Best Personal Loans in Fayetteville, NC

fact checked icon

Updated: October 3, 2024

Advertising & Editorial Disclosure

Fort Liberty Federal Credit Union is the best personal loan lender in Fayetteville, North Carolina, with a MoneyGeek score of 96 out of 100, offering competitive interest rates, flexible repayment terms, and a credible and transparent loan process.

Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100, providing strong customer service, a quick application and approval process, and credibility and transparency in its loan terms and process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process, and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in North Carolina.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

recency icon

Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Fayetteville, North Carolina. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Fayetteville, NC

Company logo for Fort Liberty Federal Credit Union
Fort Liberty Federal Credit Union

MoneyGeek Score96
APR Range9% to 17%
Loan Amount RangeUp to $30,000
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

Fort Liberty Federal Credit Union stands out as the best personal loan lender in Fayetteville, North Carolina, with a MoneyGeek score of 96 out of 100. It excels due to its A+ BBB rating and federal insurance by the NCUA, ensuring trust and security for borrowers. However, potential borrowers should consider its limitations: the borrowing limit is capped at $30,000, which may not suit those needing larger amounts, and there is no option to apply online, adding inconvenience to the application process.

Best Online Personal Loan in Fayetteville, NC

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Fayetteville, North Carolina, with a MoneyGeek score of 93 out of 100. This lender offers personal loan amounts ranging from $5,000 to $45,000 and repayment terms between 36 and 60 months, providing Fayetteville residents with a range of options to suit their financial needs. Borrowers looking into Laurel Road should consider that it offers a 0.25% autopay discount and no origination fees, potentially saving money over the loan's life. However, it also has a high minimum loan requirement and charges a late fee of 5% or $28, which could add to the cost if payments are not made on time.

Calculate Your Monthly Payment in Fayetteville, NC

The United States Census Bureau reported that the median annual household income in Fayetteville, North Carolina, in 2022 was $56,685. Whether your income is above or below this median, what truly matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take a $10,000 personal loan with a 10% interest rate and a three-year repayment term, the monthly loan payment would be $323, or $3,876 annually. This amount represents 7% of the median annual household income, aligning with the financial data for Fayetteville, North Carolina.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Oct 15, 2024

5 Years
Shield Insurance

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Runner-Up for Best Personal Loan in Fayetteville, NC

Company logo for Bragg Mutual Federal Credit Union
Bragg Mutual Federal Credit Union

MoneyGeek Score89
APR RangeFrom 14.00%
Loan Amount RangeUp to $15,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Bragg Mutual Federal Credit Union ranks as the runner-up for the best personal loans in Fayetteville, North Carolina, with a MoneyGeek score of 89 out of 100. It stands out by being federally insured by the NCUA, assuring borrowers of its security, and offering a loan payment calculator to help estimate monthly payments easily. However, potential borrowers should consider that its borrowing limit caps at $15,000, which might be restrictive for larger financial needs. Additionally, it charges a late fee of 4% of the payment due, adding to the cost if payments are not made on time.

Other Options for Personal Loans in Fayetteville, NC

Company logo for Vision Financial Federal Credit Union
Vision Financial Federal Credit Union

MoneyGeek Score89
APR RangeFrom 12.95%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

If you are seeking a reliable personal loan provider in Fayetteville, North Carolina, Vision Financial Federal Credit Union is a suitable choice, boasting a MoneyGeek score of 89 out of 100. One key pro is that it accepts joint applications, allowing you to potentially qualify for better terms with another person. Another significant pro is that it is federally insured by the NCUA, ensuring your deposits are protected. However, it's important to consider that it does not offer rate discounts, which might affect the overall cost of your loan. Additionally, there's no option to prequalify, which could make it harder to gauge your eligibility without a formal application.

National Lenders With Physical Locations in Fayetteville, NC

Fayetteville, North Carolina residents searching for the best personal loans who prefer traditional face-to-face service can select from a variety of national lenders with local branches. Borrowers in Fayetteville may choose Truist, Wells Fargo, PNC, or OneMain Financial for their personal loan needs, as all have a presence in the city, offering a range of loan options and personalized service.

OneMain FinancialAPR Range18.00% to 35.99%Loan Amount Range$1,500 to $20,000Repayment Terms24 to 60 months
PNCAPR RangeUndisclosedLoan Amount Range$1,000 to $35,000Repayment Terms6 to 60 months
TruistAPR Range8.74% to 17.39%Loan Amount RangeStarting from $3,500Repayment Terms24 to 60 months
Wells FargoAPR Range7.49% to 23.24%Loan Amount Range$3,000 to $100,000Repayment Terms12 to 84 months

What to Do if You Can't Get a Personal Loan in Fayetteville, NC

Your personal loan application in Fayetteville, North Carolina can get denied due to various reasons, like a low credit score, negative financial history, or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service helps you find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. Consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from the North Carolina Department of Justice's resources on credit and debt. Another option is the National Foundation for Credit Counseling.

FAQ About Personal Loans in Fayetteville, NC

We addressed common questions regarding top personal loans in Fayetteville, North Carolina, offering valuable insight for informed decision-making.

Who is the best overall personal loan lender in Fayetteville, North Carolina?
What are personal loans used for in Fayetteville, North Carolina?
What are the interest rates on personal loans in Fayetteville, North Carolina?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Fayetteville, North Carolina?
What are the best low-interest personal loans in Fayetteville, North Carolina?
What is an installment loan? Is there a difference between personal loans and installment loans in Fayetteville, North Carolina?
Is there a difference between credit union loans and bank loans in Fayetteville, North Carolina?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


sources
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.