Best Personal Loans in Winston-Salem, NC: Top Lenders & Best Picks for You

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Winston-Salem, NC

MoneyGeek considered over 30 data points, such as interest rates, loan terms, availability, supplemental costs, borrowing limits, disbursement periods, credit score requirements, benefits and usage restrictions, to evaluate the advantages and disadvantages of personal loan lenders in Winston-Salem.

According to our research, Truist offers the best personal loans in Winston-Salem. However, a different lender could be better for you based on your needs. For instance, Upstart is the ideal provider for people with bad credit, SoFi is the best choice for North Carolinians with excellent credit and Upgrade is our preferred debt consolidation lender.

Best Overall Personal Loan Lender in Winston-Salem: 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

    Truist, which was founded in 1872, is MoneyGeek’s pick as the top overall personal loan lender in Winston-Salem. It has an A+ rating from the Better Business Bureau (BBB) and is one of the largest banks in the U.S. in terms of assets. One of the highlights of its personal loan product is its low APR rates.

    Truist does not have a minimum credit score requirement, although the better your creditworthiness, the better the rates. Clients aren’t charged prepayment or late fees. Additionally, you can enjoy a 0.5% discount for automatic payments.

    However, the lender places several limitations on how you can use the funds. For instance, you cannot use a personal loan to settle another loan, fund your schooling or your business or purchase stocks or bonds. In addition, the borrowing cap is $50,000.


    • Low APR
    • 0.5% autopay discount
    • No late fees
    • No origination fees


    • Hard credit pull
    • Some constraints on fund usage
    • Rejects applicants with little or no credit history

Best Personal Loan Lender for Bad Credit in Winston-Salem: 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

    The Upstart AI finance platform was established in 2012. If you live in Winston-Salem and need a personal loan but have bad credit, this is one of your best options. The company runs a soft credit check upon inquiry and has no minimum credit score requirement. The company also processes loans swiftly, typically within one or two days.

    However, this lender might not be the best option for you if you don't want to pay potentially high-interest rates or if you require a sizable loan amount since it only offers up to $50,000. It imposes a 10% origination fee and a late fee (although there is a grace period before the penalty is applied).


    • Performs soft credit check
    • No prepayment penalty
    • Fast fund disbursement
    • Low minimum gross income requirement


    • Up to 10% origination fee
    • $15 late fee
    • $50,000 borrowing cap
    • No mobile app

Best Personal Loan Lender for Good Credit in Winston-Salem: 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

    Since 2011, SoFi has provided various financial services, including personal loans. MoneyGeek rated it the best provider of personal loans in Winston-Salem for borrowers with strong credit. There are several reasons for this, including a high borrowing limit of $100,000 and the lack of supplemental charges like an origination fee, late fee and prepayment penalty. SoFi conducts soft credit checks. If you set up autopayment, you earn a 0.25% discount.

    SoFi’s great benefits are gated by strict eligibility requirements, from a minimum gross income requirement of $50,000 to a credit score requirement of 680. Additionally, the lender keeps its price-setting process hidden and does not make it easy to find rates on its website.


    • Loans of up to $100,000
    • 0.25% autopay discount
    • Soft credit check
    • No prepayment penalty
    • No late fee


    • High minimum gross income requirement
    • 680 minimum credit score required
    • No co-signers

Best Personal Loan Lender for Debt Consolidation in Winston-Salem: 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 is MoneyGeek's top recommendation for the best debt consolidation loan provider in Winston-Salem. Since its inception in April 2017, Upgrade has handled more than $15 billion in loans and credit cards. This lender has outstanding client feedback and a Better Business Bureau rating of A+.

    If you request a loan to combine your debts, Upgrade pays your creditors directly. It may also provide funds quickly, making it ideal for hurried payments to satisfy debt obligations.

    However, it's only a good option for individuals looking for small and modest loans because its available funding ranges from $1,000 to $50,000.


