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Personal Loans

Virginia Personal Loans: Online & Local Lenders

Personal loans offer a straightforward solution to financing a major purchase or consolidating high-interest debt. They offer a lump sum upfront that you can pay back over several years, usually at a fixed interest rate. You can use personal loans for almost any purpose, making them an appealing source of funds for various projects. 

If you’re looking for personal loans in Virginia, you can choose between local lenders and national ones that offer personal loans across the country. Here’s a closer look at your options for personal loans in Virginia, including our top picks for loans with competitive interest rates and flexible repayment terms. 

How to find the best personal loans in Virginia 

It’s worth shopping around and checking offers from multiple lenders to find the best personal loans in Virginia. 

Rates

You can find rates starting around 6% or 7% and going up to 36%. You shouldn’t come across rates higher than 36%, thanks to the Fairness in Lending Act, which Virginia lawmakers passed in 2020. This act caps interest rates at 36% and limits the fees lenders can charge. 

Loan amounts

Loan amounts will vary among lenders, with some lenders offering personal loans up to $50,000 and others offering up to $100,000 or more. You can typically choose terms anywhere from one to seven years, allowing you to select a repayment term and monthly payment that works for your budget.

Collateral

Most personal loans are unsecured, meaning you don’t have to pledge any collateral to borrow. However, you will have to meet a lender’s requirements for credit, income, and other criteria. If you have weak credit, you may have an easier time qualifying for a secured personal loan, which requires collateral, or a cosigned or joint loan, which involves a creditworthy cosigner or co-borrower. 

As you sort through your options, consider the following lenders providing Virginia personal loans. Our selections focus on national and local/regional lenders that provide loans specifically to Virginia residents.

LenderAvailabilityAPRsMinimum credit scoreWhat you need to know
CredibleOnline; availability varies by lender but there are options for all 50 states 6.40%35.99%Typically 550 and up, depending on lender Best personal loan marketplaceView rates
LightStreamOnline; available in all 50 states 7.49%25.49%
660Best for excellent credit View rates
UpgradeOnline; available in all 50 states 8.49%35.99%560 Best for fair credit View rates
SoFiOnline; available in all 50 states 8.99% – 25.81%680Best for good credit View rates
HappyMoneyOnline; available in all states except for MA and NV11.72%24.67%640Best for credit card debt View rates
Virginia Credit UnionLocal Virginia lender; available to credit union members7.74% – 32.49%Not disclosed Best Virginia credit union loanView rates
United Bank Headquartered in Virginia; has branches across 8 states Not disclosed Not disclosed Best for shopping around with local lendersView rates
Carter Bank & Trust Headquartered in Virginia; has branches in VA and NC Not disclosed Not disclosed Best for flexible loan amountsView rates
FirstBankLocal Virginia lender with branches across the stateNot disclosed Not disclosed Best for secured loans View rates

Best Virginia online personal loans

The rise in online lenders has made finding unsecured personal loans in Virginia more convenient than ever. These financial products don’t require collateral, making them an accessible option for many borrowers.

Highlighted below are companies that excel in various categories, each bringing unique benefits to the table. 

Whether it’s a marketplace for comparison shopping, a lender with low rates for excellent credit, or a platform catering to specific needs like debt consolidation, these lenders demonstrate the robust offerings available to Virginians seeking an online personal loan.

Credible – Best marketplace

LendEDU rating: 5 out of 5

  • Compare rates from multiple lenders with one application
  • Checking your rates doesn’t impact your credit score
  • No fees to use its service

Credible’s platform stands out with its fee-free approach and soft credit check feature. This means getting the best rate won’t ding your credit score, and there’s no cost to find out which of its lending partners offers you the best rate.

Its service is designed for borrowers who value choice and the ability to compare multiple offers. You can borrow anywhere from $600 to $200,000 with rates starting at 6.40% APR. Several of its lenders offer cost-effective solutions with no origination or late payment fees.

