Best Personal Loans in West Virginia for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byLukas Velunta
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Updated: April 25, 2024

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MoneyGeek has identified two top lenders to consider for personal loans in West Virginia: First Tech with a score of 98 and PenFed scoring 96. Both lenders offer excellent customer service, competitive rates and fees, and a reputation for being transparent and fair.

Factors like your credit score, history, income, and debt-to-income ratio are important when seeking a loan. In West Virginia, the average credit score is 703, according to Experian data from 2023, which means the average borrower is in a good position to receive favorable loan terms.

When evaluating lenders, MoneyGeek considers their reputation, APR ranges, credit score requirements, and loan term flexibility.

MoneyGeek Logo IconBest PersonalLoan LendersWest Virginia
2024

Best Personal Loan Lenders in West Virginia

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. 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 analysis was completed in March 2024 and considers banks and lenders who are licensed to do business in West Virginia. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Best Overall Personal Loan Lender in West Virginia

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is the best personal loan lender in West Virginia with a MoneyGeek score of 98 out of 100. First Tech offering a competitive APR range of 8.94% to 18.00% and flexible repayment terms from 6 to 84 months. It stands out for its top-notch customer service and comprehensive educational resources.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs

    Cons

    • Need to be a member to apply
    • Provides limited details on loan application process and credit score requirements
    • In-person appointments only available in certain states (CA, CO, GA, ID, MA, OR, TX, WA)
    First Tech

    Runner-Up for Best Personal Loan Lender in West Virginia

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    The runner-up for the best lender for personal loans in West Virginia is PenFed Credit Union, with a MoneyGeek score of 96 out of 100. Its offered APR range of 7.99% to 17.99% is competitive, with repayment terms up to 60 months. PenFed has an impeccable reputation and provides flexibility in its loan terms.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • No origination fee

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    PenFed
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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI. Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans, and 40% to 45% or below for unsecured personal loans.

Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly West Virginia Loan Payment

According to our analysis, lenders in West Virginia offer personal loan products averaging about 66 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

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    Best Personal Loan Lender in West Virginia for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    The best personal loan provider for borrowers with poor credit in West Virginia is Happy Money, with a MoneyGeek score of 94 out of 100. Although Happy Money is not a lender itself, it partners with multiple federally insured financial institutions to originate loans. This provider stands out for its high transparency, fully disclosing upfront about loan terms and credit requirements. It also boasts the top reputation score among competitors analyzed, and excels in responsiveness and ease of use during the application process. Happy Money's APR range is competitive, with rates from 11.72% to 17.99% for people with a minimum credit score of 640.

    Pros

    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • Partner lenders charge an origination fee
    • Longer wait time for loan approval than competitors
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    Best Personal Loan Lender in West Virginia for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    The best personal loan provider for debt consolidation in West Virginia is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. Alliant is an online-only institution and requires borrowers to be members for 90 days prior to qualifying for a personal loan. It offers competitive APRs ranging from 10.99% to 13.99%. It also provides clarity and upfront information about its process, which emphasizes its outstanding service for borrowers.

    Pros

    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • Wide variety of loan types available

    Cons

    • An online-only credit union, no physical branches
    • Must maintain membership for 90 days prior to application
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible because personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in West Virginia

Before applying for a personal loan in West Virginia, consider your credit score and history, income level and debt-to-income ratio because lenders weigh these factors heavily. MoneyGeek ranks the best personal loan lenders in the state based on their reputation, transparency, APR ranges, credit score requirements and flexibility in loan terms.

A higher credit score usually results in more favorable loan terms, including lower APRs, so it may be beneficial to improve your credit before applying. The table below shows how your credit score can affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in West Virginia

Personal loans offer an array of advantages such as lower interest rates than credit cards and the ability to consolidate various high-interest debts into one manageable payment. They also provide the flexibility to use funds for nearly any purpose, along with potentially quick access to capital, which can be especially advantageous during financial emergencies.

However, be mindful of possible drawbacks, such as origination fees or the risk of asset forfeiture with secured loans, which may overshadow the benefits of personal loans.

The pros and cons of personal loans

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  • Lower annual percentage rates than credit cards
  • Consolidation of multiple debts into one payment
  • Rapid funding following approval
  • Option to utilize a co-signer for improved loan conditions
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  • Additional cost from origination fees
  • Prepayment penalties for early loan payoff
  • Risk of asset forfeiture with secured loans
  • Encouragement of excessive debt through easy approval

FAQ About West Virginia Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

What is the best lender in West Virginia for personal loans?
Where is the best place to get a personal loan in West Virginia?
What has the best personal loan interest rates in West Virginia?
What can I use a personal loan for in West Virginia?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.