Personal Loans For Bad Credit In Virginia

Before applying for a personal loan, be aware of lenders’ considerations, such as your credit score or your debt. Personal loans for bad credit in Virginia can help those with less-than-perfect credit. According to Experian, the average credit score in Virginia is 722, suggesting that the average borrower can be eligible for favorable loan terms because they are considered creditworthy. However, remember that rates can vary, and not all applicants will get approval for a loan.

There are numerous ways to obtain a personal loan. Both personal installment loans and loans for those with bad credit are available. Personal loans are taken out for a variety of individual needs and purchases.

Top 12 Personal Loans For Bad Credit In Virginia

Look at the top 12 personal loans for bad credit in Virginia.

Beem

Beem isn’t a bank itself; it acts as a loan marketplace. This means they connect you with a network of lenders who compete for your business. You fill out a single application through Beem, and your information is then presented to their lender partners. These lenders then assess your creditworthiness and, if approved, offer you their loan terms, including interest rates (APR) and repayment periods.

APR

It can vary significantly depending on your creditworthiness and the lender you’re matched with. Expect a range of 5.99% to 35.99%.

Loan Term

Terms typically range from 3 to 60 months.

Pros

• One-stop shop for loan comparisons and potentially competitive rates for borrowers with fair or reasonable credit.

Loan Amount Range

Loan amount ranges from $3,500 to $35,000.

Avant

Avant is noted for its transparent lending policies and easy-to-use web platform. It also provides a smartphone app for convenient account administration and payment. Avant has a robust customer service team that is ready to help. The platform is intended to assist borrowers in better comprehending their loan conditions.

APR

Ranges from 9.95% to 35.99%.

Loan Term

Loan terms range from 24 to 60 months.

Pros

• The relatively fast approval process and the potential for same-day funding on approved loans.

Cons

• Lower loan maximums for borrowers with bad credit and higher APRs compared to some competitors.

Loan Amount Range

$2,000 to $35,000 (so lower for borrowers with bad credit).

Prosper

Prosper, a pioneer in peer-to-peer lending, has a substantial investor community supporting its loans. It provides investors with an automatic investment function. Prosper’s platform also offers educational tools to assist borrowers in improving their financial literacy. It dramatically emphasizes building a community of responsible borrowers and investors.

APR

Varies depending on your creditworthiness and the investors willing to lend to you. Expect a range of 6.99% to 35.99%.

Loan Term

Loan terms typically range from 3 to 6 years.

Pros

• Potential for competitive rates for borrowers with fair or reasonable credit, fostering financial inclusion.

Cons

• The application process can be more complex, with longer wait times for approval compared to some lenders.

Loan Amount Range

$2,000 to $40,000.

Achieve

Achieve offers tailored financial strategies to assist borrowers in accomplishing their financial goals. A specific staff of financial coaches is accessible. The Achieve platform includes a variety of budgeting and cost-tracking applications. They are dedicated to ensuring their clients’ long-term financial well-being.

APR

Ranges from 9.99% to 35.99%.

Loan Term

Loan terms range from 24 to 84 months.

Pros

• Offers financial education resources and may be more flexible with borrowers rebuilding credit.

Cons

• Limited loan amount maximums and higher APRs for borrowers with bad credit.

Loan Amount Range

$1,000 to $4,000.

Happy Money

Happy Money focuses on overall financial well-being rather than merely financing. It provides a Happiness Guarantee, which allows you to return the loan within a few days if you are not happy. Its platform provides mental health tools to alleviate financial stress. Happy Money strives to provide a joyful borrowing experience at reduced interest rates.

APR

Ranges from 11.72% to 17.99%.

Loan Term Duration

24 to 60 months.

Pros

• Relatively lower APRs compared to some lenders catering to fair credit borrowers.
• Focus on debt consolidation helps simplify managing multiple debts.
• Offers financial education resources to help borrowers improve their credit scores.

Cons

• Limited loan amount range compared to some competitors.
• Charges an origination fee (up to 5%) on some loans.

Loan Amount Range

$5,000 to $40,000.

LightStream

LightStream plants a tree for each loan funded, demonstrating its dedication to environmental sustainability. It also provides a Rate Beat Program to assure competitive pricing. LightStream’s loans meet a wide range of demands, from home improvements to vehicle refinancing. The company takes pleasure in delivering a totally online, paperless lending procedure.

APR

Ranges from 7.49% to 25.49%.

Loan Term Duration

24 to 84 months (one of the longest offered).

Pros

• Highly competitive APRs for qualified borrowers.
• Wide range of loan terms, offering flexibility in repayment schedules.
• No origination fees or prepayment penalties.

Cons

• Requires excellent credit score for qualification.
• Limited customer service options compared to some competitors.
• Doesn’t offer prequalification, so a hard credit check is required for an application.

