Best Personal Loans in Fayetteville (NC)
We have found 121 personal loans to apply for in Fayetteville, NC. Add more criteria to compare personal loans and find the best one for you.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Personal Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.
Marcus does not charge origination, late payment and check processing fees.
- Minimum credit:Poor (300-579)
- Origination fee:10%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment penalty
- Next day funding
- Cons:
- Origination Fee
- Extra Fees
Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.
The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).
Borrowers need credit scores of 580 or higher.
Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 0% to 8%.
- Minimum credit:Good (670-739)
- Origination fee:5%
- Funds available in:3-6 business days.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment or late fees
- Free monthly FICO score updates
- Cons:
- Co-signers are not accepted
- Origination Fee
- Slow funding
- Not available in all states
The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.
The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.
- Minimum credit:Poor (300-579)
- Origination fee:3 - 6%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Quick, easy online application
- Fast funding
- Cons:
- Origination fee
LendingClub offers loans of $1,000 to $40,000.
The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.
LendingClub charges an origination fee of 3% to 6% on personal loans.
- Minimum credit:Good (670-739)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Rate discount for autopay
- No Fees
- Cons:
- Not available to residents of Mississippi
- No secured loan option
SoFi loans range between $5,000 to $100,000.
The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.
The loan is not available in Mississippi.
SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.
- Minimum credit:Poor (300-579)
- Origination fee:4.75%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Low minimum credit score requirements
- No prepayment fees
- Cons:
- Fees
- No Autopay discount
- No Cosigner Option
Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.
Avant charges an origination fee up to 4.75%.
Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.
- Minimum credit:Fair (580-669)
- Origination fee:2.41 - 5%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Simple application process
- Cons:
- Origination fee
- Extra Fees
- No Autopay Discount
- Not available in all states
Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.
If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.
- Minimum credit:Good (670-739)
- Origination fee:0.99 - 8.99%
- Funds available in:1-3 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval
- Low fixed rates
- Fast funding
- Cons:
- Fee charged
Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
Best Egg origination fees vary from 0.99% to 8.99%.
The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).
- Minimum credit:Poor (300-579)
- Origination fee:$25 - $500
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Secured and unsecured options
- Poor-credit applicants considered
- Cons:
- Origination fee
- Extra Fees
- High Rates
OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.
You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.
OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.
The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.
TOP 5 banks offering personal loans in Fayetteville
- Bank name
- Total Assets
- Branches
How to choose the best personal loan in Fayetteville, (NC)?
Personal loans can be a helpful tool to fill in any gaps in your budget. When used smartly, a personal loan can give some financial flexibility and improve your financial health. So, it is important to find a loan that is compatible with your finances. With that in mind, here are some strategies for comparing and choosing the best personal loan in Fayetteville, North Carolina.
Annual Percentage Rates
The annual percentage rate (APR) is one of the most important features of a loan to consider. On our website you can compare the best low-interest personal loans in Fayetteville.
Keep in mind that the APR is usually a more accurate indicator of how much you will pay than just the interest rate as APR also includes fees into the amount. Comparing APR instead of simple interest rates can often tell you which loan will cost you more in the long run.
The APR in Fayetteville varies from 4.49% to 36%.
Loan Amount
You might not know the exact sum of money you need, so it helps to research loan amount options and pick a lender that provides a substantial amount. In Fayetteville you can find loans from $100 to $500,000. There is an option to find a lender that allows you to withdraw a loan in parts and only pay interest on the money that you actually use. These kinds of flexible loans are a good match for projects where it may not be immediately apparent how much you will need at each particular period of time, like home renovations or car repairs.
Monthly Payments
The monthly payment is the total amount you have to pay every month. Make sure that the monthly amount is something that fits comfortably into your budget. You have to be able to pay your other bills while also paying back the loan plus interest.
