Best Personal Loans in Newport News, VA: Top Lenders & Best Picks for You

Updated: October 16, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Newport News, VA

MoneyGeek ranked the best personal loans in Newport News based on more than 30 data points, including APRs, loan limits, minimum requirements, repayment terms, fees and disbursement times. We also considered customer service ratings and user experiences to help you find the best lender for your unique requirements.

Our analysis found that Truist is the best lender for personal loans in Newport News for most borrowers. However, if you have good credit, SoFi loans may be the best option for you, while Upstart is the best lender for those with bad credit.

Best Overall Personal Loan Lender in Newport News: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist offers the best personal loans in Newport News. This lender was founded in 2019 after the merger of BB&T and SunTrust Banks. Truist is also relatively low on fees and does not charge origination, prepayment or late fees.

    You can borrow amounts ranging from $3,500 to $50,000 from Truist, with repayment terms ranging from six to 60 months. Most Truist loans are disbursed by the next day, so if you need funds urgently, Truist is a good option.

    There is no option to check your rate before applying, and this lender requires borrowers to have a lengthy credit history to qualify.

    Pros

    • Competitive APRs
    • No origination fees
    • Broad range of repayment terms
    • Autopay discount

    Cons

    • No prequalification
    • Hard credit check
    • Maximum loan of $50,000
    • Co-signers not allowed
    • Requires lengthy credit history
    Truist

Best Personal Loan Lender for Bad Credit in Newport News: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek found that Upstart offers the best personal loans in Newport News for borrowers with poor credit. Upstart was established in 2012 and offers personal loans for various purposes, including emergency expenses, debt consolidation, vacations, home renovations and more.

    Upstart is unique because it offers loans to borrowers with bad or incomplete credit. Limits range from $1,000 to $50,000, but keep in mind that loans are only available in three- or five-year terms.

    Upstart has a very low minimum APR, but borrowers who aren’t well-qualified could get high rates. You will also be required to pay an origination fee of up to 10% of the loan amount.

    You can check your rate before applying on the Upstart website without impacting your credit score.

    Pros

    • Low minimum credit score
    • Low minimum APR
    • No charges for early payment
    • Quick funding
    • Soft credit check

    Cons

    • High maximum APR
    • Two repayment term options
    • Charges origination fees
    • Co-signers are not allowed
    • Maximum loan of $50,000
    Upstart

Best Personal Loan Lender for Good Credit in Newport News: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    If you have good credit, SoFi is the best lender for personal loans in Newport News, Virginia. SoFi offers personal loans for various purposes, including funding large purchases, emergency expenses and debt consolidation. However, you cannot use SoFi personal loans for real estate, investments or postsecondary education expenses.

    SoFi has a rather high baseline APR, but its maximum rate is pretty reasonable. Borrowers can get loans ranging from $5,000 to $100,000, which are repayable in flexible terms of up to 60 months. This lender is ideal if you are looking for a low-cost loan since it does not charge origination, early payment or late fees.

    SoFi offers unemployment protection, so if you lose your job, you will be able to adjust your monthly payments. You can also check your rates before applying on the SoFi website without impacting your credit score.

    Pros

    • Lends up to $100,000
    • Unemployment protection
    • No origination or prepayment fees
    • Low maximum APR
    • Many repayment term options

    Cons

    • High credit score requirement
    • Minimum loan of $5,000
    • Income requirements
    • Restrictions on usage of funds
    • High baseline APR
    SoFi

Best Personal Loan Lender for Debt Consolidation in Newport News: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    If you need to consolidate debt, Upgrade offers the best personal loans in Newport News. Upgrade was established in 2016. This lender can pay creditors directly, making it easier to streamline your payments for debt consolidation.

    Upgrade accepts borrowers with a credit score of at least 560, so you can qualify even with average credit. However, those with poor credit are likely to pay high rates. Loan limits range from $1,000 to $50,000, repayable in flexible terms of up to 60 months.

    Upgrade does not charge prepayment penalties, so you can pay off your loan early at no extra charge. In most cases, loans are funded immediately, and you can check your rates online before applying without impacting your credit score.

    Pros

    • Pre-approval with soft credit check
    • Low minimum APR
    • Flexible repayment terms
    • Direct payment to creditors for debt consolidation

    Cons

    • Potentially high APR
    • Charges origination and late fees
    • Moderate credit score requirement
    • Maximum loan of $50,000
    • Co-signers not allowed
    Upgrade

Best Personal Loan Lender for Home Improvement in Newport News: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    For borrowers who need a personal loan for home renovation, Best Egg is the best lender in Newport News, Virginia. Best Egg was established in 2014, and its personal loans can be used for various purposes, including home improvement.

    To qualify for a Best Egg loan, you need a credit score of at least 700. APRs are relatively high. Loan limits range from $2,000 to $50,000, repayable in terms of 36 to 60 months. You can pay off your loan early without incurring any penalties.

    Most Best Egg loans are funded by the next day, but keep in mind that you will incur a one-time origination fee.

    Pros

    • Quick disbursement of funds
    • No fees for early payment
    • Soft credit inquiry
    • Autopay discount

    Cons

    • High APRs
    • Charges origination and late fees
    • Co-signers not allowed
    • Limited repayment terms
    • High credit score requirement
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Newport News for You

In Virginia, the average personal loan debt is $17,503. However, before you take out a loan, it is important to consider your credit score, income and debt-to-income ratio. This will help you identify the best lender for your needs.

MoneyGeek outlines some key steps that you can use to find the best personal loans in Newport News.

  1. 1

    Ask Yourself the Important Questions

    Personal loans come with a long-term financial commitment, so it is important to figure out if you can afford the payments long-term. Start by considering these questions to ensure that you make the best decision for your finances.

    • How much funding do I need? Start by figuring out how much you need to borrow. Lenders tend to have different loan limits, so this will help you choose the right lender.
    • What is my credit score? Consider your credit history and how it will impact your eligibility for a loan, as well as the APRs and terms that will be available to you.
    • Can I afford the monthly payment? Make sure that you can handle the monthly payments long-term.
    • How much debt do I already have? Consider whether you can take on more debt based on the debt you already have and your disposable income.
  2. 2

    Do Your Research

    The terms and rates of your loan can vary widely depending on the lender you choose. This is why it is important to ensure that you have done some research before signing up for a loan. Comparing what different lenders offer in terms of APRs, repayment terms and minimum requirements will help you make the best decision for your needs and finances.

    MoneyGeek’s recommendations are a great starting point when looking for the best lenders, but remember that our top picks are based on specific borrower profiles. Your situation may be unique, so look for lenders based on your particular situation and needs.

  3. 3

    Wait

    Making a hasty decision when choosing a personal loan can be costly in the long run. Take a couple of days before applying for a loan to make sure you are making a sound financial decision. Consider the commitment of a personal loan and whether you are ready for it.

    Waiting will also allow you to consider any other alternatives that are available to you. If you are still confident about your decision to apply for a loan after a couple of days, then you can proceed to the next step.

  4. 4

    Read the Fine Print

    When researching personal loans, you can miss important details if you overlook the fine print. Take time to thoroughly review the terms of the loan you want to apply for. Check for any additional rates like late fees, prepayment penalties or origination fees that can drive up the overall cost of your loan.

    Most lenders offer online support, so you can always seek clarification from the lender if there are terms or rates you do not understand. Figuring out what your loan entails is the best way to ensure that you are ready for the costs and commitment.

  5. 5

    Apply

    Once you are confident that you have selected the best lender, you can then proceed to submit your application. Most personal loan lenders have an online application process, but you will be required to provide supporting documents, such as proof of identification, proof of income and financial statements.

    If you need assistance with the application process, you can always contact the lender. Some lenders also allow in-person applications, so you can visit them if you need help applying.

What to Do if You Can’t Get a Personal Loan in Newport News

In some cases, your loan application may get declined. Lenders may decline your application based on factors like failing to meet their minimum requirements or not providing the required information. You should not despair if your application is unsuccessful. Most factors that cause you to be declined can be improved over time, so it is possible to qualify for a loan in the future.

In case your application is unsuccessful, find out from the lender the exact reason why you were declined. This will help you understand what you need to work on to become more creditworthy. You may also find that you meet the requirements of a different lender. However, it is best to avoid reapplying until you have worked on the factors that got you declined.

MoneyGeek also advises against taking out payday loans. Although they may seem like a good alternative, payday loans typically have very high interest rates and unfavorable repayment terms.

Frequently Asked Questions About Personal Loans in Newport News

The best personal loan lender in Newport News for you will depend on your personal needs and factors like your credit score and income. We answered some of the most common questions to help you find the best lender for your profile.

What is the best personal loan lender in Newport News?

Which lender in Newport News has the lowest interest rate?

Can I use a personal loan for vacations in Newport News?

Can I use a personal loan for home improvement in Newport News?

What can I not use my personal loan for in Newport News?

How much can I borrow in Newport News?

How long does it take to get a personal loan in Newport News?

Can I pay off my loan early in Newport News?

Our Personal Loan Methodology

MoneyGeek analyzed more than 30 personal loan lenders in Newport News to rank the best personal loans in the city. Our analysis considered 35+ individual data points across different categories, including loan affordability, accessibility, customer service, consumer friendliness, flexibility and lender transparency.

We consider multiple data points that we feel matter most to consumers, including APR ranges, loan limits, minimum requirements for credit score and income, application fees and funding times.

MoneyGeek values you, the consumer, so we also review lenders based on factors that improve your user experience, such as each lender’s customer support and business ratings. We also consider additional features like prequalification, payment options and mobile apps that could make your experience better.

Our recommendations are made after careful consideration with the goal of helping you make the best financial decision when choosing the right lender for your profile and needs.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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sources
Shield Insurance

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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