Search

Best Personal Loans in West Virginia

There are several rules and regulations one must adhere to if looking for personal loans in West Virginia. Read on to know more.
personal loans in West Virginia
Best Personal Loans in West Virginia
Individuals seeking personal loans in West Virginia can choose from traditional banks, online lenders, credit unions, and peer-to-peer lending platforms. Let’s explore.
In this article

Securing a personal loan can provide the financial flexibility needed to accomplish various goals, whether consolidating debt, covering unexpected expenses, or funding a dream project. In West Virginia, several financial institutions offer personal loans, each with unique terms and conditions. Understanding the credit score requirements of these lenders is essential for anyone considering a personal loan. 

Popular Personal Loans in West Virginia

When seeking a personal loan in West Virginia, it’s essential to be aware of the credit score requirements of different lenders. Happy Money, Truist, and PNC Bank are popular choices, each offering a range of options for prospective borrowers. Remember that credit score requirements and loan terms can change over time, so staying informed is crucial.

Happy Money

Accepted Credit Scores: 640 and above

Happy Money, an online lending platform, provides personal loans for individuals with credit scores of 640 and higher. Their inclusive approach allows many borrowers to access the financial support they need.

Truist

Accepted Credit Scores: 600 and above

Truist, a major financial institution formed through the merger of BB&T and SunTrust, considers applicants with credit scores of 600 and above for personal loans. They assess applications based on various factors, in addition to credit scores.

PNC Bank

Accepted Credit Scores: 620 and above

PNC Bank offers personal loans to individuals with credit scores starting at 620. Like other lenders, they evaluate applicants based on more than just credit scores.

Fifth Third Bank

Accepted Credit Scores: 600 and above

Fifth Third Bank provides personal loans to borrowers with credit scores of 600 and higher. Their flexible credit requirements can make personal loans accessible to a broader range of customers.

Universal Credit

Accepted Credit Scores: Varies by lender

Universal Credit is a term that refers to various online lenders and lending platforms, each with its own set of credit score requirements. Credit score requirements vary significantly, so you must check with the specific lender you’re interested in.

Citi® Personal Loan

Accepted Credit Scores: 650 and above

Citi® offers personal loans to individuals with credit scores of 650 and higher. Maintaining a strong credit profile can help you qualify for their loan products with competitive terms.

SoFi

Accepted Credit Scores: 650 and above

SoFi is an online lender that typically caters to applicants with strong credit profiles, considering scores of 650 and above for their loans. Competitive interest rates are a hallmark of their offerings.

Upgrade Personal Loan

Accepted Credit Scores: 580 and above

Upgrade Personal Loan extends its lending criteria to individuals with credit scores of 580 and higher. Their online platform makes it easy for borrowers with diverse credit histories to access personal loans.

Upstart

Accepted Credit Scores: 600 and above

Upstart uses artificial intelligence to assess creditworthiness and may consider applicants with credit scores starting at 600. They look beyond traditional credit history to make lending decisions.

The Best Personal Loan Lenders for Bad Credit in West Virginia 

The top choice for individuals with lower incomes in West Virginia seeking personal loans is Upgrade. This company, established in 2017, specializes in unsecured personal loans and offers a range of financial products such as secured personal loans, auto loans, credit cards, and checking accounts.

What sets Upgrade apart from many other providers is its lenient credit score requirement. They are willing to work with borrowers who have a FICO score of at least 560, and they don’t impose income restrictions. Moreover, Upgrade streamlines the application process by pre-qualifying applicants through a soft credit inquiry, which doesn’t impact your credit score.

However, it’s essential to remember that Upgrade primarily caters to individuals with low to fair credit, and this focus is reflected in the interest rates they offer. Their loans often come with relatively high interest rates. Additionally, they may charge origination fees up to 8% of the loan amount. If you have a poor credit history, your chances of approval might improve if you apply for a joint loan with a co-borrower. It’s worth noting that Upgrade doesn’t allow for co-signers on their loans.

Lastly, if you intend to use the borrowed funds for post-secondary education expenses or to make investments, Upgrade might not be the best fit as they do not permit these specific uses. It’s essential to carefully consider your intended purpose for the loan when selecting a lender.

