Personal Loans in Charlotte, North Carolina
|OneMain Financial||Wells Fargo Bank||Fifth Third Bank|
|APR||18.00% to 35.99%||5.74% to 24.49%||6.99% to 19.24%|
|Borrowing limits||$1,500 to $7,500 for North Carolina residents||$3,000 to $100,000||$2,000 to $25,000|
|Terms||24 to 60 months||12 to 36 months for loans under $5,000; 12 to 84 months for loans of $5,000 or more||12 to 60 months|
|Origination fee||Flat fee (ranging from $25 to $300), or a percentage of the loan (ranging from 1.00% - 10.00% of loan amount); varies by state||None||None|
|Minimum credit requirement||Not specified||Not specified||Not specified|
OneMain Financial is one lender to consider if you’re looking for personal loans in Charlotte. The bank has three branches in the Charlotte area. Compared with the other two lenders on this list, OneMain Financial offers the lowest minimum loan amount, at $1,500, so it could be helpful if you’re looking for a small amount to cover something like a car repair or medical bill. Due North Carolina regulations, this lender can only offer loans up to $7,500.
Despite the fact that it offers the lowest minimum loan amount, OneMain Financial’s minimum loan term is 24 months, whereas the other lenders on this list both offer 12-month terms for certain loan amounts. A longer term minimum means that you will pay more interest over the life of the loan — unless you are willing to make higher payments. You’ll also want to watch that maximum APR of 35.99%, which is the highest of any of the lenders.
OneMain Financial is the only lender in this review that charges an origination fee, which will increase your cost of borrowing. The exact amount of the fee varies by state, so you may not know the cost before you apply. Origination fees are deducted from the total amount of the loan.
OneMain Financial can make a decision on your loan application in as little as 10 minutes, and loans are disbursed as soon as the next business day upon approval.
How to qualify
To see if you qualify for a personal loan, OneMain Financial considers your financial history, credit score, income, expenses, intended use for the loan, any past history of filing for bankruptcy and which state you live in.
To apply for a personal loan with OneMain Financial, you can either call and speak with a loan specialist or fill out an application online. You must then stop into a local Charlotte branch to complete your application and sign the paperwork. You will have to provide the following information when you visit a branch:
- A copy of a valid government-issued ID, such as your driver’s license or passport
- Your Social Security card
- Proof of residence, such as your driver’s license that lists your current address or an electric bill with your address on it
- Proof of income, like your pay stub or a recent tax return
Wells Fargo Bank
Wells Fargo has a lot of advantages for personal loans in North Carolina, as it has the highest personal loan limit of any of the lenders listed here, with a maximum loan amount of $100,000. Additionally, it has the widest range of loan terms, from 12 to 84 months. Wells Fargo Bank determines your loan term based on your loan amount, with terms of 12 to 36 months available for loans under $5,000, and terms extending up to 84 months for loans that are $5,000 or more.
Wells Fargo Bank also offers the lowest available APR of the three lenders listed in this review, starting at 5.74%. However, that low APR is only available with the Wells Fargo Bank relationship discount of 0.25% for qualified customers with a checking account who use the automatic payment option for their monthly loan payment. There are stipulations on which types of checking accounts qualify.
Once you’re approved for a loan, you can receive your funds to your Wells Fargo Bank account as soon as the next business day.
How to qualify
If you already have a bank account with Wells Fargo Bank, you can apply for a personal loan online or over the phone. If you don’t have an existing account, however, you must visit a branch to apply. You must be a U.S. citizen or permanent resident to get a loan.
To apply for a loan, you will have to provide Wells Fargo Bank with the following information:
- Social Security number or Individual Tax Identification Number
- Date of birth
- Marital status (only if you live in Wisconsin)
- Email address
- Phone number
- Permanent address
- Employment information, including employer’s phone number and name
- Gross monthly income
- Monthly mortgage or rent payment amounts
- Type of loan you’re applying for, and the desired term and amount
You may also have to supply additional documentation, such as your drivers’ license, pay stubs, W-2s and address verification, such as a utility bill with your current address on it.
Fifth Third Bank
Compared with Wells Fargo Bank and OneMain Financial, Fifth Third Bank offers mid-range borrowing with loan amounts ranging from $2,000 to $25,000 and terms ranging from 12 to 60 months. Fifth Third Bank has the lowest maximum APR of all the lenders on this list at 19.24%. In contrast, OneMain Financial only has a maximum loan amount of $7,500, but the APR can be as high as 35.99%.
Similar to Wells Fargo Bank, you will need a checking or savings account with Fifth Third Bank that’s in good standing to apply for a personal loan with them online and be eligible for their lowest advertised APR. You must have a checking account with automatic loan payments set up to be eligible for the bank’s 0.25% discount on personal loans, which is needed to get the lender’s lowest advertised APR of 6.99%.
Unlike the other lenders listed here, Fifth Third Bank allows you to change the due date of your loan’s payment up to three times during the life of the loan, although restrictions may apply. This may be a helpful feature if you anticipate that you may need to change your loan payment due date, such as if you’re a freelancer and have a fluctuating income.
