Best Debt Consolidation Loans in Greensboro of 2024

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Greensboro, NC

To find the best debt consolidation loans in Greensboro, MoneyGeek considered more than 30 data points across a variety of providers in the area. From the APR range and minimum credit score to the repayment terms and time to receive funds, our analysis looks at factors that borrowers examine the most to allow you to make a decision that’s best for your needs.

Overall, we found that the best debt consolidation loan lender in Greensboro is Truist. However, the ideal lender for you will depend on your unique needs and borrower profile.

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Best Overall Debt Consolidation Loan in Greensboro, NC: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist is a relatively new lender that was formed in 2019 after a merger between BB&T and SunTrust Banks. The company offers a wide range of financial services, from personal loans and credit cards to wealth management and insurance.

    Truist is ranked as one of the best debt consolidation options in Greensboro for a number of reasons. The lender offers one of the lowest APR ranges in the area, charges no fees, requires no collateral and has no credit score requirements. Given these benefits, Truist is beneficial for almost any type of borrower who needs debt consolidation in Greensboro.

    However, those with new credit or no credit history may not be able to benefit from Truist’s loans. Additionally, those who need to consolidate debt higher than $50,000 may have to opt for an alternative lender.

    Pros

    • Next-day funding
    • A+ BBB rating
    • No origination fees, prepayment penalties or late fees
    • Autopay discount
    • No minimum credit score requirement

    Cons

    • Low maximum loan amount
    • Borrowers without credit history or new borrowers are not eligible
    • No co-signers
    Truist

Runner-Up for Best Debt Consolidation Loan in Greensboro, NC: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    Founded in 2011, SoFi has built itself based on a mission to help people become financially independent and achieve their goals. To further this mission, the company offers a range of financial products, including loans, credit cards, investments and insurance.

    In terms of consolidation loans, SoFi is the second-best debt consolidation provider in Greensboro, offering borrowers a high maximum loan amount and longer repayment terms. This lender is a great option for those who need a significant amount of money, time or both to repay their consolidated loans.

    However, although SoFi offers personal loans that are beneficial to those who need to consolidate high-balance debt, it requires that you have a credit score of at least 680. This may not be suitable to those who have low or new credit scores.

    Pros

    • No origination, prepayment or late fees
    • Long repayment periods
    • High maximum loan amount
    • A+ BBB rating
    • Autopay discount

    Cons

    • High minimum loan amount
    • Does not accept co-signers
    • 43% debt-to-income ratio limit requirement
    SoFi

Best Debt Consolidation Loan for Bad Credit in Greensboro, NC: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Upstart is a lender with a unique underwriting process that uses artificial intelligence (AI) to determine your rates and terms. The company offers a suite of loan products, including personal loans, debt consolidation loans, car loan refinance options and even small business loans.

    In particular, Upstart’s AI-based method allows even those with bad credit scores to qualify. Although the company’s minimum credit score requirement is low at 300, its underwriting method looks at more than that. It also looks at factors like your employment and gross income. As a result, Upstart’s debt consolidation loans are ideal for individuals who have a bad credit score.

    Although Upstart’s loans are more accessible, they may also be more costly. The ceiling rate for its loans is much higher compared with other lenders. That said, Upstart may not be ideal for those who cannot afford high interest.

    Pros

    • Low minimum credit score requirement
    • Next-day funding
    • Only conducts a soft credit check
    • No prepayment penalty fee
    • A+ BBB rating

    Cons

    • Late fees
    • Origination fee
    • Income requirements
    Upstart

Best Debt Consolidation Loan for Good Credit in Greensboro, NC: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade is driven by a goal to offer users a better experience than traditional banks. It has a range of loans, credit cards and even checking accounts. Its personal loan product can be used to consolidate debt or refinance credit cards. This lets borrowers make their debt more manageable.

    At Upgrade, borrowers can quickly get their funds and benefit from a longer repayment period compared with other lenders. However, loans from Upgrade are only suitable to those with decent to good credit, as the minimum credit requirement is 560. Should you be able to pass the requirements, you may benefit from Upgrade's minimum APR.

    Pros

    • No prepayment penalty fee
    • Soft credit inquiry
    • A+ BBB rating
    • Flexible repayment period
    • Autopay discount

    Cons

    • Has origination and late payment fees
    • Does not allow co-signers
    • Does not allow individuals with new credit to apply
    Upgrade

How to Choose the Best Debt Consolidation Loan in Greensboro, NC, for You

North Carolina residents face an average of $14,383 in personal loan debt and $5,361 in credit card debt. As this can be difficult to manage for some borrowers, consolidating the two is often the best choice.

