What is the best personal loan lender in Charlotte?

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.

Which lender in Charlotte has the lowest interest rate?

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.

Can I use a personal loan for vacations in Charlotte?

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.

Can I use a personal loan for home improvement in Charlotte?

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.

What can I not use my personal loan for in Charlotte?

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.

How much can I borrow in Charlotte?

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.

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

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.

Can I pay off my loan early in Charlotte?

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.

Top Lenders & Best Picks for You

Best Personal Loans in Charlotte, NC

There are several reasons why people apply for personal loans in Charlotte, including consolidating their debt, renovating their home, paying for education or health care expenses, buying a vehicle or going on vacation. Many lenders consider your income, credit score, age and debt-to-income ratio.

With an average credit score of 718, the average North Carolina resident has $5,361 in credit card debt and $14,383 in personal loan debt. The same statistics apply to the major commercial center in Charlotte, North Carolina.

WHAT WE’RE GEEKING OUT ON

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

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
on Truist Website

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
on Upstart Website

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
on SoFi Website

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
on Upgrade Website

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
on Best Egg Website

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.

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.