Top Lenders & Best Picks for You

Best Personal Loans in Fayetteville, NC

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Reviewed byStephanie Olsen
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Reviewed byStephanie Olsen
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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Personal Loan Lender in Fayetteville: Truist

To find the top-rated lenders in Fayetteville, MoneyGeek examined more than 30 factors, including interest rates, origination fees, repayment terms, late fees, BBB rating, loan amount limits and more.

Overall, the best personal loan lender in Fayetteville is Truist. However, the lender you choose should be based on how it fits your personal needs and preferences.

Best Overall Personal Loan Lender in Fayetteville, NC: 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

    MoneyGeek’s research found that Truist offers the best personal loans in Fayetteville. You can borrow up to $100,000 from this lender. They offer same-day funding and no origination fees or prepayment penalties.

    To qualify, there's no minimum credit score requirement. If your purpose for the loan is to pay for post-secondary educational expenses, refinance an existing loan with the lender, or purchase stocks and bonds, Truist may not be for you as it imposes restrictions on the use of funds.

    Headquartered in North Carolina, Truist is the sixth-largest commercial bank in the U.S. and was formed by the merger of BB&T and SunTrust.

    Pros

    • Next-day funding option
    • No prepayment penalty
    • No origination fees
    • A+ rating from BBB
    • Joint loans available

    Cons

    • Restricts how you use your loan
    • Conducts hard credit checks
    • Does not accept applicants with new or no credit
    • 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 Fayetteville, NC: 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

    According to our research, Upstart is an ideal option for individuals with poor credit. The company requires a minimum credit score of 300, a debt-to-income ratio below 45% and a $12,000 minimum gross income. Upstart conducts a soft credit check that will not affect your credit score.

    However, the most you can borrow is $50,000. Thus, it may not be ideal if you’re looking for a higher loan amount.

    Upstart was established in 2012 and is available in 48 states, including North Carolina. To make affordable credit more accessible, the AI-enabled lending platform partners with banks and credit unions.

    Pros

    • No restrictions on usage of funds
    • Minimum credit score of 300
    • Conducts soft inquiry
    • No prepayment penalty
    • Offers joint loans

    Cons

    • Charges up to 8% origination fee
    • Required debt-to-income limit is 45% or less
    • Does not allow cosigners
    • Does not accept applicants with new or no credit
    • No mobile app
    • 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 Fayetteville, NC: 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

    If you have good credit, MoneyGeek’s research shows that SoFi is the best company for personal loans in Fayetteville. The average credit score of North Carolina residents is 718. Therefore, it’ll be easier for most residents to meet the minimum credit score requirement of 680.

    With SoFi, you can borrow up to $100,000 at competitive rates. The company has no prepayment penalties, origination fees or late fees. That means you can save money upfront and throughout the term of the loan. It’s easy to manage your payments and check your credit score on the lender’s app. Additionally, you are not restricted in how you use the funds.

    However, SoFi might not be your top option if your credit is low or your income is less than $50,000. While joint loans are allowed, cosigners are not.

    Founded in 2011, the fintech company offers products and services beyond personal loans, such as mortgages and cryptocurrencies.

    Pros

    • No restrictions on loan funds use
    • No origination fee
    • No prepayment penalties or late fees
    • A+ rating from BBB
    • Competitive rate match

    Cons

    • $50,000 minimum gross income
    • Loan funding can take up to one week
    • Cosigners not allowed
    • Good to excellent credit is required
    • 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 Personal Loan Lender for Debt Consolidation: 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

    Established in 2017, Upgrade is MoneyGeek’s top choice for those who need a personal loan for debt consolidation. The lender focuses on unsecured loans while also offering secured loans, auto loans and credit cards and has an A+ rating from the Better Business Bureau.

    You’ll need to be currently employed and have a credit score of 560 to qualify for a personal loan from Upgrade. The company conducts pre-qualification through a soft credit inquiry that doesn't affect credit scores. If you get a loan for debt consolidation, Upgrade will directly pay your creditors.

    If you need a loan amount higher than $50,000, however, Upgrade might not be for you. Upgrade also charges relatively high interest rates, reaching up to 35.97%.

