What is the best personal loan lender in North Carolina?

MoneyGeek looked at a number of personal loan lenders in North Carolina to see which is best. According to our findings, Truist is the best personal loan lender in the state overall. But for home improvement, Best Egg ranks first, Upgrade for debt consolidation, and Upstart with bad credit.

Which lender in North Carolina has the lowest interest rate?

Upstart offers the lowest interest rate in North Carolina for a personal loan starting at 3.22%.

Can I use a personal loan for vacations in North Carolina?

You may utilize your personal loan in North Carolina for a variety of purposes, including a vacation. However, be careful and check that the lender allows using the money for a trip.

Can I use a personal loan for home improvement in North Carolina?

Yes, one of the most popular reasons people take out personal loans is to fund home improvement. In North Carolina, Best Egg is the best choice for this purpose.

What can I not use my personal loan for in North Carolina?

The ways you can use a personal loan vary depending on the lender. Paying for college or post-secondary school, investments, gambling or unlawful activities are examples of restrictions. Request a detailed list of limitations from the company of your choice before proceeding with the loan.

How much can I borrow in North Carolina?

The maximum amount you can borrow is determined by your lender. Some offer loans up to $100,000, while others offer $50,000 or less.

How long does it take to get a personal loan in North Carolina?

How fast you get your loan varies by lender. For example, Truist can provide money the same day, and SoFi might take up to a week.

Can I pay off my loan early in North Carolina?

You might choose to pay off your personal loan early in North Carolina. Before choosing a lender, confirm to see whether there are any penalties involved for early payoff. If they charge a prepayment penalty, you may want to consider a different lender.

Top Lenders & Best Picks for You

Best Personal Loans in North Carolina

MoneyGeek found that Truist offers the best personal loans in North Carolina. Its loans feature low-interest rates, autopay discounts and next-day funding.

Borrowers with good and bad credit scores can benefit from SoFi and Upstart, respectively. On the other hand, It’s best to opt for Upgrade to consolidate high-interest debt, while Best Egg is the right option for funding home improvements.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in North Carolina
The Best Personal Loan Lender for Bad Credit in North Carolina
The Best Personal Loan Lender for Good Credit in North Carolina
The Best Personal Loan Lender for Debt Consolidation in North Carolina
The Best Personal Loan Lender for Home Improvements in North Carolina
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in North Carolina
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in North Carolina

MoneyGeek’s Best Personal Loan Lender in North Carolina: Truist

To find the best personal loans in North Carolina, MoneyGeek considered a number of factors. We looked at the loan amount choices, payback conditions and interest rates that each lender had to offer. Our study also looked into things like credit score, gross income and age to see how they would impact your chances of application acceptance.

MoneyGeek also considered customers’ convenience throughout the process, such as with the application. Some lenders insist that you do it in person, while others allow you to do it online. Also, there are some providers that give the option to choose between the two methods. We also found which lenders offer mobile apps that prospective borrowers may use.

Best Overall Personal Loan Lender 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 was founded in 1872 and has grown into one of the largest banks in the country, with $509 billion in assets as of June 2021. Its headquarters is in North Carolina.
For potential borrowers, Truist provides numerous benefits and is MoneyGeek’s pick for the best personal loan in North Carolina. You may borrow from $3,500 to $50,000, depending on your profile, with payback terms ranging from six to 60 months. You won't have to worry about processing costs if you acquire a loan from Truist because it doesn't charge an origination fee. You also don’t need to submit any supporting documentation when applying for a personal loan in North Carolina.
Pros
Low interest rate possible
Offers a 0.5% discount for automatic payments
Loans up to $50,000
Next-day funding
No late fees or prepayment penalty

Cons
Imposes loan usage restrictions
Conducts hard credit check
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
on Truist Website

Best Personal Loan Lender 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
Bad credit can make it difficult to obtain personal loans in North Carolina. Luckily, there are companies that offer personal loans to people with bad credit — Upstart is the top choice in North Carolina for a personal loan with bad credit, according to our study. It only requires a 300 credit score as a minimum, and you can receive funding within the next day.
Furthermore, Upstart conducts a soft credit score inquiry first to avoid affecting your credit report. Once the borrower approves the rate and moves on with the application, it undertakes a hard inquiry. To approve applicants, Upstart employs an AI model. However, if you want a loan amount above $50,000, Upstart is not the best option. Also, your debt-to-income ratio must be at or below 45% percent to be eligible.
In the year 2012, Upstart was established. It has since served debtors in 48 states, North Carolina included.
Pros
Low credit score requirement
Quick release of funds
Does soft credit inquiry first
No prepayment penalty
Offers joint loans

Cons
Origination fee as high as 8%
$15 late fee
Has a debt-to-income limit of 45% or less
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
on Upstart Website

Best Personal Loan Lender 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
SoFi has been in operation since 2011 and offers a variety of financial products, including personal loans in North Carolina.
SoFi’s credit score threshold is 680, and it’s the best personal loan lender in North Carolina if you have good credit. Depending on your profile, you can borrow up to $100,000. SoFi performs a soft credit inquiry to get your interest rate, which has no impact on your credit score.
With a SoFi personal loan in North Carolina, you have access to SoFi Relay, a platform that links all of your accounts in one place. You may also use it to track your credit score over time. A mobile app is also available.
Pros
A+ rating from the BBB
0.3% discount for automatic payments
No origination fee
Loans up to $100,000
Conducts soft credit inquiry

Cons
$50,000 gross income requirement
No co-signers
No transparent rates disclosure on its website
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
on SoFi Website

