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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.

Last Updated: 6/7/2022
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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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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:

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.

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.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.