Best Low-Income Loans in North Carolina: Top Lenders and Rates for 2024

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in North Carolina

MoneyGeek considered more than 30 distinct categories to rate various lenders in North Carolina. We were able to determine the best lenders by comparing each of their costs, accessibility, flexibility, transparency, customer service and consumer friendliness. Aside from these, we also considered factors like APRs, loan amounts, necessary credit scores, application fees and disbursement times.

The best lender will still depend on your unique circumstances. It’s best to treat our recommendations as general guides to walk you through the process of looking for a loan.

Best Overall Low-Income 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, a lending company established in 2016, is our top pick for low-income loans in North Carolina. It offers a flexible loan with a fast distribution of funds.

    Upgrade offers loans ranging from $1,000 to $50,000 that you can pay off within 36 to 60 months. The APR ranges from a reasonable 5.94% to a very high 35.47%. Borrowers with a credit score of at least 560 can qualify for this loan.

    However, Upgrade has its fair share of fees, including origination fees of up to 8.99%. You’ll also be subject to a $10 fee for late payments. That said, we always appreciate Upgrade’s offer of many different repayment term options, allowing borrowers to pay back their loans on their own schedules.

    Pros

    • No prepayment penalties
    • Reasonable minimum APR
    • Many repayment term options
    • Low minimum loan amount

    Cons

    • Origination fee of up to 8.99%
    • Late fee of $10
    • High maximum APR
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in North Carolina: LendingClub


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    According to our analysis, LendingClub is North Carolina’s second-best low-income loan provider. This company, which was founded in 2006, offers flexible loan amounts and repayment terms.

    Loan amounts with LendingClub range from $1,000 to $40,000, with repayment terms of 36 to 60 months. The minimum credit requirement is 600, which is quite high compared to other lenders. Nevertheless, a good credit score can help you avoid a potentially high APR since rates with LendingClub can reach as high as 36%.

    Unfortunately, an origination fee of 3% to 6% will be deducted from your loan upon disbursement of funds.

    Pros

    • Apply with a co-borrower
    • No prepayment penalties
    • Low minimum loan amount

    Cons

    • High APR range
    • 600 minimum credit score
    • Up to 6% origination fee
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    LendingClub

Best Low-Income 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

    Upstart is the best low-income loan for borrowers in North Carolina with bad credit. Established in 2012, Upstart can grant loans to customers with bad credit, thanks to AI technology that examines income and employment history, in addition to credit scores.

    The minimum credit score needed for an Upstart personal loan is 300, which means the lender accepts applicants with bad and incomplete credit. Unfortunately, Upstart only offers two repayment term options, so make sure you can comfortably repay your loan within three or five years before you apply.

    Borrowers may receive loans between $1,000 and $50,000, with interest rates between a very low 3.22% and an extremely high 35.99%. They can receive their funds on the following business day.

    Pros

    • Low baseline APR
    • Low minimum loan amount
    • Minimum credit score requirement of 300
    • No prepayment penalties

    Cons

    • Origination fee of up to 10%
    • Late fee of 5% or $15
    • Only two repayment term options
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Low-Income Loan for Good Credit in North Carolina: Prosper


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek’s top pick for low-income loans in North Carolina for borrowers with good credit is Prosper, a company founded in 2005. To be eligible for a loan, borrowers need to have a credit score of 640 or above. You can also apply with a co-borrower to improve your creditworthiness.

    You can borrow a loan of $2,000 to $40,000 from Prosper, and the APR can range from 7.95% to 35.99%. The repayment terms for this loan can be from 36 to 60 months. Borrowers can receive their funds on the day their application has been approved.

    If you’re having problems paying your monthly dues, you can change your payment due date once every 365 days. Prosper also has a mobile app designed specifically for personal loans, so it’s easier to manage your account.

