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

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Edited bySarah Mattie
Edited bySarah Mattie

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Durham, NC

To find the best personal loans in Durham, MoneyGeek gathered, analyzed and evaluated more than 30 data points to help us find our favorite picks and rankings.

However, the best personal loan depends on your needs and wants. So, we looked into various factors to find the best lenders for borrowers with poor credit history, good credit, home improvement projects or plans and debt consolidation.

Best Overall Personal Loan Lender in Durham: 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

    When looking for a personal loan lender in Durham, consider Truist. MoneyGeek found this is the best overall personal loan lender in Durham.

    It opened in 2019 after a merger between BB&T and SunTrust. Ever since, Truist Bank has provided various financial products, including personal loans.

    This lender offers loans from $3,500 to $50,000, which can be repaid within six and 60 months. You could get your funds as quickly as the next day, and the money can cover travel, moving expenses, home improvement projects and medical fees.

    Truist also provides a mobile app for quickly managing your accounts.

    Pros

    • Provides a mobile app
    • No minimum credit score
    • Zero origination fees
    • Flexible repayment term

    Cons

    • No co-signers
    • No direct payment for debt consolidation
    • Minimum of $3,500 of loan amount
    • Conducts hard credit inquiry
    • Not suitable for new borrowers or those without a credit history
    Truist

Best Personal Loan Lender for Bad Credit in Durham: 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

    Upstart opened in 2012 and uses artificial intelligence (AI) to fund loans. This lender suits borrowers who need a personal loan and have poor credit scores. You can use loan proceeds for medical expenses, debt consolidation and more.

    Upstart reviews borrowers' current employment status and gross income before it approves your application. Although this lender conducts soft credit inquiries, it will not affect your credit scores. This lender may suit you best if you need immediate funding since your money can arrive within a day or two.

    Pros

    • A+ BBB rating
    • No limits on fund usage
    • No prepayment penalty
    • Low credit score requirement

    Cons

    • Employment requirement
    • Debt-to-income limit of 45%
    • No autopay discount
    • Origination fees of up to 8%
    • 5% late fee if not paid after the grace period
    Upstart

Best Personal Loan Lender for Good Credit in Durham: 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

    In 2011, Stanford business school students founded SoFi, later becoming one of the most reliable choices for borrowers with good credit. Its good reputation makes it one of the best personal loans in Durham.

    Borrowers who want to apply for a SoFi personal loan need at least a credit score of 680 and a yearly income of $50,000. SoFi offers a minimum loan amount of $5,000 and a maximum of $100,000.

    If you involuntarily lose your job, SoFi offers an unemployment protection program. The lender temporarily pauses your payments and helps you look for work with job placement assistance.

    Plus, you can easily manage your accounts with its mobile app.

    Pros

    • Has a mobile app
    • Offers unemployment protection program
    • Maximum of $100,000 loan amount
    • Autopay discount of 0.25%
    • No prepayment fees

    Cons

    • Funding may take up to a week
    • Minimum loan amount of $5,000
    • Minimum credit score of 680
    • No co-signers
    SoFi

Best Personal Loan Lender for Debt Consolidation in Durham: 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 was founded in 2017. Since then, it's served more than 15 million people by providing more than $15 billion in affordable, responsible funding. If you’re keen on looking for personal loans in Durham, MoneyGeek recommends that you check the different loan options from Upgrade.

    Upgrade requires a credit score of 560, and the maximum loanable amount is up to $50,000. The loan proceeds may be used to pay home improvement fees, credit card refinancing, debt consolidation and other hefty purchases.

    You can apply through its website or branches.

    Pros

    • A+ BBB rating
    • 1.0% autopay discount rate
    • Soft credit inquiries
    • Minimum of $1,000 loan amount

    Cons

    • Charges late fee
    • Origination fees of up to 8%
    • No co-signers
    • Potentially high APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Durham: 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

    Best Egg was founded in 2014, is backed by Marlette Funding and operates in 47 states. MoneyGeek recommends that you check Best Egg if you need a home improvement personal loan in Durham.

    Loan proceeds can be used for credit card refinancing, debt consolidation, home repair projects, logistics expenses, travel and more. This lender conducts soft credit inquiries that won’t affect your application.

    Though Best Egg charges origination fees up to 8.99% of the loan amount and late fees, borrowers can apply online and get the funding within one to three days.

    Pros

    • A+ BBB rating
    • Soft credit inquiry
    • Maximum of $50,000 loan amount
    • No prepayment penalty

    Cons

    • Requires high minimum credit score
    • Origination fee of up to 8.99%
    • Charges late fee
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Durham for You

Durhamites find various ways to fund expenses like medical emergencies, birthdays, weddings or educational fees. MoneyGeek suggests you go through these steps when looking for the best personal loans in Durham.

1
Ask Yourself the Important Questions

Personal loans can resolve your financial needs, but these may also be a long-term commitment. MoneyGeek suggests you ask these questions to help you decide your best route.

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2
Do Your Research

Review every lender’s quote and details before choosing a specific bank. With MoneyGeek’s informative guide, you’ll understand the process by checking the details to find the best personal loans in Durham.

Remember that the information is representative of the average borrower. Your preferences and needs vary from the examples mentioned.

3
Wait

After choosing a lender, try waiting a day or two before filling out the application. This allows you to think, evaluate and understand the entire decision. This shouldn't be an impulsive action but a decisive one.

4
Read the Fine Print

Each loan agreement has fee terms and conditions. These fees may not have been explicitly shared by the loan officer and may come as a shock later. Consult your lender before starting the application.

5
Apply

When you finish the necessary steps and are sure of your decision, gather all the required documents and fill out the application form. Get copies of your pay stubs, IDs and proof of address. Some lenders offer online applications, which may be more convenient than visiting the branches.

What to Do if You Can’t Get a Personal Loan in Durham

Personal loan applications may be denied for various reasons. Don’t feel bad if you're denied, as this happens to many people for many reasons. Factors include low credit scores, inadequate income, incomplete requirements or significant debt.

Talk to your lender about modifying your current application, especially by changing the loan amount or desired term. These changes may make you eligible.

You may encounter payday loans. These loans may offer immediate solutions but come with very high-interest rates, short repayment terms and few protections. MoneyGeek advises not to use this kind of loan as it can be very volatile.

Frequently Asked Questions About Personal Loans in Durham

There are different options for personal loans in Durham that you can check out. Here, MoneyGeek responds to the most frequently asked questions about personal loans to guide you better.

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

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek evaluated more than 30 personal loan lenders by using more than 35 individual data points in six key categories. These categories are affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Different individual data points weigh more than other ranking criteria. These data points affect the choice of the best personal loan lender. The factors are application fees, APR ranges, available loan amount, disbursement time, minimum credit score and income amount.

MoneyGeek prioritizes every consumer and their needs. We consider every lender’s business ratings, customer service and unique features that would make your loan application more accessible and better. Some of those are mobile apps, payment options and prequalification.

We prioritized your best interest when we chose our top picks. These personal loan recommendations and expert tips help you make the most logical decision when choosing a lender.

sources
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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.