Credit Requirements
Most lenders prefer borrowers with good to excellent credit (670 or higher). However, some lenders may accept those with poor to fair credit. Having a high credit score does not necessarily mean that you will get approved with a lower rate, but it will increase your chances. The lowest credit score acceptable in Fayetteville (NC) is Poor (300-579). So you need to tailor your search to your credit score to get the best possible loan terms.
Collateral
Most personal loans are unsecured, meaning that they do not require collateral. Though, some loans will require it. Secured loans often have lower interest rates as the lender incurs less risk with the collateral present. Unsecured loans, in contrast, usually have higher interest rates. So if you are worried about high interest rates (which can be as high as 36% in Fayetteville), a secured personal loan might be an option.
Origination Fee
Most lenders charge processing fees in addition to interests. The processing fee, also called loan origination fee, is a percentage of the total loan amount. The typical loan origination fee is around 0.5%-1% of the loan amount, but amounts may vary from lender to lender. Choosing a personal loan with low processing fees can save you money in the long run.
Compare and choose the best personal loan in Fayetteville (NC)
Personal loans are a useful financial tool and can help simplify your finances. The side-by-side comparison of all loan options available in Fayetteville will help your research when choosing a loan with good terms for your financial situation.
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Avant | 9.95 - 35.95% | $2,000 - $35,000 | 1 - 5 years | 4.75% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
These particular characteristics of the loan were added to the table because we consider them the most important ones when comparing personal loans.
5 simple tips for increasing personal loan approval odds in Fayetteville (NC)
At some point in your life, you may need to borrow money. The last thing you want is to go through the loan process and get refused. Taking the time to maximize your odds of personal loan approval will ultimately benefit you in the future. So, if you are considering a loan in Fayetteville, here are five steps to maximizing your personal loan approval odds.
1. Get Your Credit in Shape
The best way to improve your loan approval odds is to increase your credit score. Though the minimum credit score requirements we have found in Fayetteville is Poor (300-579) having a high credit score will make it more likely you will be approved. Here are some ways to improve your credit score:
- Don’t miss any debt payments. Your payment history is one of the most significant factors determining your credit score.
- Keep total credit utilization low. The less of your total credit limit you are using, the better.
- Don’t apply for new credit too much. Hard inquiries can damage your credit score, so avoid applying for new credit lines.
- Dispute errors. About 1 in 5 credit reports have errors in them. You can dispute errors and have them removed to increase your credit score.
2. Increase Your Income
Lenders look at your debt-to-income ratio when considering approval, so one way to improve your chances is to increase your income. Of course, it is easier said than done, however, there are still some options to get an income increase. You can ask for a raise at your job, or you can pick up a part-time job to make extra money on the side. Any income increase makes your debt-to-income ratio lower and improves your odds.
3. Avoid Debt
Avoid taking on any new debt while you are in the process of applying for a personal loan. Lenders consider debt to be a risk, so any debt you owe will decrease your odds. So try to avoid acquiring new debt and try to pay off any existing debts. The less debt you have, the easier it will be to get the personal loan.
4. Be Realistic About Amounts
The lenders are not keen on giving large amounts of money, as it means more risk for them. The maximum amount available in Fayetteville is $500,000, but it’s not very easy to get this amount. The more money you want, the more income you will need. Thus, you are probably more likely to be approved for smaller loan amounts. Small loans do not impose as much risk to lenders, and you will have an easier time paying back a small loan. Figure out exactly how much money you need, and ask for the minimum amount. The minimum amount lenders offer in Fayetteville is $100.
5.Get a Joint Applicant
You can also consider finding a joint applicant. If you sign up with a joint applicant, lenders will consider both of your credit scores and incomes. You can also find a co-signer. A co-signer agrees to pay the loans if you default. Make sure that you can rely on your joint applicant or co-signer as your finances will be tied together.
Conclusion
Getting a personal loan may sometimes be a desperate measure, so you need to be ready for the possibility. If you start working on it today, you can maximize your odds of being approved for a personal loan.