Best Low-Income Loans in North Carolina: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in North Carolina
- Runner-Up for Best Overall Low-Income Loan Lender in North Carolina
- Best Low-Income Loan Lender for Bad Credit in North Carolina
- Best Low-Income Loan Lender for Good Credit in North Carolina
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in North Carolina
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in North Carolina
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
Runner-Up for Best Low-Income Loan in North Carolina: LendingClub
Best Low-Income Loan for Bad Credit in North Carolina: Upstart
Best Low-Income Loan for Good Credit in North Carolina: 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.
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.
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.
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.
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.
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.
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.
MoneyGeek’s data shows that Upgrade is the best overall low-income loan lender in North Carolina.
Upstart has the lowest interest rate in North Carolina. Remember that rates vary depending on your credit profile. Maintaining a good credit score and history can help you get the lowest rates.
Lenders have specific lists of restrictions for their personal loans. Usually, using the funds for cryptocurrency, gambling, drugs, investments, businesses or secondary education is not allowed.
It depends on your lender. Some lenders can provide up to $100,000 in loans.
Different lenders have various processing times. However, once your loan has been approved, some lenders will fund it on the same day. That said, others can take up to a week.
Yes, you can pay off your loan early, but some lenders can charge you a fee. Check your personal loan to see if it has a prepayment penalty or not.
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
- LendingClub. "Personal Loans." Accessed October 27, 2022.
- Prosper. "Our Story." Accessed October 28, 2022.
- Prosper. "Personal Loan FAQs." Accessed October 28, 2022.
- Prosper. "Personal Loans." Accessed October 28, 2022.
- Upgrade. "Are There Any Fees?." Accessed October 27, 2022.
- Upgrade. "No Application Fees or Upfront Fees." Accessed October 27, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed October 27, 2022.
- Upgrade. "What Are the Benefits of a Personal Loan Through Upgrade?." Accessed October 27, 2022.
- Upstart. "Personal Loans." Accessed October 28, 2022.
- Upstart. "This Is Upstart." Accessed October 28, 2022.
- Upstart. "What Are the Minimum Credit Requirements to Receive a Loan?." Accessed October 28, 2022.
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
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