As a state, Virginia has the third-highest number of active military personnel in the U.S. This makes the state unique, as this unique employment provides access to benefits that civilians are not. This said, consumers take out personal loans in Virginia for numerous reasons.
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Virginia has over 60 FDIC-insured banks, not to mention hundreds of online lending options. The average credit score in Virginia is 686, making residents eligible for a wide variety of loans. Those who live in the state should know that personal loans without an origination fee often require a credit score of at least 660. And, these loans are quite attainable for Virginians who have an average credit score of 700 or higher. Personal loans can help with debt consolidation, funding a home improvement project, covering expenses for family members during a military deployment, covering unexpected expenses, etc.
LightStream - Best for fast funding and low interest rates
Personal loans can negatively and positively impact your financial situation regardless of where you live. Taking out a new personal loan can favorably affect your credit mix, impacting 10% of your credit score. Plus, making your payments on time every month can positively impact your credit score by 35%. A failure to make a payment on time can negatively impact your credit score by as much as 180 points.
Our financial experts conducted a ranking analysis of lenders based on our rating methodology for personal loans and found the best loans in Virginia. This rating methodology evaluates various lenders based on the length of the loan, average interest rates, repayment terms, user experience, customer service, credit score history, banking and credit union use, and more.
Best Personal Loans in Virginia - Full Overview
Here is a list of some of the best personal loans available to Virginia residents.
Upgrade offers a good option for loans for bad credit in Virginia. These loans can help borrowers with fair credit get approved for a loan, but those with higher credit scores may want to look for an alternate lender. Upgrade requires a minimum credit score of 580, and borrowers can use their loan funds for debt consolidation, credit card refinancing, home improvement projects, and other large purchases.
Borrowers can get a secured or joint loan through Upgrade. Plus, you may receive a 0.5 percentage point discount for setting up automatic loan payments. If you are taking out an Upgrade personal loan for debt consolidation, you may get a rate reduction of 1 to 5 percentage points when you have Upgrade pay off your debts directly. To top it off, Upgrade offers a reward checking account that gives borrowers up to 20% off of their rate.
Upgrade is a good choice for those with fair credit looking for personal loans in Virginia. They offer a convenient mobile app that makes it easier for borrowers to make monthly payments. And the lower credit score requirement of 580 makes it a good choice for those who want an alternative to a true credit builder loan.
SoFi personal loans are a wise option for those searching for installment loans in Virginia. These loans are geared toward those with a credit score of at least 680 who want to borrow from a reputable, well-known, online lender. SoFi has interest rates that are market competitive and offers flexible loan terms. You will need a gross income of at least $50,000 per year ($961 per week) to qualify for a SoFi loan.
This lender offers competitive interest rates and offers relatively flexible loan terms. However, those wanting to take out a loan from SoFi must know that they require a gross income of at least $50,000 per year ($961 per week) to qualify for a loan. Though you may be able to see your rate in under one minute, loan funds are not distributed on the same day. Typical loan disbursement takes two to seven business days.
SoFi is an excellent installment loan option for Virginia residents because of its competitive APRs, high borrowing limits, and lack of hidden fees. This lender is also best for fee-free debt consolidation loans.
Marcus by Goldman Sachs - Best for large home improvement projects
Though many consumers have heard of Goldman Sachs, they might not realize that the company has a lending arm. Marcus’ fee-free loan structure, combined with an array of loan terms and loan amounts, makes it a flexible option for borrowers with good credit. Unfortunately, Marcus doesn’t share a requirement for a minimum credit score, but borrowers should strive for a credit score of at least 660 to 740 to increase their chances of approval for a personal loan. Borrowers who want to consolidate their debts, finance a large home improvement project, wedding, or vacation, or plan to move and relocate are best suited to a Marcus loan.
