With a population of over 925,289, Charlotte, North Carolina, is the 14th largest city in the United States. On average, each household makes about $94,615 a year. Regarding how much Charlotte residents pay for housing, renters pay an average of $1,135 per month. Meanwhile, the average value of a home in Charlotte, North Carolina, is $220,300. Charlotte residents can also enjoy an array of unique restaurants, local museums, beautiful state parks, and more! 

Another perk about living in Charlotte is the accessibility residents have to get immediate cash loans. If you are wondering about the different loan products available for people who live in Charlotte, North Carolina, you’ve come to the right place! 

Check out the information below to decide what kind of loan is the best fit for you. 

What Is a Personal Loan in Charlotte, NC?

A personal loan is a flexible type of loan accessible to most people, including residents of Charlotte, North Carolina. You can get a personal loan from financial institutions like banks, credit unions, direct lenders, or online lenders. 

Depending on your personal needs, the amount of funding you require from a personal loan may vary. Perhaps you just need some short-term cash to cover a few unexpected expenses. Or maybe you need a maximum loan amount to cover some long-term expenses. No matter your financial needs, a personal loan could be the perfect financial solution. 

Here are some common expenses Charlotte residents may take care of with personal loans: 

  • Medical emergencies
  • College tuition 
  • Vehicle repairs 
  • Home improvements
  • Credit card debt consolidation

Instead of worrying about where you’re going to find credit approval when you need money now, rest assured knowing that personal loan options are available. Learn more about the different funding methods in Charlotte, North Carolina, to help you make the most informed loan decisions! 

What Is the Difference Between Secured and Unsecured North Carolina Personal Loans? 

Personal loans and other types of funding fall into two main categories; secured loans and unsecured loans. An unsecured loan bases credit approval on an applicant’s credit score and other factors related to their financial history. Meanwhile, a secured loan requires collateral in order to lock in approval and often comes with a strictly fixed rate. 

What is collateral on a loan? Collateral is a property with equity that lenders can use to secure loan funding. Since lenders for secured loans typically care more about the value of the collateral rather than an applicant’s credit history, people with poor or no credit often turn to this type of funding. Because of the flexible approval requirements, secured loans may appear like a convenient option to borrowers with bad credit. However, it is important to remember that if a borrower neglects their payments on a secured loan, lenders have the right to repossess the collateral as their own. 

Also, since borrowers of secured loans are often individuals suffering from credit difficulties, they are a prime target for predatory lenders. Some unreliable lenders of secured loans may try to sneak balloon payments or pre-payment penalties into a lengthy loan agreement, hoping the borrower will be so eager for money that they’ll neglect to read their contract before signing. This trickery is just one reason why it is so essential to make sure you read and understand your loan agreement before you sign. 

While unsecured loans do consider an applicant’s credit, they also offer benefits that many secured loans do not. For example, unsecured loans like personal installment can come with a convenient term and fixed monthly payments designed to fit your unique financial needs. 

Unsecured Loans Available in Charlotte, NC

Unsecured loans are perhaps the most popular type of loan available. If you are worried about getting loan approval for an unsecured loan due to a bad credit score, don’t! There are a variety of unsecured loan products available to fit most anybody’s financial situation. 

Here are some common unsecured loans available for Charlotte, North Carolina residents.

Personal Installment Loan

Personal installment loans are a type of personal loan with payments broken up on a pre-scheduled monthly basis. During the approval process, lenders for personal installment loans work with each borrower to develop an installment payback plan that works for them. 

Also, personal installment loans are sometimes called no credit check loans because not all lenders perform a hard credit check during the approval process. Instead, many personal installment lenders simply do a soft credit check to confirm the information given on a borrower’s initial loan application. 

Bank Loans 

If you have a credit score in good standing, you may consider a bank loan. Bank loans are an unsecured loan type based heavily on the borrower’s creditworthiness. In fact, banks may immediately deny an applicant if they check and see their credit score is on the lower side, even if the applicant has an account with the bank! So, unless you feel confident about your credit score, you may not even want to waste your time applying for a bank loan. 

Credit Union Loans 

Credit unions are localized direct lenders who work with a niche group of people who live in the area. A credit union may be a convenient option if you are looking for face-to-face interaction throughout the entire loan process. But, they may prove to be a bit of an inconvenience if you are looking for mobile banking options. Since many credit unions are small local lenders, they often do not have a website or offer online banking features. 

Payday Loans 

A payday loan is another type of high-interest funding with short loan terms. With payday loans, lenders expect full repayment of the loan total loan balance within fourteen days or less. This time span is usually the amount of time between an average worker’s paycheck, hence the name payday loans. But, if a borrower fails to pay off their loan within the brief loan term, the high-interest rates may cause the amount due to increase each month. 

Since the rates and terms on this type of funding are so strict, they are often considered high risk. If you are looking to improve a bad credit score, you may want to stay away from payday loans. 

Cash Advances 

If you have a steady job or a credit card, you may be able to take out a cash advance. Employers may be willing to lend employees a cash advance on their paycheck in dire situations. In the case of a cash advance through your employer, you would simply work a specific amount of hours or for a certain length of time to pay off the balance. 