The Best Personal Loan Lenders for Good Credit in West Virginia 

For those with an excellent credit score in West Virginia, SoFi emerges as the top personal loan company. SoFi, short for Social Finance, Inc., was established in 2011, initially focusing on providing student loans. However, it has since diversified its range of financial products and services.

SoFi offers the flexibility to borrow up to $100,000, with a generous repayment term of up to 60 months. To qualify for a personal loan with SoFi, you’ll typically need a credit score of at least 680. The good news is that SoFi uses a soft credit inquiry during the application process, so it won’t negatively impact your credit score.

To enhance your chances of approval, consider applying with a co-borrower. It’s important to note that SoFi sets specific financial criteria for borrowers. They require a minimum gross annual income of $50,000 and a debt-to-income ratio below 43%. Meeting these requirements can significantly boost your eligibility for a SoFi personal loan.

It’s worth mentioning that SoFi’s loan disbursement process may take two days after approval. This is an essential factor to consider if you require immediate access to funds.

So, if you have a strong credit score and meet the income and debt-to-income ratio requirements, SoFi is an excellent choice for obtaining a personal loan in West Virginia, offering substantial borrowing limits and competitive terms.

personal loans in West Virginia
Best Personal Loans in West Virginia 3

The Best Personal Loan Lenders for Debt Consolidation in West Virginia 

Established in 2006, Lending Club is one of the United States’ largest unsecured personal loan lenders. The company provides various financial products and services, including secured consumer loans, business loans, and more.

Regarding debt consolidation in West Virginia, Lending Club is our top choice for a personal loan provider. Notably, if your loan is intended for debt consolidation, Lending Club can directly pay off your creditors, simplifying the process. They also offer the option for joint loans, which can enhance your likelihood of loan approval. Lending Club is considerate in the credit check department, conducting soft credit inquiries that won’t negatively affect your credit score.

While Lending Club is willing to match the rates offered by its competitors, it’s essential to be aware of relatively high-interest rates associated with their loans. Additionally, they levy an origination fee ranging from 3% to 6%. Furthermore, it’s essential to note that Lending Club’s maximum loan amount is capped at $40,000, which might be a limiting factor for some borrowers with substantial financial needs.

Lending Club has certain restrictions regarding how you can use your loan. Therefore, there might be a better lender if you intend to invest, purchase cryptocurrency, or cover expenses related to secondary education.

The Best Personal Loan Lenders for Home Improvements in West Virginia 

Marcus by Goldman Sachs is the top personal loan provider in West Virginia for home improvement. Launched in 2016 by Goldman Sachs, Marcus offers a variety of financial products and services for individuals, including savings accounts, investment accounts, and personal loans.

One notable advantage of Marcus is that it refrains from charging origination or prepayment fees. Additionally, they offer a slight discount to borrowers who opt for autopay, simplifying the loan repayment process. While the maximum loan amount is relatively modest, capped at $40,000, Marcus does not impose any restrictions on how you can use the borrowed funds.

A significant perk with Marcus by Goldman Sachs is the speedy disbursement of funds. Once your loan is approved, you can expect to receive your funds on the same day. However, it’s important to note that Marcus does not provide the option for joint or co-signed loans. On the positive side, they offer a flexible repayment term, extending up to 84 months, allowing you to tailor your repayment schedule to your needs.

Where to get personal loans in West Virginia 

Traditional Banks

Traditional brick-and-mortar banks, such as Wells Fargo, BB&T (now Truist), PNC Bank, and others, offer personal loans. These loans are often subject to the bank’s credit requirements, and the terms can vary from one bank to another. Visiting a local branch allows you to discuss your loan needs with a bank representative and explore the options they have available.

Online Lenders

Online lenders like SoFi, Upgrade, and LendingClub provide a convenient and efficient way to secure personal loans. Many of these lenders offer quick approval processes and competitive interest rates. You can complete the application process from the comfort of your own home and receive your funds electronically.