Marcus sets itself apart from the personal loan competition due to unique features like the ability to customize your monthly payment amount and term. Marcus does not charge an origination fee, late payment fee, insufficient fund fee, or early payoff penalty. Borrowers also have the option to defer payment without paying interest after making 12 consecutive payments.
Marcus by Godman Sachs is a good choice for those with good to excellent credit scores that want to finance a large purchase or transaction. These loans are not well-suited for those seeking bad credit loans in Virginia.
LightStream - Best for fast funding and low interest rates
Lightstream personal loans are designed for Virginia residents who desire fast funding, low-interest rates, and a quick and seamless application process. Interest rates are competitive, and these loans are a good option for those who need debt consolidation or want to fund a large project, dream vacation, or wedding.
LightStream offers fast funding as soon as the same day you sign the loan agreement, low APRs, and a fast application process. APRs are competitive with no fees for loan origination, late payments, or early loan payoff. Their rate beat program will beat a competitor’s interest rate by 0.10 percentage points if borrowers can show the competitor approved them for an unsecured, fixed-rate loan with matching loan terms.
LightStream is the personal loan choice for Virginia residents who need to consolidate debt to achieve a lower minimum monthly payment or want to take on expensive home improvement projects.
Navy Federal Credit Union - Best for veterans and members of the military
Virginia is home to 45 National Guard armories and several military bases. Navy Federal Credit Union offers personal loans for those with ties to the armed forces, Department of Defense, or National Guard. Navy Federal Credit Union does not have a minimum credit score requirement, but borrowers with credit scores of 670 or higher are more likely to receive better terms.
Navy Federal Credit Union offers loans with APRs between 7.49% - 18% with $0 origination fee and a $0 prepayment fee. Active duty members get a 0.25% autopay discount, and there is only a $29 late fee if the payment is 10 or more days late. No openly disclosed credit scores or income requirements exist, but borrowers must be at least 18.
Though Navy Federal Credit Union’s personal loans are limited to veterans and those in the military, they offer their members various perks. The credit union offers physical locations that members can visit for questions about their loans. And applicants can receive their funds as soon as the same day they complete their loan agreement and provide any requested information.
Offers numerous banking products and financial advice
Funds only dispersed Monday through Friday
5% fee applied to late payments
Smaller loan limits than other lenders that cater to veterans
While USAA membership is limited to U.S. military members and their spouses, as well as children of USAA members, the loan terms are lucrative. Further, USAA allows members to manage their loans and cash with one bank. USAA personal loans can be used for bill consolidation, home remodels and renovations, auto repairs, and unexpected expenses. However, these personal loans cannot be used to finance higher education expenses or to purchase a home.
USAA members are eligible to borrow between $2,500 and $100,000 with repayment terms between one and seven years. For terms up to 36 months, applicants must apply for at least $2,500. To receive a 48-month term, applicants must apply for a $5,000 loan or larger. Financing for 60-, 72- and 84-month terms requires higher loan amounts. APRs range between 8.3% - 17.99%. Borrowers can apply for a joint loan by adding a co-borrower if needed.
USAA provides a quick and easy online application that can be lucrative to our military veterans and service people. Once approved, USAA loan funds are dispersed within 24 hours through a direct deposit into a USAA bank account. However, deposits are only made during the week (Monday through Friday).
Main Features of The Best Personal Loans in Virginia
All in all, if you are looking for loan companies in Virginia, you should consider what is most important to you. Regardless of where they live, most borrowers want a competitive yet low APR, a low credit score threshold, fast funding, and high borrowing limits. And occasionally, prospective borrowers simply look for a loan option to help them build or improve their credit. Check out this terms comparison of the lenders we discussed above.
Min. credit score
8.24% to 35.97%
$1,000 to $50,000
24 to 84 months
5.74% to 20.28%
$5,000 to $100,000
12 to 60 months
Marcus by Goldman Sachs
6.99% to 24.99%
$3,500 to $40,000
36 to 72 months
6.99% to 23.99% (with autopay)
$5,000 to $100,000
24 to 84 months
Navy Federal Credit Union
7.49% to 18% (with autopay)
$250 to $50,000
12 to 180 months
8.3% to 18%
$2,500 to $20,000
Up to 84 months
How to Choose the Best Personal Loans in Virginia?
Choosing personal loans in Virginia or finding the right loan places in Virginia takes time, patience, and a bit of homework. However, we have made it a bit easier for you by documenting best practices that you can use as a resource when choosing your personal loans. Our experts use these parameters to rank lenders, whether you are looking for bad credit loans in Virginia or installment loans in Virginia for good credit.
Here’s what to look for:
Loan features - All personal loans come with different features that can impact your monthly payments and the interest rate, not to mention change the security of the loan. Applicants should understand the loan terms, the amount of the loan and any use limitations before applying.
Interest rates and fees - Know what you will be paying each month in interest (ensure you can identify the APR for the loan) and have fees such as origination fees (this fee is usually due at the time you receive the loan and is generally 1% to 10% of the loan amount), late payment fees, or early payoff penalties.
Application process - The application process for a personal loan is largely consistent from lender to lender. You should know that when you apply for a loan from a Virginia loan company, you will likely be subject to a hard credit check. Hard credit inquiries impact your credit score by five points and remain on your credit report for one to two years.
Qualification process - Most lenders require income information and a variety of personal information (name, address, phone number, social security number, etc.) during the application process.
Customer support - See the lender's options for communicating with them if you require help with your personal loan. Review their hours of operation and see what communication methods are available (in-person, phone, chat, or text).
Online user reviews -Check Trustpilot and Google for reviews from borrowers that have used the lender you are considering.
Perks and Bonuses - Some loan companies offer perks and bonuses such as payment flexibility or advanced technology (chat or text) for communications. Another popular and beneficial perk is the ability to access your credit score, which can help you stay on top of your credit.
Reasons to Get a Personal Loan in Virginia?
Residents of Virginia get personal loans for various reasons. However, the most common reasons include:
Desire to finance a large project such as home improvements, a dream vacation, or a wedding
Debt consolidation loan by combining the balances of other credit cards and loans into one balance with one easier-to-manage monthly payment
Alternative to a payday loan that can have interest rates of 400% or higher
To fund a move or relocation
Unexpected expenses such as medical bills, funeral costs, etc.
To purchase a new or new-to-you vehicle
How to Get a Personal Loan in Virginia?
The process of getting a personal loan can vary from lender to lender. If you are applying for a loan in Virginia, you can assume the process will be similar to the following. However, understand that several preliminary steps belong to you and should be taken before you begin the application process.
1. Check your credit score. Understanding where you fall in the credit score ranges can help you understand the rate terms and interest rates you might be eligible for. The FICO credit score ranges are as follows:
Poor, 300 to 579
Fair, 580 to 669
Good, 670 to 739
Very good, 740 to 799
Excellent, 800 to 850
2. Review your monthly budget. The last thing you want is to take out a loan or go through all the steps to apply only to find out you can’t afford the minimum monthly payment. So, take some time to review your finances and understand how much you have available for a loan payment. Be sure to set some money aside from emergencies, too, if you have a month where you come up short on cash.
3. Determine the type of loan you want. Are you looking to do some home improvements? Planning a wedding? Need to pay for something unexpected? Knowing your loan purpose will help you weed out lenders that don’t offer loans for your specified use.
4. Shop around for the best rates. Do some comparisons of lenders that offer loans for your credit score range. And look for any hidden fees that they might charge, such as an origination fee, late payment fee, or early payoff penalty.
5. Apply for the loan(s) that make sense. An individual loan application will likely ding your credit score by about five points and sit on your credit report for up to two years. So if you are looking at multiple lenders, select an option to submit your application as a batch. This will ensure only one inquiry versus several.
