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Best Debt Consolidation Loans in North Carolina of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

    Upgrade has given out over $15 billion in credit to customers since its launch in 2017, and over 15 million people have applied for a credit card or personal loan through this lender. It has great customer reviews, earning it an A+ rating from the Better Business Bureau (BBB).

    With terms ranging from 36 to 60 months, the company offers unsecured personal loans ranging from $1,000 to $50,000. Loans from Upgrade are disbursed the next day, making them suitable for people facing an emergency or urgent expense and needing money right away.

    Due to its origination fees and high interest rates, borrowers with excellent credit might be better off choosing another lender.

    Upgrade also offers an educational and credit monitoring tool called Credit Health, which enables borrowers to track their credit scores and get customized tips based on their credit history.

    Pros

    • A+ BBB rating
    • Same day financing
    • Soft credit inquiry
    • No prepayment fees
    • Autopay discount

    Cons

    • Origination fee
    • No co-signers
    • $50,000 cap on loan amount
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

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

    Truist is among the largest banks in the United States based on assets, and it also has an A+ rating from the BBB. Personal loans are one of the main offerings from this lender.

    With Truist, consumers will not be charged fees for paying off their loans early or late. They also offer flexible repayment terms of six–60 months.

    There are a few restrictions on how this lender allows you to use funds. For example, you cannot refinance a current loan, pay for a college education or purchase stocks or bonds with the money.

    Truist has a high minimum APR of 8.14% but a low 18.99% maximum rate.

    Pros

    • No origination fee, late fee or prepayment penalty
    • A+ BBB rating
    • Joint loans available
    • No minimum credit score requirement
    • Autopay discount

    Cons

    • Hard credit inquiry
    • Restrictions on usage of funds
    • No co-signers
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

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

    The BBB has awarded Upstart an A+ rating since its founding in 2012. As there are no restrictions on how you may use funds, you can use Upstart’s debt consolidation loans in North Carolina for almost anything.

    With minimum credit scores as low as 300 and an annual income requirement of just $12,000, Upstart is our top pick for the best lender for borrowers with bad credit.

    Your credit score will not be affected by the bank's soft credit checks. The company also offers fast personal loan processing, where you typically receive the funds within one business day. Unfortunately, they only offer loans up to $50,000.

    Keep in mind that with bad credit ratings, you can expect high interest rates from Upstart when you apply for a personal loan.

    Pros

    • Accessible to borrowers with fair credit
    • Offers prequalification with a soft credit check
    • A+ BBB rating
    • Receive funds the next day
    • No prepayment penalty

    Cons

    • Charges origination fee
    • Maximum loan amount is only $50,000
    • Charges a late fee
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

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

    Since its founding by Stanford business students in 2011, SoFi (Social Finance, Inc.) has funded over $50 billion in loans. The company headquarters are in San Francisco, California.

    If you have good credit, SoFi is a top-performing lender for debt consolidation in North Carolina. The average resident in North Carolina has a 718 credit score, making it easier to qualify for debt consolidation since SoFi requires a minimum credit score of 680.

    SoFi also offers one of the highest loan amounts in North Carolina at $100,000. Plus, with SoFi’s mobile app, you can manage your account from almost anywhere.

    Pros

    • A+ BBB rating
    • Offers competitively high loan amounts
    • Autopay discount
    • No origination fee
    • Offers loss of employment protection

    Cons

    • Moderately high credit score requirement
    • Co-signers not allowed
    • High income requirement
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

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.

What is the best debt consolidation loan lender in North Carolina?
Which lender in North Carolina has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in North Carolina?
How much debt can I consolidate in North Carolina?
How long does it take to get a debt consolidation loan in North Carolina?
Can I pay off my loan early 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
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.

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