Credit Unions

Credit unions, such as West Virginia Central Credit Union, offer personal loans to their members. Credit unions are known for their customer-centric approach. They may offer competitive rates, especially to members with a good relationship and credit history. It’s a good idea to check with local credit unions to see what personal loan options they offer.

Peer-to-Peer Lending

Peer-to-peer lending platforms like Prosper and LendingClub allow individuals to borrow from a network of investors. These loans are typically facilitated online, and the application process is often straightforward. Interest rates and terms can vary based on your creditworthiness and the investors’ willingness to fund your loan.

Banks Offering Personal Loans in West Virginia 

BB&T (Now Truist)

Truist, the result of the merger between BB&T and SunTrust, is a prominent financial institution in West Virginia. They offer personal loans, each with its specific credit score requirements and terms. Visiting a local branch can help you explore the available options and discuss your financial needs with their representatives.

PNC Bank

PNC Bank, with a significant presence in West Virginia, provides various personal loan options. Their credit score requirements and terms can differ based on the type of loan you’re seeking. Checking their website or speaking with a PNC Bank representative can provide valuable insights.

Fifth Third Bank

Fifth Third Bank is another traditional bank operating in West Virginia that offers personal loans. Their relatively flexible credit score requirements may make personal loans accessible to many borrowers. It’s wise to inquire with the bank for the most current information.

Best Personal Loans in West Virginia

When searching for the best personal loan in West Virginia, several factors come into play. These include interest rates, loan terms, credit score requirements, and the lender’s reputation. Based on these criteria, here are a few top options:

  • SoFi: SoFi is an online lender known for its competitive interest rates and flexible lending criteria. They primarily cater to borrowers with strong credit profiles but offer favorable terms for those who qualify.
  • Upgrade: Upgrade is an online lending platform that provides personal loans to individuals with various credit scores, making it an excellent choice for those with lower credit scores.
  • Marcus by Goldman Sachs: Marcus is an online lender that offers personal loans with no origination or prepayment fees. They are an excellent choice for borrowers with strong credit scores.

West Virginia Credit Unions for Personal Loans

Credit unions are known for their customer-focused approach and often provide competitive rates. In West Virginia, you can consider credit unions such as West Virginia Central Credit Union and Members Choice Credit Union. These institutions may offer personal loans to their members with favorable terms, particularly if you have a good relationship and credit history with them.

Personal Loan Comparison in West Virginia

LenderCredit Score RequirementLoan Amount RangeInterest Rate RangeFeesFunding SpeedSpecial Features
SoFi680 and aboveUp to $100,000Competitive RatesNo origination or prepayment feesSame dayJoint loans available, flexible terms
Upgrade580 and aboveUp to $50,000VariesMay charge origination feesAs fast as a dayCo-borrower option, low credit score acceptance
Marcus by Goldman SachsGood to Excellent CreditUp to $40,000Competitive RatesNo origination or prepayment feesSame dayFlexible loan terms, no restrictions
Lending ClubVariesUp to $40,000Competitive RatesMay charge origination feesAs fast as a dayDirect payment for debt consolidation
Truist (BB&T)600 and aboveVariesVariesMay charge origination feesVariesJoint loan applications possible
PNC Bank620 and aboveVariesVariesMay charge origination feesVariesVarious loan types available
West Virginia Central CUVariesVariesVariesDepends on the credit unionVariesMember-focused, competitive rates
Members Choice CUVariesVariesVariesDepends on the credit unionVariesMember-focused, competitive rates

