Best Personal Loans in Cary, NC: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

Before applying for a personal loan, it’s important to determine if it will help you meet your financial objectives. To start, we recommend reflecting on the following questions:

• How much money do I need? Prior to applying for a personal loan, you should approximate your loan amount. The more precise you can be in this calculation, the less money you’ll pay in interest by taking out a loan that’s too large. Failure to take out enough money may require that you take out an additional loan. Save your future self the time and stress by taking the time to calculate your monthly payment.
• What’s my credit rating? Your credit rating or score will impact the lenders you’re eligible for and the loan terms available to you. If you have a low credit score and don’t require funds immediately, consider improving your credit score first before applying for a personal loan. With a higher credit score, you’ll receive a lower interest rate, which will reduce the overall cost of your loan.
• What’s an affordable monthly payment for my current budget? While making a higher monthly payment will reduce the amount you’ll pay in interest, it’s important that you don’t deprive yourself in the process. Ensure that your monthly payment still permits you to meet your other financial objectives.
• How much do I currently owe (existing debt)? If you already have existing debt and aren’t obtaining a personal loan for debt consolidation, consider alternative options. Those that have demonstrated that they’re able to make timely payments on their current loans may pursue an additional personal loan, but be mindful that your DTI remains below 50%.

Do Your Research

Compare lenders for their interest rates, minimum credit score criteria and fees to find the one that best suits your needs. If you decide to move forward, keep in mind that lenders complete a hard credit check when you submit your application. This will cause your score to temporarily drop. While MoneyGeek’s recommendations are a great place to start, our guide is based on general borrower profiles, rather than your specific situation. To find the best lender for you, it’s important that you complete your own research.

Wait

After you've found the best loan option for your needs, think about it for a few days before making a final decision. A personal loan is a long-term financial commitment, so it's important to weigh the pros and cons before signing any paperwork.

Read the Fine Print

Prior to applying, ensure that you’ve read and understand the terms of your loan agreement. The fine print of your loan agreement will outline any hidden fees, like those for loan origination, late payments and early repayment. Taking the time to carefully read this document and ask your lender any questions can save you money in the long term.

Apply

After you've completed the steps above, you can submit your application. Prior to applying, you should ensure that you have all the necessary documents, including proof of identification and employment, to expedite the process. Some providers only offer online applications, while others allow you to apply over the phone or in person.