Hampton, Virginia, is home to approximately 137,148 people. Those 137,148 people make up about 54,847 households. Out of all of those households, 92% of them have a computer. Individuals who rent their homes in Hampton pay an average of $1,115 a month, while homeowners with a mortgage pay about $1,509.
When people living anywhere in Hampton need help taking care of their financial needs, they have a list of loan options to fall back on. Some common types of loans available in Hampton, VA, are:
- Personal installment loans
- Debt consolidation loan
- Payday loans
- Car title loans
- Bank loans
- Credit union loans
Learn more about the different kinds of lenders and loan products offered to people in Hampton, Virginia. Once you have more information, you can better decide which type of funding is best for you.
What Is a Personal Installment Loan in Hampton, VA?
Personal installment loans are a type of funding extended to borrowers in one lump sum and repaid in fixed monthly payments. Borrowers can also use personal installment loans for virtually anything they want. Here are just a few of the things you can do with a personal installment loan:
- Consolidate existing debts, such as student loans or credit card debt
- Take care of medical bills
- Pay for auto repairs
- Cover home improvement or repair costs
- More!
Furthermore, personal installment loans are available to people with a wide variety of financial backgrounds, which means you don’t need an excellent credit score to get easy approval!
Where Can I Get Hampton Personal Loans?
With all of the options out there, you may be wondering where you should go to get a loan. Below is more information on some of the places people may be able to find Virginia personal loans.
Private Lenders
One place people in Hampton, VA, can find a personal loan is with a private lender. A private lender, also known as a direct lender, is a financial institution that extends funding directly to approved applicants. Borrowers then pay back the lender directly when it’s time to take care of their loan balance.
To approve applicants, private lenders look at a wide range of financial histories such as credit scores, income, payment history, existing debt, etc. This broad scope allows private lenders to accept all kinds of applicants, even individuals with bad credit or past bankruptcies, offering them some of the best personal loans. If you are looking for a debt consolidation loan, a private lender may be the smartest choice.
Banks
Banks are another place where Hampton, VA, residents may be able to find a personal loan. Unlike private lenders who look at a broad range of financial history, banks are usually totally focused on an applicant’s credit score. Not all applicants are able to find loan approval with a bank easily. Individuals with low credit scores who apply for personal loans through a bank often find themselves immediately denied.
Credit Unions
Another place Hampton, VA, residents may be able to find a loan offer is through a credit union. Credit unions are a special type of financial institution that the borrowers own. Since credit unions are not owned by investors seeking a profit, they often offer unique benefits and rates that other financial institutions don’t.
Keep in mind that many credit unions are small local businesses, so you may not have access to mobile or online banking options. Furthermore, credit unions may also only accept applicants that live within a certain town or neighborhood.
Brokers
A broker is a financial intuition that connects borrowers to lenders. Brokers are unable to lend money themselves, so they suggest lenders to inquiring applicants looking for a loan. However, it is common for brokers to be working directly with lenders, which means they may only be sending someone to a third party’s website so they may receive a commission.
Alternatives To Personal Installment Loans in Hampton, VA
In addition to personal installment loans, there are several other common loan alternatives for people who live in Hampton, Virginia. Something to note is that some loans include origination fees. An origination fee is a charge borrowers must pay when signing their loan contract. While researching lenders, you may find that an origination fee ranges from $0 to $50.
Learn more about the different types of alternative loans available in Hampton, VA, below. You may just find that there is a better option available!
Payday Loans
One popular funding option is payday loans, particularly for people with a bad credit score. A payday loan, also called an online payday advance, is a type of funding that usually offers a minimum loan amount and an extremely short loan term. Typical terms for a payday loan are about two weeks or less. Since the expected turnaround time for payday loans are so short, borrowers going through financial difficulty often get caught in a cycle of debt.
Unfortunately, many people with a less than perfect financial history think that payday loans are their only suitable financial option. But, chances are you will be able to find more money and a better deal elsewhere, even if you have a lower credit score!
Car Title Loans
Car title loans are secured loans, which means they require collateral. Title loan lenders will only grant loan offers if they are able to sign onto the borrower’s vehicle title as a lienholder. Being a lienholder means that the lender has partial ownership over the borrower’s vehicle during the life of the loan. In turn, if borrowers miss payments or default on a title loan, lenders have the right to repossess their vehicle.
Auto Title Pawns
An auto title pawn is similar to a car title loan in that it requires a qualified vehicle, but with an auto title pawn, borrowers lose access to their vehicle while they pay back their loan. When you get an auto title pawn, your vehicle stays in the possession of the pawnshop owner. Borrowers may only get their vehicle back from an auto title pawn when they completely repay their loan.