    Pros

    • No prepayment penalties
    • Co-borrowers are allowed
    • Several repayment term options
    • Convenient mobile app

    Cons

    • High minimum credit score
    • Origination fee of up to 5%
    • Late fees of 5% or $15
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in North Carolina for You

Loan amounts, APRs, repayment terms and credit scores are important factors of your loan. The average personal loan debt in North Carolina is $14,383, so you are not alone in seeking such a loan. These steps will help you find the lender that best suits your needs.

1
Ask Yourself the Important Questions

It’s normal to be a bit unsure about taking out a loan, but you can ask yourself these questions to help you decide:

  • How much money do you need? Some lenders offer bigger loans than others. Determine the loan amount you need before choosing a lender.
  • What’s your credit score? Lenders base your rates, loan amounts, terms and more on your credit score.
  • Will the monthly payments fit your budget? It’s important to know if your budget can accommodate the monthly installments.
  • What are your existing debts? If you have current debts, make sure that taking out another loan would suit your financial situation. Your existing debts may also affect your creditworthiness.
  • Are there other ways you could pay off your debt? There might be other funding options that can cater to your needs better than a personal loan can.
2
Do Your Research

It’s important to delve deeper into the details of various lenders because our recommendations may not perfectly cater to your needs. Remember that you need to pay off your loan within the next several years. It’s a long-term commitment, which means you need to weigh all the pros and cons before applying for a loan.

3
Wait

Before you choose which loan you're going to apply for, wait for a day or two. Taking your time in doing so may help you reach wiser decisions. This can give you time to consider every aspect of the loan. Take this opportunity to carefully consider the big picture and set your priorities.

4
Read the Fine Print

It can be challenging to remember every fee associated with personal loans. It’s important to be completely aware of them to prevent unforeseen costs in the future. Look at fees like prepayment penalties, origination fees, late fees and more. Read through the fine print thoroughly before proceeding with the application process.

5
Apply

Every lender has a different application procedure. Some lenders allow you to go through the entire application process online. You can also try applying over the phone or go to your lender’s office personally. Lenders typically request relevant documents, such as proof of identity, address, employment history and income. It is best to compile the necessary paperwork in advance.

What to Do if You Can’t Get a Low-Income Loan in North Carolina

Loans can be denied for a variety of reasons. When lenders think you don’t meet their credit standards, they can reject your application. Another reason could be discrepancies in the information you provided in your application. If the information you filled out in the form does not match your supporting documents, for example, the lender may deny your application.

There are many other reasons for application denial. If it happens to you, know that you’re not alone, and you can still do something about it. In case of a rejection, contact your lender and ask them where you fell short. Improve the factor that causes the rejection. You can either re-apply for the same loan or find another lender. It’s best to improve this factor first before applying for another lender.

Some details can be modified as well. A mistake can be corrected, or you can re-submit another document. You can also change your loan amount to make it smaller so your monthly installments can fit your budget.

MoneyGeek does not recommend payday loans. These loans come with high interest rates and extremely short repayment terms, giving you large monthly installments that may make your financial situation significantly worse.

Calculate Your Monthly Payment

Your commitment when taking out a personal loan includes paying your monthly installments with interest. MoneyGeek's personal loan calculator allows you to get an estimate of your monthly payments.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Low-Income Loans in North Carolina

MoneyGeek researched some common inquiries regarding low-income loans in North Carolina. We answered these questions to help you decide on which lender is ideal for your current situation, needs and preferences.

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

Methodology

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METHODOLOGY

MoneyGeek’s methodology involves 35 data points from 30+ personal loan lenders. We evaluated these pieces of information and grouped them into the following categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Under these categories, we considered APR ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times. We included these factors because they highly influence the decisions of borrowers in choosing a lender.

MoneyGeek prioritizes you, the consumer. We want to guarantee that you get the best experience from your lender. We also assessed lenders based on their customer service and satisfaction scores. Other factors that enhance the client experience, like prequalification, payment options and mobile apps, were also taken into account.

In choosing the best lenders, MoneyGeek puts your best interests in mind. Our goal in giving you our recommendations and expert tips is to help you make the right financial decisions that cater to 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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