What is the best personal loan lender in Raleigh?

Truist is the best personal loan lender in Raleigh. The best option for borrowers with good credit is SoFi, whereas Upstart is the best if you have bad credit. Upgrade is the best lender for debt consolidation, while Best Egg ranks top for home improvement.

Which lender in Raleigh has the lowest interest rate?

Upstart offers the lowest APR in Raleigh. Borrowers pay as low as 3.22% per year, depending on their situation.

Can I use a personal loan for vacations in Raleigh?

You can likely use your personal loan to fund a vacation in Raleigh. However, some lenders may not allow you to use personal loans for post-secondary education, investments, illegal activities or gambling. Find out if your lender has such restrictions before applying for a loan.

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

You can use your personal loan for home improvement in Raleigh. Based on MoneyGeek's findings, Best Egg offers the best personal loans for home repairs and renovations in the city.

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

Most Raleigh lenders do not restrict how customers use their personal loans. However, some prohibit you from spending the funds on refinancing existing loans, investing in bonds and stocks and paying post-secondary educational costs. We advise you to check with your preferred lender for their terms on using loan funds.

How much can I borrow in Raleigh?

How much you qualify for depends on various factors, including the lender you choose in Raleigh. Every lender offers a unique loan limit, ranging from $1,000 to $100,000. Some lenders also feature a minimum gross income requirement that you must meet to qualify for a loan.

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

Some lenders disburse personal loan funds within the same day, while some may delay for days. It all depends on the lender.

Can I pay off my loan early in Raleigh?

Yes, you can make early payments in Raleigh. However, some lenders will charge you a prepayment penalty if you do this. That's why you should check the fine print of your loan agreement before making any early payments.

Top Lenders & Best Picks for You

Best Personal Loans in Raleigh, NC

A personal loan covers unexpected expenses, including medical emergencies and home improvement costs, large purchases and debt consolidation. North Carolina has an average personal loan debt of $14,383, with an average interest of 8.72%.

While processing your personal loan application, Raleigh lenders consider your income level, credit score, debt-to-income ratio and other important factors to see if you can pay it back. MoneyGeek analyzed the best personal loans in Raleigh across various borrower profiles to help you identify the right fit for your needs.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Raleigh
The Best Personal Loan Lender for Bad Credit in Raleigh
The Best Personal Loan Lender for Good Credit in Raleigh
The Best Personal Loan Lender for Debt Consolidation in Raleigh
The Best Personal Loan Lender for Home Improvements in Raleigh
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Raleigh

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

The best personal loans will vary based on your financial needs. MoneyGeek determined the best options in Raleigh based on BBB ratings, interest rates, loan amounts, debt-to-income ratios and other features.

From our findings, Truist offers the best personal loans in Raleigh. SoFi is the best option for borrowers with good credit scores, while Upstart is our pick for those with bad credit. If you need to consolidate your debts, Upgrade is the best, whereas Best Egg ranks top for home improvement personal loans.

Best Overall Personal Loan Lender in Raleigh: 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
Established in 1872, Truist is overall the best personal loan lender in Raleigh. The company offers several loan products, including personal loans with an interest of 8.14% to 18.99%. You can borrow between $3,500 and $50,000 and repay within six months to five years.
Once you submit your loan application, you will get the funds as soon as the next day. Truist also offers personal loan relief to customers undergoing financial hardship due to an unexpected event or disaster.
Truist does not charge origination, prepayment or late fees. No minimum credit score is required to apply for a Truist loan, but your APR will be lower if you have good credit.
Pros
No minimum credit score required
No origination fees
Allows debt consolidation for high-interest loans
Offers personal loan relief to qualifying customers
Next-day funding available

Cons
Relatively high starting APR of 8.14%
Low interest rates require excellent credit
Hard credit inquiry affects credit score
No co-signers allowed

Best Personal Loan Lender for Bad Credit in Raleigh: 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 was formed in 2012. It provides personal loans to individuals with a minimum credit score of 300. According to MoneyGeek's research, the lender offers the best personal loan in Raleigh if you have a bad credit rating.
Borrowers typically receive their funds in one day and will be expected to repay within three to five years. Interest rates range from 3.22% to 35.99%. The lender also charges origination and late payment fees.
Once you submit your application, the company will conduct a soft inquiry to determine your credit information without affecting your score. A significant drawback of the lender is the minimum gross income of $12,000.
Pros
Low minimum credit score required
Unrestricted use of funds
Soft credit inquiry doesn't affect credit rating
Funds disbursed in a day
No prepayment penalty

Cons
No autopay discount
Co-signers not allowed
Customers with no credit history do not qualify
Minimum income required
Charges origination fees

Best Personal Loan Lender for Good Credit in Raleigh: 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
MoneyGeek ranks Social Finance (SoFi) as the best lender for borrowers with a good credit score. SoFi started operations in 2011, providing several personal loan benefits.
The lender offers high loan limits, with $5,000 as the minimum amount and a maximum of $100,000. You may also receive a discount of 0.25% on your monthly premium if you automate your payments. SoFi offers unemployment protection, which is helpful if you lose your job.
For your application to get approved, you must have a minimum credit score of 680 and provide proof of income. Afterward, you will receive the funds within two days. SoFi may not be ideal for borrowers with a bad credit rating.
Pros
0.25% autopay discount
Soft credit checks
No origination fees
No prepayment penalty or late fees
High loan limits