Credit Card Cash Advances
Anybody with a credit card account can usually take advantage of a cash advance. To get a credit card cash advance, simply go to an ATM or associated bank and take out funds just like you would with a debit card. However, keep in mind that interest rates on credit card cash advances may be higher than a regular credit card purchase. So before you take out a cash advance, think about if it would be more efficient to simply make a purchase with your credit card directly.
What Are the Interest Rates on Personal Loans in Hampton, VA?
Just about any financial agreement requires borrowers to pay interest on their funding. The interest rates on a personal loan may vary depending on details like the financial history and credit score of the applicant.
Below are common types of interest you may encounter while searching for a Hampton personal loan.
Annual Percentage Rates
The annual percentage rate, also referred to as the APR, of a loan indicates the amount of interest borrowers will pay over the course of one year. APR, and other forms of interest, are expressed as a percentage.
Variable Interest Rates
Variable interest means that the rates charged to borrowers may change over the course of their loan. With this type of interest, the current market helps inform the rates charged to borrowers for a particular month. While variable interest rates may be hard to plan for, they do allow borrowers to potentially save on some of their monthly payments.
Fixed Interest Rates
Fixed interest is a consistent rate that borrowers pay throughout the life of their loan. These fixed rates make planning out financial obligations a breeze. Fixed monthly payments keep loan obligations predictable, allowing borrowers to easily budget money, even with a low income. If you are suffering from a bad credit score and looking to get your finances back on track, you may find this form of interest helpful.
Simple Interest Rates
Rates for loans with simple interest are calculated using the principal balance alone, excluding interest payments on past installments. Common loan types you may find simple rates on are auto loans and many personal loans.
Compound Interest Rates
Rates are calculated using the total balance, including past interest charges, for loans with compound interest. Common types of loans that usually come with compound interest rates are student loans, mortgages, and some personal loans.
How To Get a Personal Loan in Hampton, VA
Start the personal loan process by filling out a quick online application. Then, your lender will take a look at your financial history and credit score to help determine loan details such as your interest rates, maximum funding amount, and loan terms.
Your lender will also ask for a few pieces of documentation. You can even gather these documents if you’d like your funding process to go even faster. The information most lenders will ask for are:
- Government-issued photo ID – Most financial institutions require photo identification issued by the U.S. government. Providing identification documents helps prevent fraud and ensures that lenders are granting loan approval to qualified applicants only.
- Proof of residency in Hampton, VA – State and federal law dictate certain aspects of personal loans. Where you live may affect what kind of interest rates, loan amounts, and loan terms a lender can offer you. These laws are part of the reason why lenders need to confirm the address of their applicants.
- Bank account information – To deliver your funds via direct deposit, lenders ask for your bank account information. Some lenders offer other funding delivery options, like receiving a check in the mail. Still, direct deposit is a much faster delivery method.
- Proof of ability to repay the loan – Lenders need reassurance the borrowers have sufficient income to pay back their loans. However, that income doesn’t always have to come from a traditional nine-to-five job. Lenders often accept bank statements, tax records, and more to prove the ability to repay personal loans.
After your lender accepts your documents, they will send you a loan contract. Before you sign, read your loan agreement and make sure to have your lender clarify anything you don’t understand. Then, it’s time to receive your money! If your lender sends funds via direct deposit, you should have access to your loan proceeds right after signing your contract.
Bad Credit Loans With CreditNinja in Hampton, Virginia
CreditNinja wants to help you get a bad credit personal loan in Hampton, VA! With years of experience, CreditNinja knows what it takes to find the best personal loan possible. Check out some of the awesome benefits you can enjoy when you borrow money with the help of CreditNinja.
Quick Cash
The CreditNinja process was designed to grant you access to your loan funding at ninja speed! That means after you’re approved, you should expect loan proceeds in your bank account as soon as the very same day or the next business day!
Bad Credit Score Ok
At CreditNinja, we understand that everybody can go through tough financial times. So if you find yourself getting out of a difficult situation with a credit score on the lower side, don’t be discouraged! People with a high or low credit score are encouraged to apply for personal installment loans with CreditNinja. After you pay off your loan, you may even see an increase in your FICO score the next time you do a credit check!
No Hidden Fees
When you get a loan with CreditNinja, you never have to worry about hidden or unexpected fees. We will never charge you a balloon payment or pre payment penalties. All charges and fees are clearly displayed on your loan agreement, so feel free to ask any questions you may have before signing!
Flexible Payment Schedule
During the CreditNinja process, you can help in customizing your payback plan, so it fits your individual budget. When your monthly payment is easy and manageable, you don’t have to stress about paying off your CreditNinja personal loan!
Fill out a quick form to apply online now and see how much you can get on a loan in Hampton, Virginia!