Best Debt Consolidation Loans in Raleigh of 2024

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Edited byAshley Jacobs

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Raleigh, NC

To help you discover the best debt consolidation loan provider in Raleigh, MoneyGeek looked at over 30 different data points. We analyzed many factors, including loan terms, origination charges, Better Business Bureau (BBB) ratings, APR ranges, funding limitations and more.

The best lender will vary from customer to customer. However, when MoneyGeek conducted a review of the numerous lenders available in Raleigh, Truist emerged as the best overall. MoneyGeek’s guide will assist you in locating the best debt consolidation loan provider for your financial objectives and requirements.

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Best Overall Debt Consolidation Loan in Raleigh, 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

    MoneyGeek recognized Truist as the best overall debt consolidation lender in Raleigh. It has been operational since 1872. Truist offers various benefits to prospective customers. Its loan amount ranges from $3,500 to $50,000.

    In addition to not requiring a minimum credit score, Truist is the best option for individuals who need a loan of up to $50,000 promptly. The lender does not charge origination fees for debt consolidation loans, so potential borrowers will not have to worry about processing expenses.

    Pros

    • A+ BBB rating
    • No minimum credit score requirement
    • Does not impose origination, late or prepayment penalties
    • Next-day funding
    • Autopay discount

    Cons

    • Performs a hard credit check
    • Low maximum loan amount
    • Not available to new borrowers
    Truist

Runner-Up for Best Debt Consolidation Loan in Raleigh, 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

    According to MoneyGeek's findings, SoFi is the second-best debt consolidation loan provider in Raleigh. SoFi is an option worth considering for anyone in need of debt consolidation loans with good-to-excellent credit and an annual income of at least $50,000. It is possible to receive a loan with a low interest rate and no fees associated with it, but applicants' credit scores need to be at least 680 to be accepted.

    SoFi provides up to $100,000 in debt consolidation loans with flexible repayment terms. It conducts a soft credit check that does not affect borrowers’ credit scores. Borrowers may also appreciate SoFi's completely online application for debt consolidation loans.

    Pros

    • A+ BBB rating
    • No late fines, prepayment penalties or origination charges
    • Loan amount up to $100,000
    • Performs a soft credit check
    • Autopay discount

    Cons

    • Requires good to excellent credit score
    • Income requirements
    • No co-signers
    SoFi

Best Debt Consolidation Loan for Bad Credit in Raleigh, 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, a renowned artificial intelligence (AI) lending company launched in 2012, aims to provide its bank partners with access to affordable financing rates. Its personal loans can be used for a variety of purposes, including debt consolidation.

    Upstart is the best option for people with bad credit seeking debt consolidation loans in Raleigh, especially those who need funds within the next day. Although the lender evaluates your income and employment, it doesn’t place as much of an emphasis on your credit score. Since Upstart conducts a soft credit check, your credit score is unaffected.

    Pros

    • Performs a soft credit check
    • Low credit score requirement
    • No prepayment fee
    • A+ BBB rating
    • Next-day funding

    Cons

    • No autopayment discount
    • 45% debt-to-income limit
    • Has employment requirements
    Upstart

Best Debt Consolidation Loan for Good Credit in Raleigh, 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

    A group of fintech executives founded Upgrade in 2017 as a provider of personal loans for debt consolidation. MoneyGeek ranked the business as the best provider of debt consolidation loans in Raleigh for individuals with good credit scores.

    Upgrade accepts applicants with at least a 560 credit score. The lender offers debt consolidation loans for up to $50,000 with adjustable repayment terms.

    Due to the fact that it focuses on providing loans to customers with average-to-good credit, Upgrade is known for charging rather high interest rates on its personal loans to borrowers with lower credit scores. It also charges late payment fees and origination costs.

    Pros

    • A+ BBB rating
    • Soft credit inquiry
    • No prepayment fee
    • Autopay discount
    • Flexible funding terms

    Cons

    • No co-signers
    • Late fees
    • Low loan limit up to $50,000
    Upgrade

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

The average personal loan debt in North Carolina is $14,383. Before applying for a debt consolidation loan in Raleigh, you should closely examine your options. This involves assessing interest rates, loan amounts, repayment conditions and any associated costs.

