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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.

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Last Updated: 11/22/2022
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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

    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

    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

    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

    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

    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.

1

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).
2

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.

3

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.

4

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.

5

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.

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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.