If you’re looking for a debt consolidation loan in Greensboro, it’s important to evaluate your options wisely. After all, no two loan offers will be the same.

1

Ask Yourself the Important Questions

Prior to getting a debt consolidation loan, it’s important to self-reflect on your financial situation. Some key questions to help you better determine your needs include:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?

By asking yourself these questions, you can better determine if you need debt consolidation and if you can afford it.

2

Do Your Research

With any line of credit, doing your research can mean the difference between having an easy or difficult time with payments over the life of the loan. After all, a debt consolidation loan can have a repayment period of up to seven years. Thus, it’s important to exhaust your options when it comes to research.

When looking for a provider, don’t just look at the APR. Take a look at other factors, such as the repayment period (e.g., can you guarantee repayments for that long?), the minimum or maximum loan amount (e.g., does your outstanding debt fall within their borrowing range?) and the minimum credit score (e.g., does your credit score qualify you for a better APR?).

Make sure to prequalify where you can in order to get an idea of what your APR might be like with a particular lender. This can also help you narrow down your search.

3

Wait

Once you’ve decided on a lender, don’t send in your application right away. Wait a day or two and sleep on your decision. Taking a debt consolidation loan is a big commitment. Mismanaged, it could lead to even more financial problems down the line.

If needed, go back to step one and reevaluate your situation.

4

Read the Fine Print

During your reflection process, take some time to do a deep dive into your desired lender. Research reviews about their customer service, find out about the process and look at the fine print and examine factors like:

  • Prepayment penalties
  • Origination fees
  • Late payment fees
  • Usage restrictions of the loan
  • Collateral requirements
  • Repayment process
  • Discounts

Examining these often-missed factors can help you save a lot of money in the long run. After all, you don’t want to miss out on any discounts, including automatic payments, or accidentally misunderstand the usage restrictions of the loan. This way, once you send in your application, you know exactly what to expect.

5

Apply

Once you’ve completed the previous steps, you can send in your application. Prepare some commonly requested documents, such as your identification, address verification and proof of income. If needed, get documents from your desired co-signer as well to speed up the process.

Although applying online can be the easiest method, it won’t hurt to call or even visit your desired lender. Doing so may even qualify you for a special offer or discount that you might otherwise not get online.

What to Do if You Can’t Get a Debt Consolidation Loan in Greensboro, NC

Getting approved for a debt consolidation loan in Greensboro is not guaranteed. Providers can deny applicants for a range of reasons, such as a low credit score, not having enough income or their debt-to-income ratio. If you applied and got denied, don’t fret.

Having an application denial can happen to anyone. However, what’s important is what you do after. Instead of opting for dangerous loans such as payday loans, create a plan to better your chances.

For instance, if you receive a rejection from your desired lender, contact them and ask about the exact reason why your application was denied and what you can do to increase your chances of acceptance next time. This can give you concrete things to work on, such as improving your credit score, to reduce the likelihood of rejection. If truly necessary, however, you can send your application to another lender. That said, it’s best to only do so if you’ve addressed the reason why you were rejected the first time.

Calculate Your Monthly Payment

Debt consolidation loans are usually repaid in monthly installments with interest. Before taking out a loan, calculate how much your monthly payment will be, especially if the lender has pre-approved the loan. Use our personal loan calculator widget below to see how much you could pay each month.

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Frequently Asked Questions About Debt Consolidation Loans in Greensboro, NC

Finding the best debt consolidation loan in Greensboro requires a thorough examination of your needs and financial situation. To help you make a decision, MoneyGeek answered a few commonly asked questions on debt consolidation in Greensboro below.

Based on MoneyGeek’s analysis of debt consolidation loan lenders in Greensboro, Truist is the best provider. It offers the lowest APR range in the area with a fast-funding time and little-to-no credit requirements, making it an ideal choice for any type of borrower. However, those with new credit may not be able to apply with Truist and may have to look at alternatives, such as SoFi or Upstart.

Based on its overall range, Truist has the lowest interest rates for debt consolidation in Greensboro.

Most lenders do not allow you to use your debt consolidation loan for education financing or investments, such as businesses, stocks or real estate.

It can depend on your lender. Lenders often have a minimum and maximum amount they can let you borrow, with a maximum amount of up to $100,000.

It depends on your provider. Some lenders can provide same-day funding, whereas others can take an average of one or two business days.

Yes. Lenders will often allow you to repay your debt early. However, keep in mind that some may penalize you for it through a prepayment penalty fee.

Methodology

METHODOLOGY

MoneyGeek reviewed more than 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, we make our picks with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
Shield Insurance

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.