Best Loan Lender for Debt Consolidation 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
Personal loans in North Carolina can consolidate debts. MoneyGeek looked at a number of factors to discover the best personal loan lender for debt consolidation in North Carolina. Upgrade was picked as a result. It’s an organization that was founded in 2016 and serves all states.
Upgrade requires at least a 560 credit score, which indicates that even people with poor credit may be eligible for a debt consolidation personal loan in North Carolina. You can expect to receive the loan funds the same day of your approval. There is no requirement for a minimum gross income, and Upgrade, unlike other lenders, accepts loan applications in-person and online. There's also a smartphone app.
However, Upgrade has a maximum loan amount of $50,000. If the total debt you want to consolidate is above that amount, another lender may be more suitable for your situation.
Pros
No prepayment penalty
No minimum gross income requirement
1% automatic payment discount
Same-day funding
Fair minimum credit score requirement

Cons
Has origination fee of 2.9% to 8%
Does not accept those with new or no credit
Charges a late payment fee
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
on Upgrade Website

Best Loan Lender for Home Improvement in North Carolina: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg was founded in 2014 and has since gained a reputation as a low-cost online lending company. If you're searching for a personal loan lender in North Carolina for home improvement projects, Best Egg is a great choice.
Best Egg’s interest rate is as low as 4.99%, and if you schedule automatic payments, you can save 0.5%. But, to qualify for a Best Egg personal loan, you must have a credit score of 700 or above, a minimum gross income of $50,000 and be presently employed.
Also, Best Egg collects an origination fee that can be as high as 6%, as well as late payment fees. Depending on your profile, you could also pay an interest rate as high as 35.99%.
Pros
A+ rating from the BBB
Soft credit inquiry
0.5% discount for automatic payments
Quick online application

Cons
High minimum credit score requirement
Charges 1%-6% origination fee
Gross income requirement of $50,000
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How To Choose The Best Personal Loan Lender In North Carolina For You

The average personal loan debt in North Carolina is $14,383. Common uses include debt consolidation, home improvement and large purchases. When applying for a personal loan in the state, several factors come into play, including your income, job history, present debts and creditworthiness. The following guide can help you prepare for a personal loan in North Carolina.

Ask Yourself the Important Questions

Ask yourself these key questions to make smarter financial decisions.

How much funding do you need? A personal loan can pay for unexpected bills, home improvements or the purchase of a large item. Figure out the amount of money you need for the personal loan, given the reason you are applying for it.
What is your credit score? Before approving your application, lenders look at your credit score. Your credit score may limit your lender options.
Can you afford the monthly payment? It's always good to consider the long term. If you can't pay on time, you'll be charged late fees, and your credit score will suffer.
How much debt do you already have? Adding another loan to your list may not be the greatest option if you're currently paying off other debts (such as credit cards).

Do Your Research

Don't undervalue the importance of acquiring data — keep in mind that you have to carry the burden of repayment for an average of two to four years. Make sure you look into details that have a long-term impact on you, such as interest rates. Compare rates and get quotations to figure out how much your monthly costs will be. Some lenders impose limits on how you may use your loan, so double-check that you can use the funds how you want.

MoneyGeek's guide provides useful information and suggests the best lenders for a variety of situations, but you could be seeking something we didn't cover. Doing your own research might bring you to lenders who are a perfect fit for your needs.

Wait

Take a deep breath once you acquire all of the information you need. It's tempting to choose a lender right away, but you might be swayed by recency bias. Waiting a day or two before reconsidering the option of acquiring a personal loan in North Carolina gives you more time to think about it objectively.

A personal loan, regardless of the size, is a commitment. Don't do anything until you're certain you can handle it.

Read the Fine Print

Allowing some time to pass helps you to consider your alternatives more objectively. You should be able to reduce it down to one or two lenders after revisiting your alternatives.

When you narrow down your options, it's time to read the fine print. Concentrate on the aspects that might help you save money or drive you to spend more. Origination fees and prepayment penalties are examples. Also, consider the interest rate and whether another lender or waiting to improve your credit score is a better decision.

Apply

You've covered all of your bases after going through the above stages. Once you decide on a lender and understand the application criteria, the only thing left to do is to apply for the loan.

During the personal loan application process in North Carolina, most lenders want an identity document, proof of income and address verification. You can apply for your loan online if that is a possibility. However, if you're more comfortable otherwise, you shouldn't hesitate to phone or visit the office if possible.

What To Do if You Can’t Get a Personal Loan in North Carolina

Some applications for personal loans in North Carolina are turned down. If that happens, it's wise to assess the issue before moving ahead. Investigate the factors that influenced the decision. A low credit rating, inadequate income or high debt-to-income ratio are the most common reasons for loan denial. Sometimes, it's even due to something that's relatively easy to fix, such as incomplete loan application information.

To learn the specific reason for your loan application's refusal, contact the lender. Inquire if there is any way to adjust your application so that it is acceptable to them. You can, for example, reduce the loan amount or shorten the loan duration.

You can also seek a loan from another lender if you absolutely need the money. However, you should wait until you remedy the issue that led to your loan application being declined in the first place before doing so.

Also, take note that you should avoid payday loans. These are generally short-term loans that last a few weeks. While a payday loan might assist you in obtaining cash quickly, the interest rate is quite high.

Frequently Asked Questions About Personal Loans in North Carolina

There are several personal loan lenders in North Carolina, and which is appropriate for you depends on your credit report, income and individual needs. By learning the answers to some of the most frequently asked questions concerning personal loans in North Carolina, you can better make a decision.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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.