Tips for Getting a Personal Loan in West Virginia 

  • Check Your Credit Score: Before applying for a personal loan, it’s essential to track your credit score. Different lenders have varying credit score requirements, so understanding your creditworthiness can help you identify suitable lenders.
  • Compare Offers: Shop around and compare loan offers from different lenders. Consider factors such as interest rates, loan terms, fees, and any special features each lender may offer.
  • Review Your Budget: Ensure you can comfortably afford the monthly loan payments. Evaluate your budget to determine the loan amount and terms that align with your financial situation.
  • Check for Fees: Pay attention to origination fees, prepayment penalties, and other associated fees. These can affect the overall cost of the loan.
  • Consider a Co-Borrower: If your credit score is not strong, consider applying for a joint loan with a co-borrower, which can improve your chances of approval and potentially secure better terms.
  • Prepare Required Documents: Have the necessary documents ready, including proof of income, identification, and other documents the lender may request during the application process.
  • Understand the Purpose: Be clear about the purpose of the loan, as some lenders may have restrictions on how the funds can be used.
  • Read the Fine Print: Carefully read and understand the terms and conditions of the loan agreement before signing. Make sure you know the interest rate, repayment schedule, and any potential penalties.
  • Consider Local Credit Unions: Don’t overlook the competitive rates and personalized service credit unions in West Virginia can offer. They often provide member-focused solutions.

Try Beem’s personal loan feature to get all the information you need on personalized rates and explore loan options ranging from $500 to $100,000 without impacting your credit score!

Personal Loan Eligibility Requirements in West Virginia

Personal loan eligibility requirements can vary from one lender to another, but here are some standard criteria that you can expect when applying for a personal loan in West Virginia:

  • Credit Score: Lenders often look at your credit score to assess your creditworthiness. A higher credit score typically improves your chances of approval and secures more favorable loan terms.
  • Income: Lenders may require proof of a stable income. This can be in pay stubs, tax returns, or bank statements. A higher income may qualify you for a more significant loan amount.
  • Debt-to-Income Ratio (DTI): Your DTI ratio is the percentage of your income that goes toward paying existing debts. Lenders often prefer borrowers with a lower DTI as it signifies a lower risk of default.
  • Residency: You’ll need to be a resident of West Virginia to apply for a personal loan in the state.
  • Age: You must be at least 18 years old to enter into a legally binding contract for a personal loan.
  • Credit History: Lenders will evaluate your credit history, which includes your credit report and payment history on previous loans and credit accounts.
  • Employment: Some lenders may require you to be employed, and they may verify your employment status as part of the application process.
  • Citizenship Status: You’ll typically need to be a U.S. citizen or a legal resident to qualify for a personal loan.
  • Purpose of the Loan: Different lenders may have specific requirements or restrictions regarding the purpose of the loan. For example, some lenders may not allow loans for educational expenses or investments.
personal loans in West Virginia
Best Personal Loans in West Virginia 4

West Virginia Personal Loan Laws and Regulations

West Virginia has regulations in place to protect consumers who are seeking personal loans. Some key regulations include:

  • Interest Rate Cap: West Virginia has a usury law that sets a maximum interest rate on personal loans, generally capped at 8% per year.
  • Loan Term Limits: The state imposes a maximum loan term of five years for personal loans.
  • Fees and Charges: Lenders are regulated in terms of the fees they can charge. Review the terms and conditions of any loan offer to understand the associated fees.
  • Prohibition of Predatory Lending: West Virginia has strict laws to prevent predatory lending practices, including those that can trap borrowers in cycles of debt.
  • Right to Cancel: Borrowers can cancel a personal loan within a certain period after taking out the loan, often within a few days. This is known as the “right of rescission.”
  • Licensed Lenders: Lenders operating in West Virginia must be licensed and regulated by the state.

How to Choose the Right Personal Loan for You

  • Determine Your Needs: Understand the purpose of the loan, how much you need, and how long you’ll need to repay it.
  • Check Your Credit: Review your credit score and report to understand your creditworthiness.
  • Compare Multiple Lenders: Compare offers from various lenders to find the most competitive terms.
  • Consider Your Budget: Ensure you can comfortably make the monthly payments without straining your budget.
  • Explore Online Lenders: Online lenders often offer convenience and competitive rates.
  • Check for Prepayment Penalties: Some loans may have prepayment penalties. Avoid loans with such penalties if you plan to pay off the loan early.

