Best Debt Consolidation Loans in North Carolina 2024

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Updated: October 23, 2024

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Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe — like credit card or student loan debt — at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 27 lenders and found Truist to be the top choice for debt consolidation loans in North Carolina, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Coastal Credit Union and Piedmont Advantage Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in North Carolina

Best Overall - Truist
Runner-Up - PenFed
Best for Affordability - Fifth Third Bank
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in North Carolina

Company logo for Truist
Truist
MoneyGeek Score:
96/ of 100
APR Range8.87% to 17.82%
Loan Amount RangeFrom $3,500
Repayment Terms24 to 60 months
Time to Receive FundsSame Day
Overview

Truist offers the best debt consolidation loan in North Carolina with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

Truist's APR range of 8.87% to 17.82% can benefit borrowers by offering competitive interest rates. Its loan amount range starting from $3,500 provides flexibility for various financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt.

Runner-Up for Best Debt Consolidation Loan in North Carolina

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is another solid option for a debt consolidation loan in North Carolina, with a MoneyGeek score of 96 out of 100. Its low APR range of 8.99% to 17.99% can help borrowers save on interest, making it easier to pay off their consolidated debt faster. The high loan amount of up to $50,000 allows borrowers to consolidate multiple debts into one manageable payment.

Additionally, PenFed's quick fund disbursement time of 1 to 2 business days means borrowers can start paying off their debts sooner. This can be particularly beneficial for those facing high-interest rates on existing debts. Overall, PenFed's features make it a practical choice for those looking to streamline their debt payments.

Best Debt Consolidation Loan in North Carolina for Affordability

Company logo for Fifth Third Bank
Fifth Third Bank
MoneyGeek Score:
95/ of 100
APR Range8.74% to 21.74%
Loan Amount Range$2,000 to $50,000
Repayment Terms12 to 60 months
Time to Receive FundsNext Day
Overview

Fifth Third Bank offers the best debt consolidation loan in North Carolina for borrowers who prioritize affordability, with a MoneyGeek score of 95 out of 100. Its APR range of 8.74% to 21.74% is competitive, but affordability isn't just about interest. The lender also has no origination fees and offers rate discounts.

Next-day funding can help a borrower quickly pay off high-interest credit card debt, reducing the amount of interest accrued. Flexible repayment terms allow a borrower to choose a repayment plan that fits their budget, making it easier to manage monthly payments.

Best Debt Consolidation Loan in North Carolina for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in North Carolina for borrowers needing a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100. PNC provides loan amounts ranging from $1,000 to $35,000.

PNC's flexible repayment terms, ranging from 6 to 60 months, allow borrowers to choose a plan that fits their budget. For example, if you need a longer repayment period to lower your monthly payments, PNC can accommodate that. Additionally, PNC's quick fund disbursement within three business days ensures you can consolidate your debts promptly, helping you manage your finances more effectively.

Best Debt Consolidation Loan in North Carolina for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in North Carolina for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day access to funds, making it an excellent choice for urgent financial needs.

One of its key features is the fast approval process. This can benefit a borrower who needs to consolidate multiple high-interest debts quickly to avoid further interest accumulation. Another feature is its flexible loan terms, which allow borrowers to choose a repayment plan that fits their financial situation, ensuring manageable monthly payments.

Should You Get a Loan to Consolidate Debt in North Carolina?

Using a debt consolidation loan in North Carolina can simplify your finances by merging multiple payments into one. But it’s not always the best option. If the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in North Carolina, affecting interest rates and monthly payments.

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    High-Interest Debt

    A debt consolidation loan in North Carolina can lower interest rates on high-interest debt, saving you money.

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    Multiple Monthly Payments

    Combining multiple payments into one with a debt consolidation loan in North Carolina simplifies financial management.

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    Lower Monthly Payments

    A debt consolidation loan in North Carolina can help achieve lower monthly payments, making them more manageable.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in North Carolina is a better strategy.

How to Get a Debt Consolidation Loan in North Carolina

The average amount of personal debt in North Carolina is $96,426, while the overall average debt for Americans across all states is $104,215. In North Carolina, the average monthly debt translates to around $8,036.

Using a personal loan to consolidate debt in North Carolina can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

1
Review your debts and credit score.

Account for your existing debts to see which ones you should consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores. To improve your credit score, pay bills on time and reduce outstanding balances.

2
Compare loan terms from lenders.

Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for debt consolidation. Look at APRs, loan limits, and how soon you can receive the funds.

3
Check for extra benefits.

Some lenders offer added features that benefit you long-term. For example, lenders in North Carolina like PNC and Rocket Loans offer rate discounts.

4
Watch out for fees and penalties.

Some lender features can be drawbacks. In North Carolina, Best Egg charges an origination fee and Upgrade charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified.

Prequalification helps borrowers understand their loan options without affecting their credit scores. It uses a soft credit check.

6
Complete your loan application.

Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This will make the process faster.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN NORTH CAROLINA

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a consolidation loan in North Carolina, it's practical to review your credit report and work on reducing existing debt.

Consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This allows you to transfer high-interest debt to a card with 0% APR, saving money on interest payments.

Local Lenders for Debt Consolidation Loans in North Carolina

One reason to consolidate debt is to take advantage of lower interest rates. The average APRs you can qualify for vary between cities. For example, in Charlotte, the average APR is 10.6%, while in Fayetteville, it is 12.0%.

Another option to find the best debt consolidation loan in North Carolina is to consider other local lenders. Below is a table of local lenders and their average APRs.

State Employees' Credit UnionCharlotteFrom 9.25%24 to 72 monthsUndisclosed99
Coastal Credit UnionRaleigh9.49% to 17.99%Up to 120 months$500 to $60,00099
Truliant Federal Credit UnionRaleigh10.49% to 18.00%6 to 84 Months$500 to $50,00096
Fort Liberty Federal Credit UnionFayetteville9% to 17%UndisclosedUp to $30,00096
HealthShare Credit UnionGreensboroFrom 10.49%36 to 84 monthsUndisclosed96

FAQ: Debt Consolidation Loans in North Carolina

We addressed common questions borrowers have about debt consolidation loans in North Carolina to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in North Carolina?
What's the best debt consolidation loan lender in North Carolina?
Can I get a debt consolidation loan in North Carolina if I have bad credit?
Can a credit counseling agency in North Carolina help manage debt?
When should I get a debt consolidation loan in North Carolina?

MoneyGeek analyzed 27 national lenders licensed to do business in North Carolina, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

27Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.

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