LightStream – Best for excellent credit

LendEDU rating: 4.8 out of 5

  • Borrow up to $100,000
  • Low rates for strong credit profiles
  • Offers a Rate Beat Program for unsecured loans

LightStream is our pick for Virginia residents with excellent credit. It offers low rates to borrowers with an established credit history and credit score of 800 or above. Since personal loans are its primary focus, it can offer more than 30 customized solutions tailored to your specific needs.

The lender also distinguishes itself with extended loan terms and a Rate Beat Program, ensuring a competitive edge. The absence of fees—no origination, prepayment, or late fees—can make the loan more cost-effective over time.

Upgrade – Best for fair credit

LendEDU rating: 4.9 out of 5

  • Credit flexibility for fair credit applicants
  • You choose your terms
  • Check your rate without impacting your credit

Upgrade stands out for its commitment to borrowers with fair credit. The lender facilitates the loan process with a soft credit check and provides transparent terms, ensuring borrowers understand their repayment schedule.

With loan amounts up to $50,000, Upgrade makes it possible to consolidate debt with friendlier terms. It can assist you in paying off existing debts by using your funds to make direct payments to creditors. This user-friendly service caters to those seeking straightforward, manageable loan solutions.

SoFi – Best for good credit

LendEDU rating: 5 out of 5

  • Member-only benefits like unemployment protection
  • Borrow up to $100,000
  • See your rate in 60 seconds

SoFi is ideal for Virginia residents with good credit, providing a fee-free borrowing experience. This means no origination fees, late fees, or penalties for paying off your loan early.

The lender goes beyond financial transactions by offering benefits like unemployment protection and financial advising, which can be especially valuable during uncertain times. With high loan amounts and a commitment to no fees, SoFi is a top choice for consumers looking for a reliable and beneficial lender.

Happy Money – Best for credit card debt

LendEDU rating: 4.8 out of 5

  • A loan designed to pay off credit cards
  • Access to Member Advocates
  • Checking your rate doesn’t impact your credit

Happy Money is focused on helping Virginians tackle credit card debt. The company offers loans and tools to improve financial health and habits.

With Happy Money, borrowers can choose between multiple loan terms to prioritize the lowest monthly payment, best rate, or the quickest path to becoming debt-free. It’s a supportive choice for those looking to clear high-interest credit card debt and improve their financial standing.

Local personal loans in Virginia 

If you prefer a local lender, consider these personal loan providers in Virginia. Unlike online-only lenders, some of these lenders offer the option of in-person banking at your local branch. 

Plus, you may qualify for an interest rate discount if you’re a banking customer and set up automatic loan payments from your account. Many of these lenders can also offer fast funding as soon as the same day you apply. 

However, they don’t give you the chance to prequalify for a loan, so you may have to submit a full application (and permit a hard credit inquiry) to see your loan offers. 

Virginia Credit Union – Best Virginia credit union loan

  • Personal loan rates start at 7.74% 
  • Both secured and unsecured personal loans available 
  • Fast funding  

Virginia Credit Union offers personal loans that you can use for home repairs, buying furniture, consolidating bills, and other purposes. Interest rates range from 7.74% to 32.49%, and you can choose between an unsecured loan and a loan that’s secured with your savings account. Virginia Credit Union can also fund your loan quickly, potentially disbursing funds the same day you apply. 

You’ll need to join Virginia Credit Union to borrow a personal loan. Membership is open to individuals who live, work, or worship in various Virginia counties and employees and retirees of qualifying companies, associations, and schools. Family members of eligible individuals can join, too. 

United Bank – Best for shopping around with local lenders 

  • Matches you with local lenders in your community 
  • Can fund your loan the same day you apply
  • Has branches throughout Virginia 

Originally founded as the Northwestern Bank of Virginia in 1839, United Bank is now the third-largest bank in Virginia. This bank, which is headquartered in Fairfax, partners with local lenders to help you find a personal loan that meets your needs. You can provide your information to United Bank, which will try to match you with a local lender with flexible rates and terms. According to the bank, its lenders may be able to fund your loan the same day you apply. 

Carter Bank & Trust – Best for flexible loan amounts

  • Branch locations in Virginia and North Carolina 
  • Offers both small- and large-amount personal loans 
  • Both secured and unsecured loans available 

Carter Bank & Trust is a state-chartered community bank that’s headquartered in Martinsville, Virginia. It has locations throughout Virginia and North Carolina and provides both unsecured and secured personal loans. 

According to the bank, it will consider all reasonable loan requests from a few hundred dollars up to larger loan amounts. You’ll need to schedule an appointment to discuss your personal loan options. 

FirstBank – Best for secured personal loans 

  • Offers unsecured and secured personal loans 
  • Option to apply online 
  • Discount for autopay from a First Bank account 

Headquartered in Strasburg, Virginia, First Bank offers both unsecured and secured personal loans. If you’re interested in a secured loan, you can back it with various types of collateral, such as a savings account or vehicle. 

First Bank’s secured loans may offer lower interest rates and longer repayment terms than its unsecured loans. Either way, you can choose among multiple repayment terms and qualify for a discount if you set up automatic payments on your loan from a First Bank account. 

Ask the expert

Rand-Millwood

CFP®

Typically, the best way to select a personal loan lender is to start by knowing your financial situation. Understand your current debt to income, cash flow, and credit score. Knowing these aspects will make it much easier to evaluate different lenders and determine which is best for you. Since some lenders specialize in working with lower credit scores, you may focus on those rather than lenders with better rates that won’t accept you. Going with a local can be beneficial with reduced rates for being a banking customer and setting up autopayment from your account. So knowing your financial situation and then utilizing the online research tools to find lenders that specifically suit your situation are great ways to determine the best lender.

How to choose the best Virginia installment loans 

With multiple options to choose from, you may be wondering how to choose the best Virginia personal loan for you. Here are some steps that can help: 

  • Compare offers from multiple lenders. Rates and terms vary by lender, so shopping around can help you find the most affordable personal loan. Some lenders let you prequalify for a loan online, which lets you check your rates without harming your credit score. 
  • Look for the lowest interest rate and fees. As you compare loan options, try to find one with the lowest interest rate and few (or no) loan fees to keep your borrowing costs as low as possible. 
  • Consider repayment terms and flexibility. Your repayment terms directly impact your monthly payments and the amount of interest you pay overall. Look for terms that work for your budget. It’s also worth checking if the lender offers any borrower protections, such as the option to modify payments if you lose your income. 

Best alternatives to personal loans in VA 

Personal loans can be a useful financing option for a variety of scenarios, but there are also alternative sources of funding you can consider: 

  • 0% APR credit card: If you have good credit, you may qualify for a credit card with a 0% APR promotional period that spans 12 months or longer. If you can pay off your expenses before that period ends, you could essentially get an interest-free loan. However, interest rates will likely be high after that.
  • Home equity loan or line of credit: Homeowners may be able to tap into their home equity with a loan or HELOC. A home equity loan offers a lump sum upfront, while a HELOC is a revolving line of credit that you can withdraw from as you need funds. Both types of financing are secured and use your home as collateral. 
  • Buy now, pay later (BNPL): If you want to purchase a large-ticket item, consider a BNPL service to spread out the cost over time. You may not have to pay interest if you pay back the expense over six weeks. Longer loan terms might be available but will likely come with interest. 

Ask the expert

Rand Millwood

CFP®

If you have good credit and sufficient cash flow utilizing a 0% credit card (usually for periods of 12-18 months) or a home equity line of credit (for longer term payoff) are typically your best options. The terms are often better with similar or lower rates and longer payment terms than personal loans. Additionally, a HELOC may offer tax write-off benefits, depending on how the funds are used.