Discover Other States and Cities Best Personal Loans in USA

Best Personal Loans in GeorgiaBest Personal Loans In TexasBest Personal Loans in Florida
Best Personal Loans in ArizonaBest Personal Loans in ColoradoBest Personal Loans in Connecticut
Best Personal Loans In New YorkBest Personal Loans in CaliforniaBest Personal Loans in Michigan
Best Personal Loan in Charlotte, NCPersonal Loans in Katy, TXPersonal Loans in Atlanta, GA
Best Personal Loans in DelawarePersonal Loans in AlabamaPersonal Loans in Arkansas
Best Personal Loans in MississippiPersonal Loans in BakersfieldPersonal Loans in Dallas
Personal Loans in Greenville, NCPersonal Loans in IowaPersonal Loans in Edinburg
Personal Loans in PennsylvaniaPersonal Loans In Rhode IslandPersonal Loans in Elgin, IL
Personal Loans in Augusta, GAPersonal Loans in MassachusettsPersonal Loans in Vermont
Personal Loans in Hanford, CA

Personal Loans in West Virginia FAQs

What are the best short-term loans in West Virginia?

Some lenders that offer short-term loans in West Virginia include online lenders like LendUp, CashNetUSA, and traditional payday lenders. Be cautious when considering short-term loans, which often have high interest rates and fees.

What are the best credit-builder loans in West Virginia?

Credit unions and community banks typically offer credit-builder loans. Some options in West Virginia include West Virginia Central Credit Union and Members Choice Credit Union. These loans are designed to help individuals build or improve their credit history.

Where can I get a debt consolidation loan in West Virginia?

You can explore debt consolidation loan options from various lenders, including traditional banks, credit unions, and online lenders. Some popular choices include SoFi, Upgrade, and local credit unions like WV Central and Members Choice.

Are you struggling with consolidating debt, making major purchases, or meeting unexpected costs? Beem can help. Beem’s personal loan feature can help you zero in on the kind of loan that suits your requirements best and helps you sail through a financial crunch.

What are the best emergency loans in West Virginia?

In emergencies, you may need funds quickly. Online lenders like SoFi and Marcus by Goldman Sachs often offer fast loan approval and disbursement. Additionally, local credit unions, like West Virginia Central Credit Union, can be a source of emergency loans.

Where can I get a home improvement loan in West Virginia?

Home improvement loans can be obtained from traditional banks, credit unions, and online lenders. Options like Marcus by Goldman Sachs and LightStream offer personal loans that can be used for home improvement. Alternatively, you may explore home equity loans or home equity lines of credit (HELOCs) from financial institutions in West Virginia.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎
Team Beem

Team Beem

Team Beem brings you the latest in the world of personal finance to you. From tips and tricks on how to manage money to how to get cash for emergencies, Beem is your destination for all the information you need to be smart about your money.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Loans Like BMG Money
Loans Like BMG Money – 15 Best Alternatives for BMG Money
Let's learn more about where to obtain loans like BMG Money and explore various lending solutions that cater to specific financial needs. Whether you need rapid cash or flexible payback periods, these options uniquely answer your needs.
Loans Like Upstart
Loans Like Upstart – 10 Best Alternatives for Upstart [2024]
Explore several lending possibilities, including traditional banks, internet lenders, credit unions, and peer-to-peer platforms. Are you ready to find the best fit? Dive in to discover more about loans like Upstart.
Loans Like Upstart
10 Best Alternatives To Prosper [2024]
Seeking Alternatives to Prosper? Dive into sites like Upstart and Avant to find comparable loans with distinct benefits. Let us read on to appreciate better the various possibilities accessible in the changing loan market.
Which Bank is Best for Personal Loan
Which Bank is Best for a Personal Loan?
With so many banks vying for your attention, knowing which bank is best for personal loan that suits your unique needs is essential. This Beem blog will help you understand which is the best bank for your personal loan needs.
Land as Collateral for a Personal Loan
Land as Collateral for a Personal Loan
Explore the complexities of using land as collateral, examining the procedure, benefits, risks, and critical considerations for effectively navigating this financial strategy.
What can be used as collateral for a personal loan
What can be used as collateral for a personal loan? 
This blog explores what can be used as collateral for a personal loan, the pros and cons of using collateral for a loan, and everything you need to know before you apply for such a loan.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Get up to 20% on everyday spends

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: