Best Debt Consolidation Loans in Virginia 2024

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Updated: November 19, 2024

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Debt consolidation loans are personal loans that borrowers use to pay off multiple debts — such as credit card or student loan debt — at a lower interest rate than what they are currently paying. This strategy helps streamline debt repayment and potentially reduces overall interest costs.

MoneyGeek analyzed 27 lenders and found PenFed to be the top choice for debt consolidation loans in Virginia, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Virginia Credit Union and Central Virginia Federal Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Virginia

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Virginia

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Virginia, with a MoneyGeek score of 96 out of 100. Its competitive rates, substantial loan amounts, quick fund disbursement, quality service and strong reputation make it an ideal lender for debt consolidation loans.

PenFed's APR range of 8.99% to 17.99% can help borrowers secure affordable rates. Its loan amount range of up to $50,000 provides flexibility for consolidating various debt levels. Additionally, receiving funds within 1 to 2 business days ensures that borrowers can address their financial needs promptly.

Runner-Up for Best Debt Consolidation Loan in Virginia

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Virginia, with a MoneyGeek score of 95 out of 100. Its low APR can help you save money on interest, making it easier to pay off your consolidated debt faster.

Alliant Credit Union offers high loan amounts, allowing you to consolidate multiple debts into one manageable payment. Additionally, its flexible repayment terms give you the option to choose a plan that fits your budget, reducing financial stress.

Best Debt Consolidation Loan in Virginia for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Virginia for affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it stands out for having no origination fees and offering rate discounts, which can significantly reduce the overall cost of the loan.

It has a quick funding time of 1 to 3 business days, allowing borrowers to consolidate their debts swiftly and start saving on interest sooner. Additionally, the flexible repayment terms, ranging from 12 to 84 months, allow borrowers to choose a repayment plan that fits their budget, ensuring manageable monthly payments.

Best Debt Consolidation Loan in Virginia for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Virginia for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100 and offers loan amounts ranging from $1,000 to $35,000 and repayment terms from 6 to 60 months.

Borrowers can benefit from its flexible repayment terms, allowing them to choose a schedule that fits their financial situation. Additionally, the large loan amounts make it easier to consolidate multiple debts into one manageable payment.

Best Debt Consolidation Loan in Virginia for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Virginia for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day fund disbursement, making it an excellent choice for those in urgent need of financial assistance.

Rocket Loans has a quick approval process. A borrower can consolidate multiple high-interest debts into one loan within a short time frame, reducing stress and financial burden. It also offers flexible loan terms, allowing borrowers to choose repayment plans that fit their budget.

Should You Get a Loan to Consolidate Debt in Virginia?

Using a debt consolidation loan in Virginia can simplify your finances by merging multiple payments into one, but it’s not always the best option. For instance, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can get you better interest rates and lower monthly payments on a debt consolidation loan in Virginia.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Virginia can lower your interest rates. For example, reducing from 20% to 10%.

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Virginia simplifies your financial management.

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    Lower Monthly Payments

    A debt consolidation loan in Virginia can help you achieve lower monthly payments, easing your financial burden.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Virginia is a better strategy.

How to Get a Debt Consolidation Loan in Virginia

The average amount of personal loan debt in Virginia is $128,386, which is higher than the overall average debt in the U.S. of $104,215. In Virginia, the average monthly debt amounts to $10,699.

Using a personal loan to consolidate debt in Virginia can simplify your payments and potentially lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher costs. You'll also want to check your credit score to better understand your chances of loan approval with specific lenders.

  2. 2
    Compare loan terms from lenders

    Look at different lenders for loan APRs, loan limits and how soon you can receive the funds. Contact suitable lenders to ensure you can use the loan for debt consolidation.

  3. 3
    Check for extra benefits

    Some lenders offer added features that could benefit you. For example, in Virginia, Santander and Upgrade offer rate discounts, which can save you money in the long run.

  4. 4
    Watch out for fees and penalties

    Some lender features could be drawbacks. In Virginia, Best Egg charges an origination fee and Discover charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps borrowers understand their eligibility without affecting their credit score. It involves a soft credit check, which doesn't impact your credit.

  6. 6
    Complete your loan application

    Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application. This will speed up the process.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN VIRGINIA

Lenders might deny your loan application if you have a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Virginia, try improving your credit score and reducing your existing debt.

You can also consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This type of card allows you to transfer your existing debt and pay no interest for a specified period, helping you save on interest and consolidate your debt more effectively.

Local Lenders for Debt Consolidation Loans in Virginia

Consolidating debt can be beneficial because it often results in lower interest rates, which means you can save money over time. The average APRs you can qualify for vary between cities. For instance, in Richmond, the average APR is 7.9%.

Another option to find the best debt consolidation loan in Virginia is to consider other local lenders. Below, you'll find a table of local lenders and their average APRs to help you make an informed decision.

Call Federal Credit UnionRichmond8% to 18.00%Up to 84 monthsUndisclosed99
Virginia Credit UnionRichmond7.74% to 18%3 to 60 monthsUndisclosed96
Credit Union of RichmondRichmondFrom 7.49%Up to 60 monthsUp to $25,00096
Partners Financial Federal Credit UnionRichmondFrom 10.24%Up to 60 monthsUndisclosed89
Connects Federal Credit UnionRichmond6.25% to 18.00%UndisclosedUndisclosed88

FAQ: Debt Consolidation Loans in Virginia

MoneyGeek addresses common questions borrowers have about debt consolidation loans in Virginia to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Virginia?
What's the best debt consolidation loan lender in Virginia?
Can I get a debt consolidation loan in Virginia if I have bad credit?
Can a credit counseling agency in Virginia help manage debt?
When should I get a debt consolidation loan in Virginia?

MoneyGeek analyzed 27 national lenders licensed to do business in Virginia, based on a rubric that includes APR ranges, loan amounts, and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts, and fast funding.

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We conducted our analysis in September 2024.

27Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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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