I signed up A2 Hosting (Swift plan) recently and migrated one of my WordPress sites from iPage to A2 Hosting as a test. (I think iPage is a cost-efficient solution for those who want to use a webhosting service with low cost. iPage supports up to PHP 7.1 version.)
If you sign up for a web hosting service by clicking on the referral links contained in this post or the following banner, you are able to use it starting from US$2.95/month (with US$1.00 off per month) and I will get some commission. However, I do not recommend a specific service just for commission; I have been running and managing some WordPress sites from several web hosting companies including BH and SG for years. If you are looking for a cheap web hosting service with relatively good resources, Bluehost's Shared Hosting will be a good option to consider.
There are three plans in A2 Hosting's Shared Hosting: Lite, Swift and Turbo:
I first chose the Lite plan but I realized that it's not possible to add a domain in this cheapest plan.
I requested A2 Hosting Support to upgrade my plan to SWIFT.
I added a domain name and pointed it to a sub-directory. Then, I installed WordPress using WP Auto-Installation feature of A2 Hosting. I manually migrated a WP site by importing DB via phpMyAdmin and uploading files in FTP.
It's possible to choose PHP 7.0 or PHP 7.1. I tested the load time of the site depending on PHP version.
When applying PHP 7.1, the site load time was about 3 seconds. (In PHP 7.0, it took about 4 seconds and in PHP 5.6, it took more than 6 minutes.) The speed test was done using Pingdom Website Speed Test.
When uploading lots of files, it's a good idea to upload them after compressing the files. Then, it's possible to extract them in File Manager (which can be accessed via cPanel.)
I think it's a good option to use A2 Hosting which cheap cost. However, if you want good performance, Siteground would be a better option. Bluehost VPS (currently, this blog is hosted by Bluehost VPS) also a good choice but it's expensive than Shared Hosting plans. Just for your reference: WordPress.org officially recommends Bluehost, Dreamhost and Siteground.
If you want VPS with low cost, Vultr or Digital Ocean will be a good option. However, you need to install Operating System and WordPress for yourself. You can sign up Digital Ocean and gain $10 credit, which will enable you to test it for one or two months for free.