Best Personal Loans in Virginia for 2024

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Updated: October 15, 2024

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First Tech and PenFed are MoneyGeek's top picks for personal loan lenders in Virginia, scoring 98 and 96, respectively. They offer excellent customer service, competitive interest rates, and clear loan terms.

When searching for a personal loan, first understand the factors lenders look at, like your credit profile and debt compared to your income. According to Experian data from 2023, the average credit score in Virginia is 722, suggesting that the average borrower might get good loan terms because they're seen as creditworthy. But remember, not all who apply will get a loan, and rates can differ.

In evaluating the best lenders, MoneyGeek considered things like reputation, annual percentage rate (APR) ranges, required credit scores and flexibility.

MoneyGeek Logo IconBest PersonalLoan LendersVirginia
2024

Best Personal Loan Lenders in Virginia

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Alliant Credit Union

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 Virginia. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Best Overall Personal Loan Lender in 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 Virginia with a MoneyGeek score of 98 out of 100. Offering attractive APRs from 8.94% to 18.00%, along with repayment terms spanning 6 to 84 months, this lender proves competitive. It eases the application and approval process for consumers, ensuring an efficient experience in securing loans.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Doesn't charge an application or loan origination fee

    Cons

    • Must be a member to apply
    • Little published information about credit score requirements
    • Provides limited details on loan application process
    First Tech

    Runner-Up for Best Personal Loan Lender in 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

    PenFed is the runner-up for the best personal loan lender in Virginia, with an impressive MoneyGeek score of 96 out of 100. Offering loans up to $50,000 with APR rates ranging from 7.99% to 17.99%, PenFed provides lower minimum rates compared to most lenders analyzed. Their repayment terms extend up to 60 months, giving borrowers flexibility. This financial institution excels in interest rates and loan flexibility, ensuring competitive options and clear, transparent terms for its customers.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)

    Cons

    • $50 minimum monthly loan payment
    • No credit score minimum provided
    • No information provided about credit score requirements
    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 Virginia Loan Payment

According to our analysis, lenders in Virginia offer personal loan products averaging about 52 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.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

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    Best Personal Loan Lender in 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 lender for borrowers with low credit in Virginia is Happy Money, which partners with several federally insured financial institutions to facilitate installment loans. With a MoneyGeek score of 94 out of 100, Happy Money stands out for its transparency and customer education, with an emphasis on open communication about credit requirements. It requires a minimum credit score of 640. The company provides a user-friendly application process and is upfront about its offerings and terms, enabling borrowers to navigate their options with confidence.

    Pros

    • Transparent eligibility requirements, including credit score minimum
    • Works with 10 federally insured lenders to originate all loans
    • 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 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 Virginia is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. Alliant has competitive APRs at 10.99% to 13.99%, lower than many peers. It also demonstrates clarity about its processes. Alliant is an online-only institution that requires membership for 90 days to qualify for a personal loan.

    Pros

    • Among the highest loan limits available in our analysis
    • No prepayment penalties
    • Wide variety of loan types available

    Cons

    • An online-only credit union, no physical branches
    • Must be a member for a minimum of 90 days prior to applying
    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 Virginia

When seeking a personal loan in Virginia, first know that lenders will evaluate your creditworthiness based on your credit score, credit history, income and debt-to-income ratio. MoneyGeek considers lender factors like reputation, transparency, APR ranges, minimum credit scores and loan term flexibility to identify the best options.

Improving your credit score before applying for a personal loan can be important because a higher credit score often leads to more favorable APRs, potentially saving you money in the long run. The table below shows how different credit scores may affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

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 Virginia

Personal loans offer a range of advantages, such as the potential for lower interest rates than credit cards and the convenience of consolidating multiple high-interest debts into a single payment. They also provide flexibility by allowing the funds to be used for various purposes, from unexpected expenses to planned events. Personal loans can also potentially improve your credit score through timely repayments.

But personal loans also come with certain risks, like additional costs due to origination fees or the possibility of collateral loss with a secured personal loan. Understand the pros and cons of personal loans before making a financial commitment.

The pros and cons of personal loans

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  • Generally more affordable than credit card rates
  • Streamlines multiple debts into one manageable payment
  • Provides expedited access to capital
  • Enhances credit mix to potentially boost credit score
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  • Higher overall cost due to origination fees
  • Potential prepayment penalties for early loan repayment
  • Risk of losing assets with secured personal loans
  • Risk of accumulating unnecessary debt due to easy approval
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MORE ON VIRGINIA LOANS

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

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.

Read Full Bio »
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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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