You can apply for a personal loan with Fifth Third Bank online and get an instant decision and funding the next business day, in most cases, if you are approved.
How to qualify
To apply for a personal loan with Fifth Third Bank, you first have to open a Fifth Third Bank online banking account. Once you’re registered, you will log into your account and then apply for the personal loan from there.
Your loan application will generally require information including:
- Your Social Security number
- Your credit history
- Your date of birth
- Personal information, like your phone number and address
- Employment and income information
- Monthly mortgage or rent payment amounts
You may also have to supply additional documentation. This may include your driver’s license, pay stubs, W-2s and a document that verifies your current address, like a recent utility bill.
Explore lenders with LendingTree
When you are ready to start shopping for a personal loan, you can use LendingTree to explore personalized rates from LendingTree’s partner lenders. Through LendingTree, consumers can see which loans they may be eligible for and where they can prequalify. Just keep in mind that prequalification is not guaranteed and depends on your credit health. You may or may not be matched with any lender listed in this review.
How to choose a personal loan in Charlotte
If you need your loan money as fast as possible, such as for a sudden vehicle repair at Tryon Auto Repair, OneMain Financial provides the quickest turnaround of the lenders on this list, with the possibility to get you your money the same day upon approval, provided your loan is approved by noon.
For bills that aren’t as urgent, like if you’re looking to do some quick home renovations to list your home and make a move to Charlotte’s Ballantyne area, both Wells Fargo Bank and Fifth Third Bank offer next-day funding, if approved. For larger personal loans, Wells Fargo Bank is the clear choice, since it offers loans up to $100,000 to qualified borrowers.
You may also consider a local credit union for personal loans in Charlotte. For instance, Charlotte Metro Credit Union offers unsecured personal loans in Charlotte, which means the loans don’t require any collateral. Like many credit unions, Charlotte Metro has a lower maximum APR than many traditional banks, so if you’re looking to stay close to home and become a member of a credit union with roots in the Charlotte community, this might be a good option for you.
Don’t accept the first offer you see
Ultimately, you will want to shop around and compare personal loans, and make your choice based on what you can handle as far as monthly payments. Also take into account your total costs over the life of the loan. You can easily estimate these costs with LendingTree’s personal loan payment calculator to help determine which loan is actually the best choice for you.
How to find bad credit personal loans in Charlotte
All of the above lenders also offer personal loans for bad credit in North Carolina, so if you’re searching for bad credit personal loans in Charlotte, it may be as simple as researching what nontraditional options the lender offers.
For example, Fifth Third Bank has a secured loan option, which is helpful for anyone who is looking for bad-credit loans in North Carolina because it lets you use collateral, such as your savings, to secure the loan. Wells Fargo Bank also offers loans in North Carolina with bad credit, with secured loans of up to $250,000. For bad-credit loans in Charlotte, you also have the option of applying with OneMain Financial, which offers both secured and unsecured personal loans.
As with any secured loan, you will be eligible for more favorable APRs and loan terms the better your credit history. In general, those with lower credit scores pay higher interest rates and are eligible to borrow lower amounts. Putting up collateral helps to offset some of the lender’s risk, and thus can translate to more favorable loan terms for you. However, should you fail to make your loan payments or even make consistent late payments, you run the risk of doing further damage to your credit score and having your collateral seized.
Personal loans in Charlotte: FAQ
What are other options if I’m looking for quick or fast cash loans in Charlotte?
You may run into trouble finding quick loans in Charlotte. Most fast cash loans in the Charlotte area were shut down after payday lending was made illegal in Charlotte in 2001, thanks to the North Carolina Consumer Finance Act.
Where can I find a payday loan in Charlotte?
Although payday lending is illegal in North Carolina, there are options similar to payday loans that offer small-dollar, fast cash loans in Charlotte. However, you should always use caution when considering a payday loan. The FDIC warns against the high-risk nature of these types of loans because of their extremely high APRs, so if you’re considering a payday loan, be sure you know exactly what interest rate you’ll be charged and that you have the means to pay it back.
How can I find a list of banks in Charlotte?
Want to find some of the best banks in Charlotte? Aside from simply doing an online search of what banks are in Charlotte, you can easily find a list of banks in Charlotte that are FDIC-insured through the FDIC’s BankFind. The BankFind tool allows you to search by city, zip code or bank name and will provide you with each bank’s FDIC number, current status as an FDIC-insured bank and full list of locations.
How can I find a list of credit unions in Charlotte?
If you’re looking for credit unions in Charlotte, the NCUA’s Credit Union Locator can help you find one. You can use the tool to get a list of all the credit unions in the Charlotte area. The NCUA locator is updated every two business days, so it provides up-to-date information on which credit unions have ATM accessibility, drive-up availability and member services.
To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Charlotte. We then researched the first 20+ unique lenders that appeared in our results, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.