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Best Debt Consolidation Loan Lenders in North Carolina

In North Carolina, the average resident has $5,361 in credit card debt and $14,383 in personal loan debt with an 8.72% interest rate. A debt consolidation loan combines multiple debts into one, streamlining your payments and potentially getting you a lower interest rate. Generally, lenders consider your credit score, debt-to-income ratio and income when considering a debt consolidation loan. MoneyGeek rounded up its picks for the best debt consolidation North Carolina lenders for different types of borrowers.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in North Carolina

MoneyGeek analyzed over 30 data points to identify North Carolina's top debt consolidation lenders. The data included APR ranges, minimum credit scores, repayment terms, loan amounts, disbursement time, origination and late fees, prepayment penalties and more.

It is important to determine which lender is the best for your debt consolidation loan based on your financial goals. MoneyGeek selected Upgrade as the best lender for debt consolidation in North Carolina. The average credit score in North Carolina is 718, which is suitable for this lender. However, if you have a poor credit history, Upstart is a better choice.

Best Overall Debt Consolidation Loan in North Carolina: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in North Carolina: 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

    on Truist Website

Best Debt Consolidation Loan for Bad Credit in North Carolina: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in North Carolina: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

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

Debt consolidation lenders in North Carolina have their own eligibility requirements, but most evaluate your credit score, monthly income and debt-to-income ratio. The average personal loan debt in North Carolina is $14,383.

To find a good lender in North Carolina, follow these steps.

1

Ask Yourself the Important Questions

You should ask yourself the following questions before picking a lender and applying for a personal loan. Answering these questions can help you determine if a personal loan is the right solution for your needs.

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
  • Do I have other options for paying off my debt?
2

Do Your Research

Lenders differ in their terms and conditions as well as their rates and fees. To determine which lender is right for you, you should compare multiple options before submitting a loan application. It is a big commitment to take out a personal loan since you will generally have to pay it back over a period of two to four years. It is important to think carefully before taking out a loan. Keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.

3

Wait

Trying to compare the rates and fees for several types of loans can be overwhelming. Taking your time before making a decision can be beneficial. Getting a personal loan is a significant financial decision, and you must be sure it is the right one for you. You should take time to examine your options after you have done your research.

4

Read the Fine Print

When researching debt consolidation loans in North Carolina, people overlook important details. Along with upfront fees that are clearly outlined in your lender's terms and conditions, you may also discover hidden costs. Before finalizing an agreement with a company, research their fees, including prepayment penalties, late fees and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.

5

Apply

After researching, reading the fine print and waiting to make a decision, you can submit your application. You should feel confident about your choice of lender at this point and have all the information you need to apply. A lender is typically required to verify a borrower's identity, address and income during the loan application process. Despite the convenience of applying online, you may call or visit the lender in person if you prefer.

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

If your loan application is rejected, you should contact the lender to find out why and determine if any changes can be made. You can make your application more appealing by shortening the loan terms or lowering the loan amount. You may also have the option of obtaining a co-signer or collateral-based loan if you have difficulty getting approved.

Alternatively, you may apply to a different lender if you need a loan urgently. However, it's best to avoid this practice until you've corrected whatever reason led to the rejection of your initial application.

Some people may seek extremely high-interest payday loans if they have been rejected for a personal loan. However, MoneyGeek advises against this because these loans can put you deeper into debt.

Calculate Your Monthly Payment

Typically, debt consolidation loans are repaid in monthly installments with interest. You can use MoneyGeek's debt consolidation loan calculator below to determine if you are financially capable of covering this expense each month.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in North Carolina

Considering your financial needs, credit history and income level can help you determine the right North Carolina personal loan lender for you. The following are some of the most frequently asked questions about debt consolidation loans in North Carolina.

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METHODOLOGY

MoneyGeek reviewed over 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 amount, minimum credit score, minimum income amount, application fees and disbursement time.

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, our picks are chosen 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

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.