Top Lenders & Best Picks for You
Best Personal Loans in Charlotte, NC
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Charlotte
- The Best Personal Loan Lender for Bad Credit in Charlotte
- The Best Personal Loan Lender for Good Credit in Charlotte
- The Best Personal Loan Lender for Debt Consolidation in Charlotte
- The Best Personal Loan Lender for Home Improvements in Charlotte
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Charlotte
MoneyGeek’s Pick for Best Personal Loan Lender in Charlotte: Truist
MoneyGeek evaluated Charlotte's lenders based on how they perform and what they offer, using over 30 different variables. When selecting the finest lenders in the state, several factors were used, including the APR range, fees, term duration, credit score, income criteria, Better Business Bureau (BBB) ratings and customer service ratings.
The best personal loans in Charlotte depend on various factors. Truist was rated as the best lender for personal loans in Charlotte based on credit scores and the most common reasons for taking out a personal loan. In the sections that follow, you'll learn which companies are top rated in Charlotte, including their advantages and disadvantages.
Best Overall Personal Loan Lender in Charlotte: Truist
Best Personal Loan Lender for Bad Credit in Charlotte: Upstart
Best Personal Loan Lender for Good Credit in Charlotte: SoFi
Best Lender for Debt Consolidation in Charlotte, Upgrade
Best Lender for Home Improvement in Charlotte: Best Egg
How to Choose the Best Personal Loan Lender in Charlotte For You
Approximately $151 billion in personal loan debt is held by approximately 19.4 million Americans, according to a report by the Lending Tree. Those in North Carolina alone owe about $14,383 on average. Lenders in Charlotte consider several factors when examining your personal loan application. These include your credit score, income, employment history and debt-to-income ratio. The following steps can help you find the best lender in Charlotte:
Ask Yourself the Important Questions
Prior to commencing the application process, it is vital that you estimate your current financial status and the funds you need. When applying for a personal loan, you should have the following information at hand:
- How much funds do I require?
- How much is my current debt?
- What is my credit score?
- How much can I afford in monthly payments?
Do Your Research
After assessing your financial situation, you must choose a lender who can satisfy your responsibilities. If you've chosen a few lenders, familiarize yourself with their terms. It's also vital to compare each lender's features to discover the best fit for you. Long-term loans may end up being more expensive in the long run. Only consider them if you want lower monthly payments.
You also want to consider the loan's long-term influence on your finances. You don't want a loan that prevents you from buying a home. Hard credit checks lower your credit score, so look for lenders who only do soft credit checks. Aside from MoneyGeek's evaluations, do your own research to identify your best options.
Wait
It's best to wait a few days to finalize a lender that will best meet your needs. Compare features, such as fees, rates and restrictions. Make no substantial financial commitment, such as a personal loan, without first conducting due diligence.
Read the Fine Print
When there are so many lenders and personal loans to evaluate, it's easy to miss the most critical aspects. Some loans may be associated with hidden fees or additional costs after you sign up with the lender. Keep an eye out for any interest, penalties or late fees that may be linked with the loan you pick. All of these factors must be taken into account when making a decision on a loan. Paying close attention to the smallest of details may save you a significant sum of money in the long run.
Apply
Documentation proving the borrower's identity, address and source of income must be provided as part of the loan application procedure. It is imperative that you have all of the necessary information at hand before you begin the application process. Calling or visiting the lender in person can help you learn more about the loan and receive the answers you need.
What to Do if You Can’t Get a Personal Loan in Charlotte
Banks may reject loan applications from borrowers with bad credit, high debt-to-income ratios or incomplete forms. If you're rejected, you first need to figure out why and what you can do to improve your chances. Reducing the loan term or amount may make you eligible for a loan if you meet all other criteria. A co-signer or collateral may also be utilized as a workaround. However, you should only reapply after finding and resolving the reason for your rejection.
People who have been turned down for a traditional loan may turn to high-interest short-term loans like payday loans. We don't recommend these alternatives because of their hefty interest rates. Moreover, payday loans do not boost your credit score even if you have been a responsible payer. On the contrary, if you don't make your payments on time, the lender may turn to a collection agency, which could lead to significant consequences, including a lower credit score.
Frequently Asked Questions About Personal Loans in Charlotte
Personal loan lenders in Charlotte will base their decisions on your specific financial needs, your credit score, your debt-to-income ratio and employment history. To help you in your decision making, take a look at some of the most commonly asked questions concerning personal loans in Charlotte, North Carolina.
Truist is Charlotte's best overall personal loan lender. Those with good credit can consider SoFi, while Upstart is the best for those with poor credit. For debt consolidation and home improvement, Upgrade and Best Egg are the best lenders respectively.
In Charlotte, Upstart provides low-interest personal loans. A personal loan with an annual percentage rate of 3.22% may be available to you if you have a high credit score and meet the lender's other requirements.
Charlotte's residents take out personal loans for a number of reasons, including funding vacations. You must check with your lender to see if your loan can be utilized to fund your vacation.
The bulk of personal loans in Charlotte are available for home improvement purposes. If you are unsure whether the loan is restricted in any way, you should contact the lender.
Many lenders in Charlotte offer personal loans for any reason. Some lenders' policies may limit your ability to use the funds for any purpose. Some lenders forbid borrowers from using personal loans to refinance mortgages, make investments, fund educational expenses or gamble. Your lender will alert you if their loans are subject to any restrictions.
Each lender in Charlotte has a maximum and minimum loan amount that they can give. You might be able to get a loan for as little as $1,000 and as much as $100,000, depending on the lender's conditions.
The time required to obtain a personal loan in Charlotte varies significantly between lenders. However, personal loans are typically funded within a few days to a week.
You may be fined a penalty if you pay off your personal loan early. Not all lenders, however, are opposed to consumers paying off their loans early. Read the fine print in your loan agreement to find out if your lender applies a penalty.
Our Personal Loan 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 determined 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.