Best Personal Loans in West Virginia for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loans , be wary of red flags such as extremely high APRs, strict repayment penalties and lack of transparency regarding the loan originator. Also, be cautious of lenders with poor consumer reviews and those that don't require verification of identity or income.

With a MoneyGeek score of 98, First Tech is the best personal loan provider in West Virginia, boasting great scores for customer service, interest rates and transparency.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Lukas Velunta

Updated: November 27, 2024

Advertising & Editorial Disclosure

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 profile, 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, annual percentage rate (APR) ranges, credit score requirements and loan term flexibility.

Best PersonalLoan LendersWest Virginia

2024

Best Personal Loan Lenders in West 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.

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. This financial institution offers 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)

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

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.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 24, 2024

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5 Years

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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 installment 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

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Getting a personal loan is still possible if you have a lower credit score than 580, but you will not have access to the best interest rates and terms available. Some lenders offer prequalification to help you understand what you might be eligible for without affecting your credit.

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

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

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 report 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

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	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 a secured personal loan, which may overshadow the benefits of personal loans.

The pros and cons of personal loans

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

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?

According to MoneyGeek's analysis, the best lender for personal loans in West Virginia is First Tech, with a MoneyGeek score of 98. The average APR is approximately 14%.

Where is the best place to get a personal loan in West Virginia?

In West Virginia, you can obtain personal loans from online lenders, banks and credit unions. Local credit unions offering personal loans include West Virginia Federal Credit Union, WVU Employees Federal Credit Union and West Virginia Central Credit Union for those preferring in-person services.

What has the best personal loan interest rates in West Virginia?

PenFed offers the lowest APR for personal loans in West Virginia, starting at 7.99% according to MoneyGeek. The best rates are often granted to those with excellent credit scores, and the best offer for you may vary based on your specific financial needs and circumstances.

What can I use a personal loan for in West Virginia?

In West Virginia, you can typically use personal loans for expenses such as weddings, home or auto repairs and vacations. However, you generally cannot use them for college tuition or gambling.

What are some personal loan red flags to look out for?

When considering personal loans, be wary of red flags such as extremely high APRs, strict repayment penalties and lack of transparency regarding the loan originator. Also, be cautious of lenders with poor consumer reviews and those that don't require verification of identity or income.

Do lenders consider income level when applying for a personal loan?

Yes, lenders consider your income level when you apply for a personal loan, along with other factors like your debt-to-income ratio, credit score, employment history and overall credit history. New lines of credit could also affect your loan application, so manage your credit wisely.

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About Zachary Romeo, CBCA

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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sources

Experian. "What is the Average Credit Score in the US?." Accessed November 13, 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 our editorial policies and expert editorial team.