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

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.

Pros

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

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).

Pros

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

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.

Pros

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

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.

Pros

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

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.

Pros

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