Alternatively, if you have a credit card account, you may be able to take out a cash advance up to your credit limit. Since a personal line of credit like a credit card is revolving, the credit limit replenishes every billing cycle. This replenishment means that you could potentially take out a new cash advance every month. Credit card debt is a common problem for many Americans, so 

be sure to work towards paying off your balance if you take out a cash advance, though. 

Brokered Loans 

Brokers are financial institutions that claim to offer free services for people looking for a great deal on a loan. But, brokers often work with direct lenders and therefore may give biased recommendations to borrowers in need. It is smart to do your own lender research to make sure you find the loan product best suited for you. You may even want to look at different lender reviews and see what the loan experience was like for other borrowers. 

Secured Loans Available in Charlotte, NC

Here are a few secured loan options you may consider if you own the proper collateral. 

Home Equity Loans 

Homeowners may take advantage of home equity loans from an equal housing lender. During the loan process for home equity loans, an inspector will come to your home and take a look at the inside and outside of the property. From there, the inspector will give you a general estimate of the current value of your home. An equal housing lender will grant approval for a specified loan amount based on the home’s estimated value. 

Keep in mind that a home equity loan is considered a second mortgage. So if you move forward with this type of funding, you will be responsible for paying back both your original mortgage and the additional cost of the home equity loan. 

Car Title Loans 

You might consider a car title loan if you own and have paid off a vehicle. Car title loans are funded with high-interest rates and a short loan term. During a title loan, the lender signs onto the borrower’s vehicle title as a lienholder. Being a lienholder means that the lender has partial ownership over the car and may claim it if the borrower fails to keep up with their loan payments. When a lender repossesses a vehicle due to a title loan default, the car is either sent to an impound lot or auctioned off to the highest bidder. Since rates on title loans are so high and the terms are so short, if borrowers don’t pay back their loan quickly they are often caught in a cycle of debt. 

Do I Need a Bank Account To Get a Personal Loan in Charlotte, North Carolina?

While not all lenders require a bank account for a loan, most do. Many lenders require your bank account and routing numbers to set up direct deposit. That way, they can send you your approved funds right away, and you have access as soon as possible. 

If you do not have a bank account, consider getting one. Having a checking account acts as a secure place to store your money and income and helps establish credit history and records. 

Along with your bank account information, lenders will ask for several other documents during the personal loan process. You may want to gather these documents now to help your approval process go even faster. 

Proof of Income 

Since lending is a risk to any financial institution, it’s essential to let lenders know you have a way to pay back your loan. Show your income via a paystub, bank statement, or other documents with information on your recurring income. 

Proof of Residency in Charlotte, North Carolina 

Due to the fact that interest rates and loan amounts vary depending on state laws, lenders must record information regarding residency for each applicant. Use a bill, lease, or mortgage statement to prove you live in Charlotte. 

Government-Issued Photo ID 

You can use most any form of identification issued by the state or federal government with your picture on it. These documents may include your driver’s license or passport. 

Personal or Professional References 

Not all lenders require references, but others may ask for two to five. Pick the people who know you best, whether that’s your boss, coworker, family member, or friend.  

Charlotte Personal Loans With CreditNinja: Get a Bad Credit Personal Loan Today! 

CreditNinja wants to help people in the Charlotte area find fast and affordable funding via a personal installment loan. With years of experience, CreditNinja is staffed with loan experts who work hard to assist people in reaching their financial goals. 

Whether you’re looking for short-term cash to take care of a quick bill, or a larger loan for some more expensive personal needs, CreditNinja offers personal installment loans to cover the full range of your needs! 

Check out some of the excellent benefits you can enjoy when working with CreditNinja. 

Fast Loan Process and Funding

Don’t wait around for the cash you need when going through a financial crisis. CreditNinja offers funding to approved applicants as soon as the same or the next business day. 

Easy Online Application Available 24/7

CreditNinja knows people have busy schedules, which is why we made our convenient application available online. Any time of the day or night that’s most convenient for you feel free to go to the CreditNinja website for instant application access. 

Competitive Rates

CreditNinja offers interest rates based on the most up-to-date market research. With industry-wide competitive rates, you can make sure your monthly payments stay convenient and manageable. 

Flexible Terms

Work with your loan agent to decide on a payback plan that works for your budget. Talk about what kind of monthly payment you are looking for, and create a payment scheduled around your desired amount!

Perks for Existing Customers

Do you already have a loan with CreditNinja? If so, you may be eligible for a refinanced loan with new rates and terms. That means you could get an additional loan amount, have more time added to your payback plan, and enjoy lower rates that can help save money! 

Free Financial Tools Available 

If you are new to finances and want to start on the right foot, CreditNinja has the resources for you! Check out our blog for resources on improving credit, creating a budget with irregular income, and general financial information everyone should know. 

Want to know if you qualify for hundreds or even thousands of dollars? Fill out the quick application form on the CreditNinja website to see how much money you could get today!

What our borrowers are saying

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.