gross income requirement
• No early payment fees
• Option for direct payment to creditors

Best Egg was founded in 2014 and is available in 47 states, including Virginia. MoneyGeek found that Best Egg is the best option for home improvement personal loans in Virginia Beach.

You can check rates online before applying for a loan without negatively impacting your credit score since Best Egg’s prequalification option includes a soft credit check. In most cases, Best Egg disburses funds the next day, making this lender a good option for those that need funds quickly. Homeowners can also get secured personal loans from Best Egg.

If your credit score is below 700 or you make less than $50,000, you may not qualify for a Best Egg personal loan. The lender also has multiple fees, including those for origination and late payments, so your loan may cost more.

Pros

• Prequalification option with soft credit checks
• No prepayment fees
• Auto pay discounts
• Quick funding if approved
• Widely available — personal loans offered in 47 states