Cons
High credit score limit
Customers with new or no credit history do not qualify
No co-signers
Requires proof of income

Best Personal Loan Lender for Debt Consolidation in Raleigh: 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
MoneyGeek found that Upgrade — established in 2017 — offers the best personal loans for debt consolidation in Raleigh, North Carolina. Besides debt consolidation, the lender provides personal loans for home improvement, major purchases and refinancing credit cards.
To qualify for a personal loan from Upgrade, potential customers must have a minimum credit score of 560, which is quite fair compared to some lenders in the city. You do not qualify for a personal loan if you have new or no credit.
Upgrade customers receive funds within the same day of submitting their application. However, the funds come with a restriction on usage. You are not allowed to use the funds for post-secondary education, investments, illegal activities or gambling.
Pros
No prepayment penalty
Soft credit checks
Same day funding
Fair minimum credit score limit
Makes third-party payments for debt consolidation

Cons
High interest rates
Loans only up to $50,000
Up to $10 late fee
Restricted usage of loan funds

Best Personal Loan Lender for Home Improvement in Raleigh: 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
According to MoneyGeek's research, Best Egg is the best personal loan lender in Raleigh for home improvement. Founded in 2014, Best Egg allows customers with excellent credit scores to access personal loans at an interest rate between 4.99% and 35.99%.
You may receive a minimum loan amount of $2,000 and a maximum of $50,000 depending on your needs and how best they meet the lender's requirements. Best Egg carries out soft credit inquiries that ensure your credit score is not affected before your application gets approved.
The lender also makes direct payments to other lenders for customers who wish to consolidate debt. With Best Egg, a credit score of 700 is required.
Pros
Soft credit inquiry
Allows debt consolidation
No prepayment penalty
0.5% auto payment discount
Funding within one day

Cons
Origination fees of up to 5.99%
A high minimum credit score required
No joint accounts allowed
Low loan limits

How to Choose the Best Personal Loan Lender in Raleigh for You

In North Carolina, personal debt averages $14,383. The state has an average credit score requirement of 718. The amount you can borrow depends on factors such as your income level, credit score, repayment term and interest rate.

While applying for a personal loan in Raleigh, you should follow the steps below to choose the best loan product for your needs.

Ask Yourself the Important Questions

Repaying a personal loan requires a high level of commitment. Before applying for a loan, it's crucial to analyze your needs and establish whether your preferred loan will meet them. Before approaching any lender, the following questions should help you get started:

How much funding do you need?
What is your credit score?
Are you comfortable with the monthly payment proposed by the lender?
What is your existing debt amount?

Do Your Research

When you opt for a personal loan, you will have to make monthly payments for two to four years. Doing your own research can help you identify the loan product in Raleigh with the best terms for your profile. For instance, you may find a lender who prioritizes soft credit inquiry over hard checks to preserve your credit score.

While MoneyGeek provides all the information you need to make the best decision, we still recommend that you explore other options not included in our study.

Wait

Once you have narrowed your selection to a few lenders, take a few days to weigh each company's offer. You may miss out on vital details of the loan if you submit your application in a rush. Evaluate all aspects and choose a company that best suits your financial needs.

Read the Fine Print

It's important to read and understand your loan agreement details so that you can raise any questions before signing up with the lender. Look out for essential features like the penalties, interest rates, repayment period and loan relief. Ignoring additional fees may negatively affect your repayment amounts and frustrate your financial goals.

Apply

Once you're okay with the terms of your loan agreement, it's time to submit your application. You can do this online or by visiting the company office in person. Most lenders will need your personal and contact information, credit information and proof of income. Your lender will review your application and advise whether it has approved your loan.

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

Lending companies may deny you a personal loan for various reasons, including a low credit score. Your application may not be approved if you do not meet a particular lender's minimum credit score requirements. In addition to a low credit score, other reasons include a low-income level or incomplete application.

When this occurs, your first action should be calling or emailing the lender to find out why your loan application was unsuccessful. Based on the feedback, you may need to modify your application and resubmit it to the same lender or a different one.

If the reason is a low credit score or income level, you may need to improve your ratings before resubmitting your application. Alternatively, you may consider another provider with more favorable terms.

Short-term loans such as payday loans offer a quicker alternative but feature higher interests and shorter repayment schedules.

Frequently Asked Questions About Personal Loans in Raleigh

The right personal loan lender in Raleigh will depend on your credit rating, income level, loan purpose, repayment terms and other important factors. MoneyGeek responded to frequently asked questions about personal loans in the city to help you get started.

Our Personal Loan Methodology

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

We reviewed several unique data points within each category that carry the most weight when choosing a personal loan provider. The data points include APR ranges, minimum credit score requirements, available loan amount, mimimum income amount, disbursement time and application costs.

Here at MoneyGeek, every consumer is our top priority. That's why we consider each lender's customer support, business ratings and other features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, we determine our picks in your best interests. Our personal loan recommendations and expert tips should help you make the best decision when choosing a lender that meets your needs.

sources

Truist. "Personal Loans." Accessed June 15, 2022.
Truist. "Personal Loan Payment Relief Options." Accessed June 15, 2022.
Upstart. "Personal Loans." Accessed June 15, 2022.
SoFi. "What Income and Income Documents Should I Include on My Loan Application?." Accessed June 15, 2022.
Upgrade. "Are There Any Late Fees?." Accessed June 15, 2022.
Upgrade. "What Are the Different Uses for a Personal Loan?." Accessed June 15, 2022.

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.