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Best Loans in North Carolina

Auto loans make up the majority of consumer loans in North Carolina with credit cards coming second. North Carolina residents tend to pay off their loans in a timely manner and the delinquency rate is much lower than the national average. For this reason North Carolina offers some of the best rates...

Best Loans in North Carolina
Daniel Lewis
Written by:Daniel Lewis
MBA accredited investment professional
Finimpact Affiliate Disclosure

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

We have picked the best loan options for North Carolina residents based on our thorough vetting and reviews of each lender. We understand that choosing the right loan option is an important decision and we want to make sure you feel completely comfortable with the lender you choose. We recommend doing your own research on the lender, their rates, and the terms of their loan to ensure that you are getting the best deal for you. 

Best Personal Loans for 2023 reviewed by

Top Picks for Personal Loans in North Carolina

Choosing the best personal loan in North Carolina can be a daunting task. Our expert loan reviewers consider some the following when assessing loan providers:

  • Loan Features
  • Interest Rates & Fees
  • Application Process
  • Qualification Process 
  • Customer Support 
  • Online User Reviews

Additionally, you should always compare multiple lenders to get the best rate. Finally, be sure to read the fine print and ask questions about anything that you don't understand. With our help, you can find the loan that best suits your needs and budget.

Best Loans in North Carolina - Full Overview

Personal loans are available to North Carolina residents in a variety of forms. Each loan type has its own set of conditions, rates, and benefits. Here's a rundown of the best personal loans in North Carolina, along with their advantages and disadvantages. 

Best Overall

LightStream — Best Overall Personal Loan

2.99% to 19.99%
Loan Amount
Min. Credit Score
Not Disclosed
Key Features
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Pros & Cons
  • Low APRs for good credit
  • Loan amounts up to $100,000
  • Check your rate with no impact on your credit
  • Auto-pay discount available
  • Not available for borrowers with bad credit
  • Rates without auto-pay are .50% higher
  • Minimum loan amount of $5,000

LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.


Main Features

The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.

To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.

LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.

LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.

Avant — Best for Small Personal Loans

9.95% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Low credit score requirements
  • Allowed to refinance personal loans
  • No prepayment penalties
Pros & Cons
  • Low loan amounts available
  • Check your rate with no impact on your credit
  • Mobile app available
  • Available for fair and poor credit
  • Administration fee up to 4.75%
  • Potential for a high APR
  • Lower borrowing limits than other lenders

Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.


Main Features

To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.

Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
 sofi review

SoFi — Best for Loans with No Origination Fee

6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
Key Features
  • No origination, prepayment, or late payment fees
  • Joint applications accepted
  • Offers .25% discount for autopay
  • Borrowers up to $100,000
Pros & Cons
  • Loan amounts up to $100,000 available
  • Check your rate with no impact on your credit
  • No origination fees or hidden fees
  • Unemployment protection offered
  • Same-day funding available
  • High minimum loan amount of $5,000
  • Not available for bad credit
  • Lowest rates require auto-pay

SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.


Main Features

SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.

SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.

Upgrade — Best for Emergency Loans

5.94% to 35.97%
Loan Amount
Min. Credit Score
Not disclosed
Key Features
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Pros & Cons
  • Check your rate with no impact on your credit
  • Funding in as little as one day
  • Generous loan amounts available
  • Choose from flexible repayment terms
  • Origination fee charged on every loan
  • Potential for a high APR

Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.


Main Features

Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.

Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.

OneMain Financial — Best for Loans with Bad Credit

18% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Pros & Cons
  • Available for bad credit borrowers
  • Visit 1,400 nationwide locations
  • Check your rate with no impact to your credit
  • Flexible repayment options
  • Lower loan amounts than other lenders
  • Potential for a very high APR
  • High origination fees likely

OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.


Main Features

Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.

If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.

Tips for Choosing the Best Auto Loans in North Carolina

Selecting the correct auto loan is an important element of buying a new car. Understanding what to look for and how to compare various loan possibilities might assist you in obtaining the best offer. With North Carolina vehicle loan rates ranging from 2.99% to 6.99%, it is critical to shop around and compare rates before signing an agreement.

