Updated: October 30, 2024
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To find the best personal loans in Durham, MoneyGeek gathered, analyzed and evaluated more than 30 data points to help us find our favorite picks and rankings.
However, the best personal loan depends on your needs and wants. So, we looked into various factors to find the best lenders for borrowers with poor credit history, good credit, home improvement projects or plans and debt consolidation.
When looking for a personal loan lender in Durham, consider Truist. MoneyGeek found this is the best overall personal loan lender in Durham.
It opened in 2019 after a merger between BB&T and SunTrust. Ever since, Truist Bank has provided various financial products, including personal loans.
This lender offers loans from $3,500 to $50,000, which can be repaid within six and 60 months. You could get your funds as quickly as the next day, and the money can cover travel, moving expenses, home improvement projects and medical fees.
Truist also provides a mobile app for quickly managing your accounts.
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Upstart opened in 2012 and uses artificial intelligence (AI) to fund loans. This lender suits borrowers who need a personal loan and have poor credit scores. You can use loan proceeds for medical expenses, debt consolidation and more.
Upstart reviews borrowers' current employment status and gross income before it approves your application. Although this lender conducts soft credit inquiries, it will not affect your credit scores. This lender may suit you best if you need immediate funding since your money can arrive within a day or two.
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In 2011, Stanford business school students founded SoFi, later becoming one of the most reliable choices for borrowers with good credit. Its good reputation makes it one of the best personal loans in Durham.
Borrowers who want to apply for a SoFi personal loan need at least a credit score of 680 and a yearly income of $50,000. SoFi offers a minimum loan amount of $5,000 and a maximum of $100,000.
If you involuntarily lose your job, SoFi offers an unemployment protection program. The lender temporarily pauses your payments and helps you look for work with job placement assistance.
Plus, you can easily manage your accounts with its mobile app.
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Upgrade was founded in 2017. Since then, it's served more than 15 million people by providing more than $15 billion in affordable, responsible funding. If you’re keen on looking for personal loans in Durham, MoneyGeek recommends that you check the different loan options from Upgrade.
Upgrade requires a credit score of 560, and the maximum loanable amount is up to $50,000. The loan proceeds may be used to pay home improvement fees, credit card refinancing, debt consolidation and other hefty purchases.
You can apply through its website or branches.
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Best Egg was founded in 2014, is backed by Marlette Funding and operates in 47 states. MoneyGeek recommends that you check Best Egg if you need a home improvement personal loan in Durham.
Loan proceeds can be used for credit card refinancing, debt consolidation, home repair projects, logistics expenses, travel and more. This lender conducts soft credit inquiries that won’t affect your application.
Though Best Egg charges origination fees up to 8.99% of the loan amount and late fees, borrowers can apply online and get the funding within one to three days.
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Durhamites find various ways to fund expenses like medical emergencies, birthdays, weddings or educational fees. MoneyGeek suggests you go through these steps when looking for the best personal loans in Durham.
Personal loans can resolve your financial needs, but these may also be a long-term commitment. MoneyGeek suggests you ask these questions to help you decide your best route.
Review every lender’s quote and details before choosing a specific bank. With MoneyGeek’s informative guide, you’ll understand the process by checking the details to find the best personal loans in Durham.
Remember that the information is representative of the average borrower. Your preferences and needs vary from the examples mentioned.
After choosing a lender, try waiting a day or two before filling out the application. This allows you to think, evaluate and understand the entire decision. This shouldn't be an impulsive action but a decisive one.
Each loan agreement has fee terms and conditions. These fees may not have been explicitly shared by the loan officer and may come as a shock later. Consult your lender before starting the application.
When you finish the necessary steps and are sure of your decision, gather all the required documents and fill out the application form. Get copies of your pay stubs, IDs and proof of address. Some lenders offer online applications, which may be more convenient than visiting the branches.
Personal loan applications may be denied for various reasons. Don’t feel bad if you're denied, as this happens to many people for many reasons. Factors include low credit scores, inadequate income, incomplete requirements or significant debt.
Talk to your lender about modifying your current application, especially by changing the loan amount or desired term. These changes may make you eligible.
You may encounter payday loans. These loans may offer immediate solutions but come with very high-interest rates, short repayment terms and few protections. MoneyGeek advises not to use this kind of loan as it can be very volatile.
There are different options for personal loans in Durham that you can check out. Here, MoneyGeek responds to the most frequently asked questions about personal loans to guide you better.
MoneyGeek’s pick for Durham's best overall personal loan provider is Truist. However, the best overall may not be best for you.
Upstart offers the lowest interest rates for personal loans in Durham.
Generally, yes. Personal loans can be used to fund vacations and other travel expenses. But it’s best to contact your lender for any clarifications.
Best Egg is the best personal loan lender for home improvement in Durham because it provides flexible repayment terms.
Different lenders may have restrictions on how to use the loan proceeds. For instance, Upgrade prohibits using loan proceeds for gambling, casino activities and investments.
Contact your lender about their restrictions.
Loan amounts depend on the lender. For example, SoFi lets you borrow up to a maximum of $100,000, whereas others only lend up to $50,000.
The application process depends on your preferred lender. SoFi takes a maximum of a week before the proceeds get released.
On the other hand, Best Egg only needs up to three days. Other lenders provide instant approval for loans.
For personal loans in Durham, you can generally pay them earlier than your due date. But it’s best to contact your lender if there are any prepayment penalties or terms.
MoneyGeek evaluated more than 30 personal loan lenders by using more than 35 individual data points in six key categories. These categories are affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Different individual data points weigh more than other ranking criteria. These data points affect the choice of the best personal loan lender. The factors are application fees, APR ranges, available loan amount, disbursement time, minimum credit score and income amount.
MoneyGeek prioritizes every consumer and their needs. We consider every lender’s business ratings, customer service and unique features that would make your loan application more accessible and better. Some of those are mobile apps, payment options and prequalification.
We prioritized your best interest when we chose our top picks. These personal loan recommendations and expert tips help you make the most logical decision when choosing a lender.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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