Top Lenders & Best Picks for You

Best Personal Loans in Raleigh, NC

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Updated: December 28, 2023

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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.


    • 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


    • 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.


    • 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


    • 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.


    • 0.25% autopay discount
    • Soft credit checks
    • No origination fees
    • No prepayment penalty or late fees
    • High loan limits


    • 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.


    • No prepayment penalty
    • Soft credit checks
    • Same day funding
    • Fair minimum credit score limit
    • Makes third-party payments for debt consolidation


    • 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.


    • Soft credit inquiry
    • Allows debt consolidation
    • No prepayment penalty
    • 0.5% auto payment discount
    • Funding within one day


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

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:

  1. How much funding do you need?
  2. What is your credit score?
  3. Are you comfortable with the monthly payment proposed by the lender?
  4. 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.


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.


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.

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

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.

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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.