Here are some pointers to consider when looking for the best vehicle loan in North Carolina:

  • Determine your credit score: Understanding your credit score is critical when looking for auto loans since lenders use it to determine what types of loans you qualify for and how much money they are willing to lend you.
  • Compare rates and offers from many lenders: Comparing rates and offers from other lenders is one approach to ensure that you get the greatest deal on an auto loan in North Carolina.
  • Read all of the fine print: Before signing up for an auto loan, be sure that you understand all of the terms and conditions so that there are no surprises down the line.
  • Evaluate other loan charges or fees: Certain lenders may impose processing fees or prepayment penalties when taking out a vehicle loan, so make sure these extra costs are considered into your budget before signing on the signed line.
  • Browse for vehicles and loans at the same time: Dealer financing offers may be able to provide better interest rates than traditional banking organizations, so look into both choices while shopping for automobiles and loans at the same time.
  • Evaluate both short-term and long-term loans: Both short-term (36-60 month) and long-term (61 month or more) loans have advantages and cons, so choose which choice works best within your budget.
  • Understand fixed vs variable interest rates: Fixed rate auto loans maintain stable payments over time, whereas variable rate car loans often begin with lower payments but can grow over time based on market conditions.
  • Decide if monthly payments are within budget restrictions: When comparing different forms of auto loans, ensure that monthly payments are within budget constraints — this will assist assure affordability over time without compromising other expenses throughout life.
  • Compare local banks to online lenders: Each type of lender has its own set of benefits — local banks often provide more personalized services, whereas online lenders typically offer lower interest rates due to lower overhead costs — thoroughly research both options before deciding on one lender over another.
  • Understand which sorts of automobiles can be financed: Some vehicles cannot be financed through certain banks or lending organizations, so always confirm if a specific automobile is eligible before making any final conclusions about which lender would work best overall.

What You Need to Know About Tax Implications of Your Personal Loan in North Carolina

If you're thinking about getting a personal loan in North Carolina, you should be aware of the tax ramifications. Personal loans can be obtained for a variety of reasons, but they should be used properly; if you do not repay your loan, the lender has the authority to report this to the Internal Revenue Service (IRS).

Here are some of the most important tax ramifications of a personal loan in North Carolina that you should be aware of:

Loan Interest - Personal loan interest is taxable and must be recorded as income when filing taxes each year. It is critical to keep proper records and save all receipts and proof of payments made during the life of your loan.

Loan Forgiveness - If your lender forgives a portion or all of your loan, this may not appear to be good news at first, but it can have tax implications. The IRS will normally consider this debt forgiveness income and may boost your overall taxable income for that year.

Defaulted. Loans - If you fail to make your personal loan payments, you may face substantial financial penalties, including probable legal action from lenders or credit bureaus, as well as additional state or federal taxes on any amount forgiven by lenders.

Loan Consolidation - Consolidating many loans into one new one may provide some relief from high monthly payments; however, any early repayment fines linked with these loans will also be taxed as income.

Tax Deductions - Taking out a personal loan may allow you to take advantage of certain deductions or credits when paying taxes in North Carolina, such as student loan deductions or charitable contribution deductions, if applicable.

Business Loan Tax Consequences - Company owners who take out personal loans for their companies should also understand how these money will affect their business taxes each year; depending on how they use those funds, they may qualify for certain exemptions and deductions.

Refinancing Your Loan - Refinancing an existing loan can assist reduce interest rates over time; but, there are tax ramifications associated with refinancing, including gift taxes if any portion of the original principal sum was paid off by someone other than yourself prior to refinancing.

Take your time before deciding on a personal loan so that you understand all potential tax implications involved both now and during repayment; consult with an attorney or CPA if necessary to fully understand what potential liabilities may occur as a result of taking out this type of debt instrument in North Carolina.

Steps to Take for Repaying Your North Carolina Based Personal Loan On Time

It is critical to repay your North Carolina personal loan on schedule in order to retain your financial stability and credit score. The first step in repaying your debt is to ensure that you have a detailed budget in place. This will assist you in budgeting for monthly payments and ensuring that you have adequate money each month. It's also a good idea to set up automatic payments from your bank account to ensure that the payment is received on time each month.

