Bad Credit Personal Loans in Virginia
Looking for bad credit loan options in Virginia? If so, there might be some important things to consider if you’re thinking of getting a personal loan in Virginia and you have bad credit.
The good news is that finding loans (even with less-than-perfect credit) has become more accessible over the past few years. In this article, you will learn:
- What kind of loans are available in Virginia?
- What products or services can a loan for bad credit be used for?
- How can I apply for a bad credit loan in Virginia?
Read on to understand how bad credit personal loan options* work in the great state of Virginia.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in Virginia
In 2020, the Virginia legislature passed the Fairness in Lending Act to lower prices and prevent loans with huge final payments. This legislation means fairer rules for lending to consumers with fair-to-poor credit histories, regardless of whether the financing is an installment, payday, credit card, car title loan, or, if the loan is made online or in person.
Understanding Virginia Loan Types for Bad Credit
With a loan, you may be able to get the cash you need for home improvements, unexpected expenses, or debt consolidation, if approved.* While bad credit may make it a challenge to find traditional lenders who will work with you, there are options in Virginia for those with bad credit:
- Bad Credit Personal Loans in Virginia
- Bad Credit Auto Loans in Virginia
- Bad Credit Home Loans in Virginia
- Bad Credit Payday Loans in Virginia
Fortunately, several bad credit loan products are available in Virginia for borrowers that may help them get the access they need to goods or services, to cover expenses, or handle life’s unexpected events that seemingly pop up out of nowhere, because, well – life happens.
Bad Credit Personal Loans
It can be challenging to find reputable loan companies who may approve you when working with bad credit. It may not be as challenging today as it has been in the past, since many lenders now offer bad credit personal loans that are tailored specifically for consumers with bad credit.
Personal loans may provide quick access to funds that may be used to cover expenses, repair your car, or aid in resolving a financial emergency that may pop up.
Unsecured installment loans are a type of loan that requires no collateral and might be used when you need to replace your furnace, fix your car, or deal with another unexpected expense.
- Unsecured bad credit personal loans – Some bad credit personal loans are unsecured, meaning you don’t need to put down any form of collateral to get the loan.
- Secured bad credit personal loans – This type of loan may require collateral. They are less common but available depending on the lender.
Most bad credit installment loans may cost borrowers less than payday loans, however, that varies since some lenders may provide a variety of personal loan products or payment solutions specifically intended for borrowers with bad credit.
Bad Credit Auto Loans
Having a car can be seen as a necessity in the U.S. as public transportation options vary from state to state. Unfortunately, having bad credit may make it challenging to secure financing. While car title loans are legal in Virginia, they may have significantly higher interest rates than standard auto loans.
Bad credit auto loans are designed to help consumers with less-than-stellar credit gain access to automobile financing so they may obtain a vehicle without putting too much strain on their budget. As with any loan option, you will need to meet specific eligibility criteria that may vary among lenders.
Bad Credit Home Loans
Owning a home may be a big dream many people have. However, it may be difficult for borrowers with bad credit to secure a loan when attempting to purchase a home. Bad credit home loans are designed to help consumers with a low to no credit score, or poor credit history, access funds that will enable them to potentially purchase their own house.
Bad Credit Payday Loans
Payday loans tend to be the quickest and easiest loans for consumers with bad credit to access. These unsecured, short-term loans usually require no collateral or documents to prove your ability to pay the money back. As a note, they also may come with higher interest rates and/or other fees, so you might want to consider the terms if you decide a payday loan is a fit for you.
Payday loans, also known as cash advances, are legal in Virginia, according to Va. Code Ann. §§ 6.2-1800 et seq but have rules that lenders must adhere to when issuing them:
- Interest rates of not more than 36% APR (annual percentage rate)
- No verification fee
- Rollovers are prohibited, and you will be charged late fees for any missed payments
- Maintenance fee of up to 8% or $25 monthly
- No minimum loan amount but a maximum of $2,500
- Minimum loan term of 4 months and a maximum loan term of 24 months
What Products or Services Can a Bad Credit Loan Get You?
Taking out a bad credit loan may help if you need cash to pay for bills, home improvements, car repairs, or medical emergencies. If you need money fast, bad credit loans are available as an unsecured personal loan, a home equity loan, or a payday loan.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Uses for Bad Credit Loans
There are various personal expenses that bad credit loans in Virginia can cover. Some of these include:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Virginia Bad Credit Loans in Summary
Bad credit loans in Virginia may be a great solution if you need cash and don’t want to or have the ability to pay for something all upfront, all at once. These types of loans may help you cover various expenses, including car repairs, medical bills, and monthly bills.
While it may be difficult or frustrating to access a loan with bad credit from a traditional financier, such as a bank or credit union, there are other options for financing if you have bad credit or no credit. Online lenders and alternative lenders may provide a unique opportunity for borrowers with bad credit to apply for bad credit loans in Virginia.
Alternative lenders may partner with several merchants to help you with options for financing products and services you need or want. Find a store near you* and apply to see how you may be able to access the product or services you need.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Virginia Bad Credit Loans FAQs
Q: What’s Considered “Bad Credit”?
A: A score of 580 or below on the credit scale is considered “poor” or bad credit. Conventional lenders such as banks and credit card companies may not extend credit to borrowers with an imperfect credit history. But there are other options for financing with bad credit, including using alternative lenders, and/or payday loans.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: The best place to get a bad credit loan depends on your needs and situation. Generally, bad credit loans are offered through alternative lenders. Different lenders may provide varying contractual terms, so consider carefully reading the terms and conditions when signing up for a bad credit loan.
Q: How Can I Apply for a Bad Credit Loan?
A: You can apply for a loan online by filling out an application. You may receive a response about your application status in as soon as a few minutes.
Apply online* to find out how much you may qualify for through our site, if approved.
Q: How Much Money Can I Borrow with a Bad Credit Loan?
A: The amount you qualify for depends on several factors, which may include your credit score, but your credit score is only one of the factors. Some lenders offer small loans with flexible terms. Apply online* to find out how much you may qualify for through our site, if approved.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.