5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Richmond (VA)

We have found 112 personal loans to apply for in Richmond, VA. Add more criteria to compare personal loans and find the best one for you.

By Myfin Team
Updated March 29, 2024
Showing 112 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$2,600 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
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Showing 112 personal loans
Amount
$
Credit Score
City, state or Zip
  • Richmond, VA
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Richmond

Showing 5 banks
Sort by: Branches
Branches 34 bank branches
Total Assets (US$M)532,080,000
Chesterfield Plaza Branch
1500 Koger Center Blvd, Richmond, VA, 23235
Church Hill Branch
2500 East Broad Street, Richmond, VA, 23223
Azalea Avenue Branch
1101 Azalea Avenue, Richmond, VA, 23227
Show all departments
Branches 19 bank branches
Total Assets (US$M)1,712,535,000
Eleventh & Marshall
Friday: 9:00 AM - 5:00 PM
James Center
Friday: 9:00 AM - 5:00 PM
Second & Grace
Friday: 9:00 AM - 5:00 PM
Show all departments
Branches 14 bank branches
Total Assets (US$M)
Branches 13 bank branches
Total Assets (US$M)2,440,022,000

How to Choose the Ideal Personal Loan in Richmond, Virginia?

Personal loans can be a valuable tool for filling financial gaps and enhancing your overall financial well-being. To ensure that the personal loan you choose aligns with your unique financial situation, it is crucial to employ effective strategies for evaluating and selecting the most appropriate option in Richmond.

Annual Percentage Rates (APR)

When evaluating various loan options, it's crucial to give significant attention to the annual percentage rate (APR). The APR provides a more accurate representation of the total cost associated with the loan, encompassing both the interest rate and any associated fees. By comparing APRs, you can determine which loan option will lead to higher expenses over the long term. In Richmond, the APRs range from 4.49% to 36%.

Loan Amount

Look for lenders that offer a wide range of loan amounts, ensuring access to a substantial sum. Additionally, consider lenders that allow gradual fund disbursements, allowing you to pay interest only on the portion you utilize. This flexibility is particularly beneficial for projects with fluctuating financial needs, such as home renovations or vehicle repairs.

Monthly Payments

Choosing a loan with monthly payments that smoothly fit into your budget is crucial. It's essential to ensure that these payments allow you to fulfill your regular financial obligations while also covering the repayment of the loan principal and accrued interest.

Credit Requirements

Many lenders prefer borrowers with good to excellent credit scores, typically 670 or higher. In Richmond, the minimum acceptable credit score falls within the Poor category (300 - 579). To maximize your credit terms, it's advisable to tailor your search based on your credit rating.

Collateral

Typically, personal loans are unsecured, which means they do not require collateral. However, some loans may require collateral, which can lead to lower interest rates because it reduces the risk for the lender. On the other hand, unsecured loans often come with higher interest rates. If you want to avoid higher interest rates, consider opting for a secured personal loan.

Origination Fee

Many lenders charge origination fees alongside interest charges. These fees, expressed as a percentage of the total loan amount, vary among lenders. Opting for a personal loan with lower processing fees can lead to long-term cost savings.

Compare and choose the best personal loan in Richmond

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Increasing Personal Loan Approval Odds in Richmond:

When you're planning to secure a loan in Richmond, it's essential to enhance your chances of approval proactively. By taking steps to improve your likelihood of getting approved for a personal loan, you can enjoy significant advantages in the long run. Here are five tips to maximize your chances of obtaining approval for a personal loan:

  1. Enhance Your Credit. Boosting your credit score remains the most effective tactic to increase your likelihood of loan approval. Although Richmond's minimum credit score criterion is in the Poor category (300 - 579), having a higher credit score improves your chances. To strengthen your credit score, focus on timely debt repayment, keep a low credit utilization ratio, refrain from excessive applications for new credit, and correct any inaccuracies in your credit report.
  2. Increase Income. Lenders take your debt-to-income ratio into account when evaluating loan applications. Increasing your income has a positive impact on this ratio and enhances your approval prospects. You might consider negotiating a salary raise at your current job or exploring part-time employment to supplement your income.
  3. Avoid New Debt. When you're in the process of applying for a personal loan, it's prudent to steer clear of accumulating more debt. Lenders view existing debt as a risk factor, which can reduce your chances of approval. Prioritize paying off your current debts and avoid taking on new ones. Reducing your debt burden makes repaying the personal loan more manageable.
  4. Be Realistic About Loan Amounts. Lenders tend to exercise caution when considering larger loan sums due to the associated heightened risks. In Richmond, the maximum available loan amount reaches $500,000, but gaining approval for such an amount is challenging. Opting for smaller loan amounts augments your chances of approval. Determine your precise funding requirements and request the minimum necessary amount from lenders. In Richmond, the smallest loan amount provided is $100.
  5. Explore Joint Applicants. Exploring the possibility of a joint applicant or a co-signer can amplify your approval chances. Lenders evaluate both applicants' credit scores and incomes in a joint application. A dependable joint applicant or co-signer reinforces your financial position throughout the loan approval process.

Conclusion

Getting a personal loan is a significant decision that requires careful preparation. By taking proactive steps now, you can improve your chances of getting approved for a loan in Richmond.

FAQ

What is the highest interest rate on a personal loan in Richmond, Virginia?

The highest interest rate on personal loan in Richmond is 36%.

What is the biggest loan amount in Richmond, Virginia?

The biggest personal loan amount in Richmond is $500,000.

What credit score do I need to have to get a personal loan in Richmond, Virginia?

To get approved for a personal loan in Richmond you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

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