Getting a personal loan in Virginia has many benefits as the identification and verification requirements are reasonable and easy to obtain. To get a personal loan in Virginia, the lender will ask you for the following at the time of your application:
Your driver’s license, passport, permanent resident card, etc.
Proof of income - this could be a bank statement (needs to show who the deposit is from), pay stubs, income statements, invoices, etc.
Proof of your Virginia residency, such as bank statements, a utility bill that has come in the mail, etc.
Interest Rates of Personal Loans in Virginia
Here are a few additional interest rates for personal loans in Virginia. This table gives you an idea of what you can expect when you apply for a loan. However, understand that the lower your credit score, the higher your interest rate will likely be.
300 to 629
28.50% - 32.00%
630 to 689
17.80% - 19.90%
690 to 719
13.50% - 15.50%
720 to 850*
10.73% - 12.50%
*Interest rates for good to excellent credit scores may be lower than the scores listed in this table. This table simply provides averages by credit score and is not indicative of the actual APR you may receive.
How to Deal with Loan Scams in Virginia
Unfortunately, there are hundreds of loan scams out there that prey on the financially illiterate and the elderly. But even those with higher education that consider themselves financially savvy can fall victim to one of these scam artists. The best way to protect yourself from a scam or fraudulent loan activity is to know the signs to be on the lookout for.
Don’t ever feel pressured to act now. A reputable lender will be available when you are ready, on your timeline.
Never trust a guaranteed approval.
Avoid private debt settlement companies. For financial assistance, seek a licensed credit counselor through the Consumer Financial Protection Bureau (CFPB).
Payment should never be required up front and not at the time of application. Any origination fee charged for your loan will be added to your total loan balance due and represented in your loan agreement.
The lender calls you to complete your application over the phone, or even worse, shows up at your doorstep
If you have a consumer complaint against a legitimate or illegitimate consumer loan lender in Virginia, file a complaint with the Virginia Better Business Bureau.
Personal Loan Alternatives in Virginia
If something prohibits you from applying for or being approved for a personal loan, there are installment loan alternatives in Virginia. The best alternatives are:
Taking out a personal line of credit from your credit card issuer - however, note that this might come with a cost for a cash advance and may be subject to a higher interest rate
Using the available credit on your credit card - if you can keep your balance below 30% of your credit limit.
Taking out a home equity loan or home equity line of credit against your mortgage
Taking out a peer-to-peer (P2P) loan from an investor
Taking out a small business loan if you are a small business owner
Taking a 401(k) loan from your employer or investment firm
Asking for a salary advance from your employer
There are so many great options for a personal loan in Virginia. And with such a strong military presence in the state, credit unions and institutions such as USAA, PenFed, and Navy Federal Credit Union provide unique options for which many consumers aren’t eligible. However, regardless of who you obtain your personal loan through, ensure you can always make your minimum required monthly payments. And, pay attention to your finances and budget to ensure you don’t take on a bigger financial burden than you can handle.
Frequently Asked Questions(FAQ)
Do I Need A Good Credit Score for a Personal Loan?
The truth is that you do not need a credit score for a personal loan. Some lenders offer personal loans to consumers with no credit history at all. However, the better your credit score, the more likely you are to obtain lower interest rates, more flexible borrowing terms, and higher borrowing limits.
Do I Need to Have a Certain Amount of Income for Personal Loans?
While you do not necessarily need a job to get a personal loan, most lenders will require you to have some income source. You can assume that you will need a minimum of $10,500 in annual income to get approved for a personal loan. However, you may only qualify for a secured loan in these cases.
How Many Personal Loans Can You Have at Once?
There is no hard and fast rule about the number of personal loans you can have at any time. However, having too many personal loans can negatively impact your credit score as it demonstrates that your credit mix is too heavy in one type of credit. Your credit mix represents 10% of your credit score. A healthy mix might include a home loan (mortgage or lease), an auto loan, one personal loan, and one or two credit cards.