Personal Loans in Raleigh, North Carolina

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OneMain Financial Time Financing Service Truist (offered through LightStream)
APR 18.00% to 35.99% Up to 36.00% 3.49% to 16.79%
Borrowing limits $1,500 to $7,500 for North Carolina residents $1,000 to $10,000 $5,000 to $100,000
Terms 24 to 60 months 12 to 60 months 24 to 84 months
Origination fee Flat fee ($25 to $300) or percentage-based fee (1.00% - 10.00% of loan amount) Not specified None
Minimum credit requirement Not specified Not specified Not specified

OneMain Financial

OneMain Financial is a national loan company with locations in Raleigh, North Carolina. The company offers secured and unsecured personal loans (secured personal loans are less common among lenders) up to $7,500 in North Carolina, making it the lender with the lowest maximum compared to Time Financing and Truist.

Unlike the other lenders, you must visit a local branch to complete your loan application. At that point, you’ll provide standard documentation, including identification, income and expense verification and employment information.

Despite this drawback, OneMain Financial has two interesting benefits:

  • If you don’t qualify for an unsecured loan, you may be offered a secured personal loan. A secured loan requires collateral, such as your car, to back the loan. If you default on your loan, you lose your collateral. But secured loans can be a good way for bad or fair credit borrowers to get a loan with reasonable interest rates.
  • You can cancel your loan. If you decide you no longer need the loan, you can request a cancellation. You’ll need to return the funds within seven days and sign a cancellation agreement.

How to qualify

When formally applying for a personal loan with OneMain Financial, expect to provide the following:

  • Copy of a valid, government-issued ID (e.g. driver’s license or passport)
  • Social Security card
  • Proof of residence, like a driver’s license with your current address, an utility bill or a signed lease
  • Proof of income like pay stubs or tax forms

If you’re approved for a loan, OneMain Financial can fund your loan as quickly as within one business day.

Time Financing Service

Time Financing Service offers personal loans in Raleigh and elsewhere. Most personal loans require a minimum credit score of 600, but unlike other lenders in this roundup who provide loans to those with good or excellent credit, Time Financing Service sometimes approves personal loans from applicants with poor or no credit. Getting approved for a loan bad or no credit can be challenging, so this can be an option to help you alleviate your financial strains.

However, like OneMain Financial, you’ll find a low borrowing maximum and a high maximum APR with Time Financing Service. That said, if you have strong credit, you’re liable to find better loan terms with an institution like Truist.

Like OneMain Financial, Time Financing Service offers fast funding. Its low minimum borrowing limit is the lowest among lenders in this roundup, which is great when you have a smaller financial emergency or other need to cover.

How to qualify

To qualify for a personal loan in Raleigh with this lender, you’ll need to:

  • Be over the age of 18
  • Provide verification of income and a North Carolina photo ID
  • Have two current open lines of credit and live within 50 miles of one of their locations

Although the lender claims they work with applicants with poor or no credit, they don’t offer much more information on qualification requirements.

Truist Bank (LightStream)

LightStream is the online consumer lending division of Truist Bank, formerly BB&T and SunTrust banks. A borrower who has good to excellent credit can apply for an unsecured personal loan between $5,000 to $100,000.

Unlike other personal loan lenders in this roundup, LightStream does not charge origination fees or late fees. They also do not charge prepayment penalties, which is good news if you decide to pay off that debt early. Also, if another lender approves the same loan with a lower interest rate than what LightStream offers, LightStream will beat that interest rate by 0.10 percentage points, subject to certain conditions.

In addition to offering a higher borrowing limit, LightStream also offers a longer repayment term of up to 84 months, giving you ample time to repay your loan should you need it.

How to qualify

To qualify for a personal loan, you must have good credit as well as sufficient income and assets.

Explore lenders with LendingTree

The lenders listed here have local branches, but they aren’t your only options for obtaining a personal loan in Raleigh. You can explore other lenders, including those who only operate online, with the loan marketplace LendingTree.

Fill out a simple form and you’ll be able to explore personalized loan offers, depending on your eligibility. Just remember that prequalification does not guarantee that you will be approved if you formally apply with a lender. But seeing offers can help you see the types of loan terms you may qualify for.

How to choose a personal loan in Raleigh

As with anything you purchase, you should comparison shop before getting a loan. Whether you need the money to cover an unexpected expense or something else, getting the best loan terms for your situation is important to minimize your cost of borrowing. That’s why prequalification can help.

Once you’ve prequalified with a few lenders, compare them according to factors like:

  • APR: Represented as a percentage, the loan APR is an accurate measure of your cost of borrowing.
  • Repayment term: The shorter your repayment period, the higher your monthly payments but the lower your overall interest charges can be. The inverse is true. Find a lender that offers the repayment term that best works for you and your money.
  • Borrowing amount: As a general rule, only borrow as much as you need. You’ll find some lenders offer much higher minimum borrowing limits, like $5,000. So if you need a small loan, you’ll need to look elsewhere.
  • Origination fee: This common fee is often taken out of your loan before you receive the funds, meaning you could receive less than you originally applied for. It’s best to avoid this fee if you can.
  • Other fees: If you plan to pay off your loan early, avoid a lender that charges a prepayment penalty. Also keep an eye out for high late payment fees.

In the end, you’ll have to decide what factors are most important to you, and make a call on which lenders best suit your needs.

Once you’ve chosen a lender you like, you can formally apply. This will trigger a hard credit check, which will lower your score temporarily. You may be asked to provide supporting documentation like pay stubs to prove your income before the lender makes a formal decision. If approved, you can have funds deposited directly into your bank account, normally within a few business days.

How to find bad credit personal loans in Raleigh

Getting approved for a personal loan may be more difficult if your credit score is less than stellar, which is typically considered to be a credit score lower than 600. With a lower score, you are considered a higher risk of failing to make payments or defaulting on your loan. Even if you do qualify, you can expect higher-than-average APRs.

For example, if you have bad credit and apply for a loan with Time Financing Service, you can expect an APR closer to their maximum of 36.00%. In this case, you may be better off with a secured loan if you’re comfortable providing collateral, as you may get a lower interest rate. Aside from a secured personal loan, a home equity loan is another common type of secured debt you may explore.

Personal loans in Raleigh: FAQ

Where can I find payday loans in Raleigh?

You won’t find payday loans in North Carolina as they are illegal in this state. These predatory loans often have APRs as high as 400% and terms as short as a few weeks.

How can I find a list of banks in Raleigh?

Start your search for the right personal loan by compiling a list of major banks in Raleigh. Google Maps can provide you with a list of banks in Raleigh, or you can use the FDIC’s BankFind feature.

How can I find a list of credit unions in Raleigh?

Start your search for your personal loan by compiling a list of the best credit unions in Raleigh. Google Maps can provide you with a list of credit unions in Raleigh, or you can use NCUA Credit Union Locator.


To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Raleigh, North Carolina. 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.