    • Direct creditor payment for debt consolidation
    • Fair minimum credit requirement
    • Soft credit inquiry
    • No prepayment penalty


    • $50,000 loan limit
    • Up to 8% origination fee
    • Potentially high APR

Best Personal Loan Lender for Home Improvement in Winston-Salem: 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 established in 2014 and has a reputation as an affordable online loan provider. It offers a home renovation loan, featuring speedy processing and no property appraisal. People who choose to have their premiums paid automatically get a 0.5% discount. Also, there is no fee for paying off the loan early.

    However, there is a $50,000 minimum income requirement. Additionally, Best Egg levies origination fees of up to 8.99% and demands a high credit score of at least 700.


    • A+ BBB rating
    • No prepayment penalty
    • Soft credit check
    • No DTI limits
    • Home renovation loan


    • 700 minimum credit score requirement
    • $50,000 loan limit
    • Late fee
    • Up to 8.99% origination fee
    • High gross income requirement
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Winston-Salem for You

Personal loans serve different uses, including home improvements, debt consolidation, car loans, moving expenses and paying for medical costs or college tuition. Lenders typically look at your credit score, income per month and debt-to-income ratio, among other factors, to determine whether you qualify for a personal loan. The average personal loan debt in North Carolina is $14,383 with an 8.72% personal interest rate.

MoneyGeek recommends taking the following actions to find the ideal personal loan lender in your area:

Ask Yourself the Important Questions

First, decide if a personal loan is your best choice. If so, determine which lenders' requirements you satisfy. Think about the following:

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

Comparing lenders before submitting an application is a good idea. Remember that personal loans are costly, long-term commitments. The borrower usually completes payments in two to four years.

Additionally, some lenders perform hard credit checks, which could lower your credit score. Although MoneyGeek wrote this guide to help customers identify Winston-Salem's top personal loan providers, every client has different requirements. If our suggestions don’t exactly fit for your needs, look into other possibilities.


Once you've compared the features, offers, rates and expenses of various lenders, you should consider your options for a few days. Sit back and think about your financial obligations before you decide which lender is best for you. Carefully consider if this is the best course of action for you because getting a personal loan entails a significant financial commitment.

Read the Fine Print

After you decide on a lender, examine the personal loan’s fine print. Pay attention to items that could increase your costs, such as prepayment fines, early payout charges, late fees and origination costs. Knowing how much you might spend will help you plan for the future.


Once you've done your homework, read the fine print and pondered your choice, it's time to submit your application. By this point, you’ll know which lender you want to work with and have all the data you need to fill out an application. Lenders frequently need verification of a borrower's identity, place of residence and income throughout the loan application process. Feel free to give the lender a call or apply in person, even though others might find applying online more convenient.

What to Do if You Can’t Get a Personal Loan in Winston-Salem

If a lender denies your application, you don’t necessarily need to stop trying. Numerous factors, such as a lack of income, bad credit, a high debt-to-income ratio and a short work experience, could lead a lender to reject your application. Ask why your application was turned down and whether you can change some of your loan terms, such as the borrowing term or loan amount.

If you're having problems being approved, you could perhaps secure a loan with a co-signer or use collateral as security. You may also seek a loan from a different lender. However, you should hold off on doing this until you have fixed the issue that caused your application to be rejected.

Additionally, we caution against taking out payday loans. With brief repayment times and extremely high interest rates, this type of loan can have crippling effects on your finances.

Frequently Asked Questions About Personal Loans in Winston-Salem

The Winston-Salem personal loan company that’s best for you will depend on your specific circumstances. MoneyGeek answers commonly asked questions to help you through the process.

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

Our Personal Loan Methodology


Using a unique scoring rubric, our experts evaluated a range of personal loan providers in Winston-Salem based on six major categories: loan accessibility, affordability, lender transparency, customer service, customer friendliness and flexibility.

Within each category, we considered several factors, such as application fees, loan amounts available, minimum credit score required, disbursement time and APR ranges. We believe these factors play essential roles in determining the best personal loan provider for your needs.

Most importantly, we place emphasis on major factors for reliability, including business ratings, customer support and additional features, such as mobile app, to improve your experience. We aim to provide you with well-researched information so that you can make informed decisions.

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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.