    Pros

    • Moderate minimum credit score required
    • 1% discount for auto pay
    • Joint loans available
    • No prepayment penalties

    Cons

    • Restrictions on the usage of funds
    • 3%-8% origination fee
    • Doesn’t accept those with new or no credit
    • No cosigners
    • 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 Personal Loan Lender for Home Improvement: 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

    It’s common for homeowners to get a personal loan for home renovation. MoneyGeek examined different lenders for personal loans in Fayetteville and found that Best Egg is the top lender for home renovation purposes.

    To qualify, you’ll need to be employed, have a minimum credit score of 700 and $50,000 in gross income. If your goal is to pay your loan off early, you’ll be pleased to note that Best Egg does not charge prepayment penalties. It also conducts a soft credit inquiry that doesn’t affect your credit score.

    Some applicants may find the requirements difficult to meet, and the company does not allow co-signers or joint loans. It additionally charges an origination fee of up to 6%.

    The online financial platform was founded in 2013 and is owned and operated by Marlette Holdings.

    Pros

    • No debt-to-income limits
    • No prepayment penalty
    • Performs soft credit inquiry
    • 0.5% auto payment discount
    • Discloses rates on website

    Cons

    • Gross income requirement of $50,000
    • High minimum credit score
    • Doesn’t accept individuals with new or no credit
    • Charges up to a 6% origination fee
    • Charges a late payment fee
    • 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 Fayetteville for You

In North Carolina, the average personal loan debt is $14,383. Unsecured personal loans can be handy for large expenses, whether planned or otherwise. The average personal loan interest rate is 8.72%, much lower than credit card or line of credit APRs. Before applying for a personal loan, it’s wise to consider factors like your current credit score, income, debt and other financial responsibilities.

MoneyGeek has listed the following steps so that you get a headstart when getting a personal loan in Fayetteville.

1
Ask Yourself the Important Questions

Before researching personal loan providers, assess your current situation. Remember that loans are a long-term commitment, so it’s important to make the best financial decision possible. Consider your other financial obligations to ensure that you can pay off your loan within the given term.

You also need to consider a lender’s qualifications or requirements. Before deciding on a lender, answering the following questions can help you save time and money:

  • 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

When it comes to personal loans, a common term ranges from 2 to 4 years. Before committing to making years of monthly payments, it’s in your best interest to shop around and compare rates and requirements between lenders.

Most personal loan lenders have specific requirements regarding employment, income and debt-to-income ratio. All will consider your credit score and history. Some lenders conduct hard credit checks that influence your credit score, while others perform soft credit inquiries.

MoneyGeek compiled key details about personal loans in Fayetteville to help in your search. Our findings are based on an average consumer, and you may have different needs and preferences. Performing your own research can lead you to the best lender for your financial profile.

3
Wait

After creating a list of your desired lenders, wait a day or two. Taking a step back and giving yourself time to think will lead to a more objective decision. While waiting, reassess your needs and financial commitments. It’s alright to take your time, especially since a personal loan is a big responsibility.

4
Read the Fine Print

MoneyGeek recommends taking a closer look at a lender’s fees and rates before you apply. With personal loans, the small details matter. Aside from thoroughly reading the fine print, you can ask your lender directly about origination and administration fees, prepayment penalties, late fees or any other charges. Doing so can help you save money in the long run.

5
Apply

Once you choose a lender you prefer, you can apply for your personal loan. Lenders usually need your identification, address verification and income details for your application. Depending on what is available, you can either apply online or visit the lender’s office to apply in person. You’re free to choose which option works best.

What To Do if You Can’t Get a Personal Loan in Fayetteville, NC

Your personal loan application may be denied for many reasons. The most common include an unsatisfactory credit score, income, debt-to-income ratio or employment history.

Ask the lender why your application was declined. You might be able to work with them and tweak your application by decreasing the loan amount, for example. If you’re in a position to do so, you might consider asking if a cosigner or joint loan application would make a difference. If that doesn’t work out, consider applying for a loan with another lender.

Even if it’s tempting to get a payday loan, we strongly advise against it. The two biggest disadvantages of payday loans are their extremely high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Fayetteville, NC

MoneyGeek compiled the most commonly asked questions about personal loans in Fayetteville. Keep in mind that the best personal loan provider for you will vary based on your credit score, income, financial history and more.

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

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.

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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.