Loan Amount Range

$5,000 to $100,000 (one of the highest offered).

Upgrade

Upgrade offers a complete credit health program, which includes free credit monitoring and educational resources. They provide personal credit lines in addition to personal loans. Upgrade places a heavy focus on helping consumers develop credit over time. They also provide cashback incentives on loan payments when you use Upgrade’s credit monitoring service.

APR

Ranges from 8.49% to 35.99%.

Loan Term Duration 

24 to 84 months.

Pros

• Relatively lower APRs compared to some lenders for borrowers with fair credit.
• Offers features like credit monitoring and automatic payments to help improve credit scores.
• Relatively fast and easy online application process.

Cons

• Higher APRs for borrowers with lower credit scores.
• May charge origination fees (up to 6%).

Loan Amount Range

$1,000 to $50,000.

Best Egg

Best Egg specializes in speedy and effective loan disbursement, frequently within a day. Their website has a debt consolidation calculator that will help you calculate your repayment. Best Egg is noted for its simple application procedure and excellent client satisfaction rates. They also provide a credit card product to supplement their lending offerings.

APR

Ranges from 8.99% to 35.99%.

Loan Term Duration

The loan term duration lasts from 36 to 84 months.

Pros

• Offers secured loans with potential for lower APRs (requires collateral).
• Relatively flexible repayment terms with longer loan durations are available.
• User-friendly online platform for application and account management.

Cons

• Can have origination fees (up to 8.99%).
• Higher APRs for borrowers with lower credit scores.

Loan Amount Range

$2,000 to $35,000.

Mariner Finance

Mariner Finance has over 450 branch locations in 24 states and offers in-person assistance. They provide individualized consultations to help customers adapt loans to their specific needs. Mariner Finance is known for its flexible payment plans and readiness to work with clients experiencing financial difficulties. They have a strong local presence and offer community-based services.

APR

Ranges from 18.99% to 35.99%  (variable)

Loan Term Duration

The loan duration lasts from 12 to 60 months.

Pros

• Smaller loan amounts are available compared to some lenders: you can borrow as little as $1,000
• No co-signer-cosigner required

Cons

• High APRs compared to other lenders: interest rates can be as high as 35.99% 
• Potential origination fees

Loan Amount Range

$1,000 to $25,000

Reprise Financial

Reprise Financial prioritizes speedy decision-making and funding, frequently on the same day. They provide financial education materials to assist borrowers in understanding and managing their debts more effectively. Reprise Financial is committed to open terms and no hidden costs. Their customer service staff is committed to delivering individualized assistance throughout the lending procedure.

APR ranges from 9.99% – to 36%

Loan Term Duration

Loan term duration lasts from 3, 4, or 5 years.

Pros

• Offers secured and unsecured loans. Secured loans with collateral may have lower interest rates.
• It focuses on smaller loan amounts, potentially suitable for consolidating smaller debts.
• Streamlined online application process.

Cons

• Limited loan amount range.
• Higher interest rates compared to some competitors, especially for unsecured loans.
• Fewer loan term options compared to some lenders.

Loan Amount Range

$2,500 – $25,000

Universal Credit

Universal Credit is a unique service in which setting up autopay can reduce your APR. They provide a smartphone app to help you manage and track your loan payments. Universal Credit contains a financial education component that helps consumers improve their credit ratings. Their software also provides solutions for managing debt and spending.

APR

APR ranges from 11.69% – 35.99%

Loan Term Duration

Loan term duration varies from 2 – 7 years.

Pros

• Targets borrowers with fair and poor credit scores.
• Relatively fast funding (potential for same-day approval and funding).
• It offers a cosigner option to help borrowers with lower credit scores qualify.

Cons

• Interest rates can be high, especially for borrowers with lower credit scores.
• Limited information is available on loan terms and conditions compared to some competitors.

Loan Amount Range

$1,000 – $50,000

OneMain Financial

OneMain Financial offers a comprehensive loan customization option, allowing borrowers to adjust terms and amounts to fit their needs. They also offer a robust online platform for easy loan management. OneMain Financial is known for its customer-centric approach to providing personalized service and support. In addition to loan services, they offer additional financial products like insurance.

APR

APR ranges from 18.00% – 35.99%

Loan Term Duration

Loan term duration varies from 2 – 5 years.

Pros

• Wide range of loan amounts.
• Established lender with a long history.
• Offers joint loan options.

Cons

• Interest rates are typically on the higher end.
• May have stricter eligibility requirements compared to some online lenders.
• Potential for prepayment penalties on loans.

Loan Amount Range

$3,500 – $50,000

Read Related Blogs: Is It Hard To Get A Debt Consolidation Loan? 

Conclusion

Virginia residents have personal loan options for bad credit regardless of financial circumstances. A personal loan could be helpful if you need money to augment your income or pay rent or a mortgage.

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