MoneyGeek assessed lenders for over 30 data points to find the best personal loans in Virginia Beach. Our comprehensive analysis evaluated personal loan lenders based on factors like interest rates, loan limits, repayment terms and applicable fees. MoneyGeek also considered other factors such as minimum credit score and gross income requirements, accessibility and user experience to identify the best personal loan lenders for different borrower profiles.
Top Lenders & Best Picks for You
Best Personal Loans in Virginia Beach, VA of 2024
Updated: October 29, 2024
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WHAT WE’RE GEEKING OUT ON
- The Best Overall Personal Loan Lender in Virginia Beach
- The Best Personal Loan Lender for Bad Credit in Virginia Beach
- The Best Personal Loan Lender for Good Credit in Virginia Beach
- The Best Personal Loan Lender for Debt Consolidation in Virginia Beach
- The Best Personal Loan Lender for Home Improvements in Virginia Beach
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Virginia Beach
MoneyGeek's Picks for Best Personal Loan Lenders in Virginia Beach, VA
Best Personal Loan Lender Overall in Virginia Beach: 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 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
Cons
- High minimum credit score requirement
- Restrictions on the usage of funds
- No option for prequalification
- Conducts hard credit checks
- Only available in 15 states
Best Personal Loan Lender for Bad Credit in Virginia Beach: 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
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
Cons
- High APR rates
- Late fees
- Origination fees
- Co-signers not allowed
- Debt-to-income ratio of 45% or less
Best Personal Loan Lender for Good Credit in Virginia Beach: 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
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
Cons
- High minimum gross income requirement
- High minimum credit score requirement
- Restrictions on usage of funds
- Debt-to-income limit of 43%
- Co-signers not allowed
Best Personal Loan for Debt Consolidation in Virginia Beach: 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
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
Cons
- Origination fees
- Late fees
- Relatively high APR rates
- Co-signers not allowed
- Restrictions on the usage of funds
Best Personal Loan for Home Improvement in Virginia Beach: 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
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
Cons
- Origination fee
- Late fee
- High minimum credit score requirement
- High minimum gross income requirement
- High APR rates
How to Choose the Best Personal Loan Lender in Virginia Beach for You
The average personal loan debt in Virginia is $17,503, but a borrower’s income and credit history will determine their loan limit. Before applying for personal loans in Virginia Beach, it’s important to assess your current financial situation and needs, including your credit score, gross income and existing debt. This well help you find the best lender for you.
- 1
Ask Yourself the Important Questions
Personal loans are long-term financial commitments, so it’s important to understand the financial implications before taking out a loan. You also need to consider if you meet the minimum eligibility requirements and what options are available to you based on your credit and income profile. You can figure this out by answering the following questions:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
- 2
Do Your Research
It’s important to research different lenders and compare their rates, fees, terms and other features. While you can use MoneyGeek’s recommendations as a guide, our top picks may not be the best for your unique situation. As such, we recommend that you take the time to evaluate different lenders based on your specific requirements and financial situation to save money in the long term.
- 3
Wait
Personal loans are long-term financial commitments — some require payments for up to five years — so it’s important to think through your options before applying. We also recommend that you consider alternative financing options that may be better suited for your needs before applying for a personal loan.
- 4
Read the Fine Print
The terms of your personal loans may include other charges like origination, late and prepayment fee. It’s important that you read your loan agreement’s fine print so that you understand any or all of these extra charges. If you have questions, you should reach out to your lender for clarification. This can save you money on penalties and unexpected fees in the long run.
- 5
Apply
Once you have selected the best lender for your needs, you can submit your loan application. The lender will require personal information such as your address, proof of income and financial history, among other details. After you’ve submitted your application, the lender will complete their evaluation and, if approved, provide your loan rate and terms.
What to Do if You Can’t Get a Personal Loan in Virginia Beach
Lenders may reject loan applications for several reasons, including failure to meet their minimum credit score or gross income requirement, as well as an incomplete application. While this can be discouraging, it’s important to remember that these factors can be improved over time.
If your loan application is denied, you should alway reach out to the lender to ask why it was rejected. That way, you can work on improving your application before you reapply with the lender or apply with a different lender.
MoneyGeek strongly advises against taking out a payday loan. These loans feature high interest rates and short repayment periods, which can ultimately hurt your credit score if you fail to pay it back in a timely manner.
Frequently Asked Questions About Personal Loans in Virginia Beach
You can learn more about applying for a personal loan in Virginia Beach by reviewing our answers to the most frequently asked questions below.
What is the best personal loan lender in Virginia Beach?
Truist provides the best personal loans in Virginia Beach for the average borrower. For borrowers with bad credit, Upstart is the best option, while those with good credit should choose SoFi. Upgrade offers the best personal loans for debt consolidation, while Best Egg is the best option for home improvement loans.
Which lender in Virginia Beach has the lowest interest rate?
Upstart has the lowest interest rates in Virginia Beach ranging from 3.22% to 35.99%.
Can I use a personal loan for vacations in Virginia Beach?
Most personal loans in Virginia Beach can be used for vacations. However, this varies by lender, so it’s important that you review the terms of your agreement to understand any restrictions on the usage of funds.
Can I use a personal loan for home improvement in Virginia Beach?
Yes, personal loans can be used for home improvement in Virginia Beach. Most lenders allow personal loans to be used for home improvements or renovations, but it’s best to check with your preferred lender since restrictions can vary between lenders.
What can I not use my personal loan for in Virginia Beach?
In Virginia Beach, personal loans cannot be used for illegal activities, gambling or investments. Some lenders will also not give personal loans to cover education expenses. Lenders may have different restrictions on the usage of funds so always check with your preferred lender for their specific terms.
How much can I borrow in Virginia Beach?
You can borrow personal loans ranging from $1,000 to $100,000 in Virginia Beach. However, the amount you can borrow will depend on the lender, as well as your credit score and financial history.
How long does it take to get a personal loan in Virginia Beach?
It can take up to a week to get a personal loan in Virginia Beach, but some lenders provide same-day funding.
Can I pay off my loan early in Virginia Beach?
In most cases, you can pay off your loan early without being penalized, but some lenders charge prepayment fees. If you are unsure about the terms of your loan agreement, you should always ask your lender for clarification.
Our Personal Loan Methodology
MONEYGEEK EXPERT TIP
MoneyGeek used 35+ data points to review more than 30 personal loan lenders across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We considered several individual data points within each ranking criteria category, that we feel are the most significant when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so our analysis also takes into consideration each lender’s customer support, business ratings and additional features that could make your experience better like prequalification, payment options and mobile apps.
After careful consideration and calculation, our top picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
About Christopher Boston
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.
sources
- Best Egg. "Personal Loans." Accessed September 18, 2024.
- SoFi. "Compare Rates and Terms." Accessed September 18, 2024.
- Truist. "Personal Loans." Accessed September 18, 2024.
- Upstart. "Personal Loans." Accessed September 18, 2024.
- Upgrade. "Personal loans." Accessed September 18, 2024.
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
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