Prior to submitting an application for a debt consolidation loan, you should complete the following steps:

1

Ask Yourself the Important Questions

Prior to establishing which lenders' eligibility criteria you satisfy, you must first determine whether obtaining a debt consolidation loan is a wise decision. To choose the best Raleigh debt consolidation loan, you need to consider the following factors:

  • How much funding do you need? Decide how much funding you'll need, then pick a lender who can provide you with that much.
  • What’s your credit score? Your credit score affects both your capacity to get loans and the interest rates you will pay.
  • Can you afford the monthly payments? Any delays in your payments will result in late fees as well as a drop in your credit score.
  • Do you have existing debts? A high debt-to-income ratio should be avoided because lenders may take it into account when considering your eligibility.
  • Is your debt manageable through other means? It's possible that you won't need a loan if there are alternative ways to meet the requirements for reducing your debt.
2

Do Your Research

Before submitting an application for a debt consolidation loan in Raleigh, do your research. You can compare several lenders' interest rates to see which one provides the best plan based on your choices.

Since debt consolidation personal loans are a long-term commitment that lasts for an average of two to four years, it’s important to do your research before applying for a loan. MoneyGeek keeps you informed and suggests the best debt consolidation providers regardless of your circumstances. Keep in mind that our recommendations are based on a general borrower profile, so the best lender for you may vary.

3

Wait

Depending on the terms of your debt consolidation loan, you may have to make monthly payments for two to four years. Once you've acquired all the information you require, take some time to contemplate whether or not you should apply. Until you are certain that you can fulfill all of the loan's requirements, refrain from taking action.

When you are contemplating your potential application, you might find that another option for funding is a better fit for your financial needs.

4

Read the Fine Print

It is in your best interest to read all of the fine print associated with your debt consolidation loan application before submitting it. It could end up costing you a significant amount of money if you don't read the fine print. Do not presume that you understand every aspect of the loan. Make sure to study it in great detail if you want to get a complete understanding of it. This can help you avoid late fees, prepayment penalties, origination fees and more.

5

Apply

Once you complete these steps, you will proceed to the crucial stage of the debt consolidation loan application process. During the application process, you will be asked for a number of supporting documents and personal details. In addition to filing an online loan application, you may also contact the lender over the phone or in person if it offers those options.

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

You shouldn't give up if your initial debt consolidation loan application is denied. Inadequate income, a high debt-to-income ratio, a lack of work experience and low credit ratings are just a few of the things that can lead to an application being initially turned down. Asking your lender why it refused your application is the best course of action moving forward.

Once you understand the problem, you might be able to negotiate with your lender. You could request a lesser loan amount or a shorter repayment time. With the lender's consent, you might be able to amend certain loan terms. If not, you may consider applying to a different debt consolidation provider.

Some discouraged borrowers could be inclined to take out payday loans, but MoneyGeek strongly advises against it. The repayment terms for payday loans are short, and the interest rates are exceptionally high. You face the risk of incurring more financial losses in the long run.

Calculate Your Monthly Payment

When considering debt consolidation loans, keep in mind that your monthly payments will include interest charges. MoneyGeek offers a debt consolidation loan calculator below so that you can assess if a loan is a good idea for you.

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Frequently Asked Questions About Debt Consolidation Loans in Raleigh, NC

The best debt consolidation personal loans in Raleigh will vary based on the borrower profile. MoneyGeek answered some frequently asked questions to help you determine which lender is best for your needs.

MoneyGeek's examination of numerous local lenders reveals that Truist provides the best debt consolidation loan in Raleigh. Keep in mind that a different lender might be a better choice for your particular circumstances.

If you're looking for the most affordable debt consolidation loan in Raleigh, Truist offers the lowest rates.

Each lender has its own set of restrictions. For instance, certain lenders prohibit debt consolidation for investment or business purposes, whereas others do not impose these limitations.

Each lender may impose a different limit on the amount of debt that can be consolidated in Raleigh.

Obtaining a debt consolidation loan in Raleigh can take up to one or two days, depending on the lender.

You have the choice of paying off your loan early. Although the majority of lenders don't, some may impose a prepayment penalty if you pay off your loan early. You should read the loan agreement's fine print for more information.

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.