Also, it is critical to read the loan terms and be aware of any costs or penalties related to late payments or loan default. If you know ahead of time that you will be unable to make a payment, you should contact your lender as soon as possible before missing one. This gives them the opportunity to negotiate with you to avoid any further costs or penalties for late payments.

Whenever your personal or financial position changes, notify your lender immediately since they may be able to adjust things like interest rates or repayment arrangements depending on this information. It can also help if you prioritize loan repayment over other expenses like travel and entertainment, which are not critical for day-to-day living.

Finally, one of the most effective strategies to ensure that a personal loan in North Carolina is repaid on time is to check in with yourself on a regular basis throughout the process and make course corrections as needed so that there are no surprises when payback is due.

The following are seven practical procedures for repaying a personal loan in North Carolina:

  • Make an accurate budget: Having an accurate budget allows you to plan for monthly payments while also managing other day-to-day living expenses.
  • Automated payments: Setting up automatic payments from a bank account ensures that payments are made on time.
  • Understand terms and fees: Understanding exactly what terms apply during repayment (including potential fees) helps to avoid surprises later on.
  • Call your lender before missing a payment: Failure to make a payment does not indicate that all hope is gone. Before missing a payment, notify your lender as soon as possible.
  • Notify the lender of any changes: Inform the lender if your personal or financial position changes; they may adjust interest rates or repayment options.
  • Emphasize repayment over extraneous expenses: Debt repayment should always take precedence over travel/entertainment expenses, etc.
  • Check in frequently and make changes as needed: Checking in on a regular basis and addressing concerns as they arise increases the likelihood of effective payback.

Tips for Improving Your Chances of Getting Approved For a Personal Loan in North Carolina

Obtaining approval for a personal loan in North Carolina is a difficult endeavor, but it is doable with some effort and devotion. First and foremost, you must ensure that you have a decent credit score. Your credit score will be the key determinant of whether you are approved for a personal loan.

Lenders use your credit score to assess your financial reliability and trustworthiness in repaying the loan. Pay all of your bills on time and keep up with any outstanding debt payments to boost your credit score and demonstrate to lenders that you are financially responsible.

When seeking to get authorized for a personal loan, it is also vital to evaluate the amount of money that you are looking for. If it is very high, some lenders may interpret this as a sign that you are unable to handle the burden of repaying such a significant sum of money. As a result, try not to borrow more than is necessary or what can reasonably be repaid within an acceptable time frame.

Additionally, ensure that any documents required throughout the application process are filled out precisely and thoroughly to avoid any delays or misunderstandings later on. It can also help if you have cosigners with good credit on your application, since this shows lenders that there will be someone else liable for helping repay the debt if necessary.

Finally, before applying, investigate prospective lenders to choose one that best meets your needs and preferences for getting approved for a personal loan in North Carolina. Here are some pointers to help you succeed:

Have good credit: Before applying, make sure all bills are paid on time and any outstanding debts are taken care of to maximize your chances of approval.

Set a loan limit: Borrowing only what is necessary or what can be realistically repaid demonstrates financial responsibility.

Documents that are correct: Ensure that all documents required during the application process are completed accurately to avoid delays or misunderstandings.

Signatories: Having extra cosigners with a good credit history gives lenders more confidence in granting the application.

Look into possible lenders: Assess various loan providers so that the finest alternative is selected.

Compare interest rates: Examine the various interest rates offered by various organizations to choose the most advantageous rate.

Understand repayment conditions: Before committing, familiarize yourself with the payment terms supplied by possible lenders. 

Frequently Asked Questions(FAQ)

What is the maximum amount I can borrow through a loan in North Carolina?

The maximum amount you can borrow from a loan in North Carolina depends on your creditworthiness and other factors. It is best to reach out to a lender for more information about what you may qualify for. 

Are there special loans available to people with bad credit in North Carolina?

Yes, many lenders offer bad credit loans in North Carolina which are tailored to individuals with less than perfect credit histories. You should contact the lender directly for more information on their specific offerings.

How long do I have to repay my loan in North Carolina?

Loan repayment terms vary depending upon the type of loan taken out and the lender's specific requirements. Generally speaking, most personal loans will require payments over 3-5 years but this may be longer or shorter depending on your situation.

About the Author

Daniel Lewis

Daniel Lewis

MBA accredited investment professional

Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.

More about me

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