Top Lenders & Best Picks for You

Best Personal Loans in Charlotte, NC

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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


  • 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

    An A+ rating from the BBB and over a century-old history make Truist one of the largest banks in the U.S. and one of the best lenders in Charlotte. The lender has several advantages besides offering sizable loans of up to $100,000. There is also no penalty for repaying loans early or late. Those who autopay their monthly payments receive a 0.5% discount as well.

    On the downside, Truist imposes several limits on how you may use your loan, including the inability to utilize your personal loan to refinance an existing loan, pay for educational expenses, conduct business or make investments. Moreover, Truist's hard credit inquiries can negatively affect your credit score.

    Pros

    • No origination fee, late fee or prepayment penalty
    • Same day loan processing
    • Auto payment discount of 0.5%
    • Those with good credit may qualify for low-interest loans

    Cons

    • Hard credit checks that affect credit scores
    • Restrictions on usage of funds
    • Does not accept borrowers with new or no credit
    • For debt consolidation, it does not pay the creditors directly
    • APR range: 8.14% to 18.99%
    • Minimum/maximum loan amount: $3,500 to $50,000
    • Minimum credit requirements: None
    • Repayment terms: Six to 60 months
    • Time to receive funds: Next day
    Truist

Best Personal Loan Lender for Bad Credit in Charlotte: 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

    Founded in 2012, Upstart is an artificial intelligence-powered lending platform. MoneyGeek ranked it as the best lender for people with bad credit since it welcomes applicants with credit scores as low as 300. The company's loans have low minimum income requirements, making them widely accessible. It also performs a soft credit check and processes most loans by the next day. The fact that the lender accepts clients with debt-to-income ratios (DTIs) of up to 45% can be especially encouraging for those who have been turned down because of a high DTI.

    However, there are a few factors that may make you rethink your decision to apply for an Upstart loan. The lender can sometimes charge a high APR in exchange for accepting borrowers with low credit scores. Additionally, the lender does not accept co-signers.

    Pros

    • Low credit score requirement
    • No prepayment penalty
    • Conducts soft credit checks
    • Low minimum income requirement of $12,000
    • Next-day funding

    Cons

    • Potentially high interest rates
    • Origination fee of up to 8%
    • Late fee of $15
    • Maximum loan amount of only $50,000
    • Rejects applications if the credit report has delinquencies or bankruptcy
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Charlotte: 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, which has over 2.5 million customers, provides a variety of financial products and operates in 49 U.S. states. With an A+ rating from the BBB, SoFi is rated the best for borrowers with good credit thanks to its unique offerings. Those who are suddenly laid off can take advantage of SoFi's Unemployment Protection program, which allows for payments to be suspended until new employment is obtained. SoFi does not charge any fees for loans, and their soft credit checks do not impact credit scores. Monthly auto payments will also increase savings.

    If you have a high credit score, consider all of your options. SoFi may not be the best option if you need a co-signer or receive an annual income of less than $50,000.

    Pros

    • No origination fee, late fee or prepayment penalty
    • Bigger loan amount of up to $100,000
    • Soft credit inquiry
    • Unemployment protection
    • Autopay discount

    Cons

    • High credit score requirement of 680
    • Minimum income requirement of $50,000
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Charlotte, 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

    Upgrade is relatively new to the market, having launched in 2016, yet it already has an A+ rating from the Better Business Bureau. Additionally, MoneyGeek ranked Upgrade as the top debt consolidation lender, mainly because Upgrade's personal loan consolidates debts by transferring funds to the borrower's third-party lender directly. The lender's soft credit checks will also not impact your credit score. Additionally, automating your monthly loan payments might result in a 1% reduction.

    On the other hand, loans from the lender can't be used to pay for purposes like education costs, investments, business acquisitions or gambling. Also, if you have a low credit score, you will be charged a higher APR on the loan.

    Pros

    • Same day loan processing
    • No prepayment penalty
    • Soft credit check
    • Pays third-party creditors directly for debt consolidation loans
    • Auto payment discount

    Cons

    • Funds usage subject to restrictions
    • Potentially high interest rates
    • $10 late fee and between 3% and 8% origination fee
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Best Lender for Home Improvement in Charlotte: 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

    Online lending platform Best Egg, created in 2014 by Marlette Funding, provides services in 47 U.S. states. With an A+ BBB rating, Best Egg offers perks to Charlotte residents seeking personal loans for home improvement. Moreover, its loans have no usage restrictions, so it doesn't matter if you're utilizing it for debt consolidation or home repair. If you decide to pay off your loan early, there will be no penalties.

    By enabling autopay, you can reduce your monthly payments by 0.5%. The lender also retrieves your credit report using a soft credit check, which guarantees that your credit score will remain unaffected.

    Keep in mind that Best Egg is not the best fit for all. For example, this lender does not provide joint loans or loans with co-signers. Additionally, those who make less than $50,000 a year are not eligible to apply for a personal loan with this lender.

    Pros

    • Soft credit inquiry
    • Auto payment discount of 0.5%
    • No loan usage restriction
    • Reports to all three major credit agencies

    Cons

    • Potentially high interest rates
    • $15 late fee
    • 1% to 6% origination fee
    • Minimum income requirement of $50,000
    • APR range: 4.99% to 35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    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:

1
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:

  1. How much funds do I require?
  2. How much is my current debt?
  3. What is my credit score?
  4. How much can I afford in monthly payments?
2
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.

3
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.

4
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.

5
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.

What is the best personal loan lender in Charlotte?
Which lender in Charlotte has the lowest interest rate?
Can I use a personal loan for vacations in Charlotte?
Can I use a personal loan for home improvement in Charlotte?
What can I not use my personal loan for in Charlotte?
How much can I borrow in Charlotte?
How long does it take to get a personal loan in Charlotte?
Can I pay off my loan early in Charlotte?

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.

Shield Insurance

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.

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