Find the Best Personal Loan for Your Needs
Virginia is located in the south-eastern and Mid-Atlantic part of the country, wedged between the Appalachian Mountains and Atlantic Coast. The state’s geography and climate are such that they provide a natural environment for large variety of flora and fauna. The population of the region is estimated to be 8.4 million, as of 2017.
The economy of Virginia is dominated by many sectors such as agriculture and federal agencies like the CIA. With multiple sources of income, Virginia provides 1/3rd of its jobs in the service sector.
The unemployment rate in the state is 3.8%, which is much below the country average but because of high taxes, this state does not allow you to keep that much money and this state is not growing like Florida is for example.
With GDP of $452 billion, the state has the highest number of counties that make it in the list of top 100 wealthiest in the country as per median household income at $68,114 which is another reason why many people want to shrink federal salaries which are far too high.
Even though the state is clearly prosperous, everyone needs help with money at some point in their lives. It could be anything, from funding a travel to paying for home improvement. If you require money to meet unexpected overheads or pay the bills, then personal loans are an ideal solution for you. They are quickly disbursed and require very less documentation.
Veterans of the United States have made a phenomenal contribution to nation’s service. However, these contributions are sometimes not enough to pay the bills. When the veterans go through financial turmoil, they end up making poor decisions such as seeking help from payday loans that are instantly available, but at high rates of interest. Fortunately for them, there are other options other than relying on these predatory loans.
Personal loans for veterans is available for people who have been on the active duty for at least 20 years or have been discharged from service due to medical reasons. Even if the veterans do not qualify these preconditions, they can still secure loans to meet their financial requirements.
They can either apply online for fast loans bad credit options if credit is low of course or talk to conventional banking institutions for assistance. Based on your credit scores, the loans can be disbursed quickly and made available at handsome rates of interest, spread over a tenure that will help you pay back comfortably.
Best Banks for Personal Loans in Virginia
Below are the best banks in the state for personal loans:
Virginia Community Bank
With fixed monthly payments, Virginia Community Bank makes borrowing easy for you with a no-hassle application process in-branch and local decision making.
National Credit Union Administration
National Credit Union Association charges 9.24 percent and 6 percent APR for personal loans and shared secured personal loans, respectively. However, this may increase depending on your credit history.
Virginia National Bank
Virginia National Bank has a variety of expense-specific personal loans, so you get the amount you need to execute that project – no more, no less.
Virginia Bank and Trust
Following market trends, Virginia Bank and Trust offers competitive personal loan rates. All their loan products, including personal loans have a mix of unsecured and secured options.
Union Bank and Trust
Union Bank and Trust accepts personal loan applications for both big and small amounts. By approving automatic payments from your Union checking account, you can get an even better deal.
Virginia Commonwealth Bank
Headquartered in Richmond, Virginia, Virginia Commonwealth Bank boasts its ‘fast, easy, and affordable loans.’ You can also get an idea of how much you’d pay per month with their on-site financial calculator.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you're absolutely sure you can pay it off quickly.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.