What Is a Personal Loan?
A personal loan is typically an unsecured installment loan, which does not require collateral. Personal loans can be used for small or large expenses, such as medical bills, debt consolidation, and more. The repayment terms can last months or several years.
What Are the Types of Personal Loans You Can Get?
These are some personal loan options available in North Carolina:
Bad Credit Loans
Online loans for bad credit typically have easy to meet requirements, although the interest rates can be very high.
Payday Loans
Online payday loans are single payment loans for unexpected emergencies. While fast and convenient, they tend to have predatory terms.
No Credit Check Loans
Loans without credit checks are popular among bad credit borrowers, even though they can be challenging to repay.
Cash Advance Loans
Online cash advance loans offer speed and convenience, but you will likely pay back a significantly higher amount than you borrowed.
North Carolina Installment Loans
These are the average personal loan terms you can expect from lenders with online services in North Carolina:
- Loan Amounts — Loans typically go up to $25,000. Smaller loans (e.g., under $3,000 or $5,000) are quite common.1
- Fixed Interest Rates — Rates are generally fixed so they can be easily incorporated into your budget.
- Repayment Terms — Typical loan terms might run 12 to 60 months.1
- Fees and Penalties — You could expect origination fees, late fees, and interest charges.
- Online Loan Management — Most online lenders allow borrowers to conveniently manage their loans online.
North Carolina Installment Loan Rates
These are the terms you can expect if you take out a $500 personal loan in North Carolina:
| Term Length | APR as low as | Monthly Payment |
| 0-4 | ~33% | $132 – $138 |
| 4-8 | 28 – 32% | $75 – $95 |
| 8-12 | 25 – 30% | $50 – $60 |
| 12-24 | 18 – 27% | $25 – $40 |
Can You Get a Bad Credit Loan in North Carolina?
It’s possible to get a personal loan with bad credit in North Carolina. If you have sufficient income and an active bank account, you may qualify if the lender has flexible credit score requirements.
What Can You Use an Installment Loan in North Carolina For?
These are just a few ways you can use a personal loan in North Carolina:
| Home Improvement Personal loans could provide funding to repair your home. | Credit Card Debt Consolidation You could consolidate debt with a personal loan. | Medical Costs You could use personal loans to cover medical costs. |
| Car Repairs You could get your car repaired quickly with a personal loan. | Life Events Personal loans may help with unexpected job losses or illnesses. | Other Emergency Expenses Personal loans are versatile for all types of emergencies. |
How North Carolina Loan Options Work
Most online personal loans follow this application process:
| Apply Online Fast & Easy The first step is to apply online by submitting basic personal information. | Income Verification Most online lenders will require bank information to verify your income details. | Same-Day Availability If you are approved, you may be able to get your money the same day! |
Top North Carolina Loan FAQs
What is an installment loan?
An installment loan is a versatile loan option that is repaid monthly for a period of several months or years. There are secured installment loans (e.g., mortgages, auto loans, and title loans.) and unsecured loans (e.g., personal loans, debt consolidation loans, and student loans).
How much can I borrow with a personal loan with bad credit?
The amount you qualify to get with bad credit will depend on several factors, such as your income, payment history, debt-to-income ratio, etc. If you need a large loan amount with bad credit, you may have to consider using a cosigner or collateral.
What are the eligibility requirements?
Eligibility requirements vary by lender, but typically you need reliable income, an established credit history, and an active checking account. If you have bad credit, look for online lenders that have low or no minimum credit score requirements.
How quickly can you get funding from a personal loan?
You can typically get personal loan funding in as little as one business day. If you meet certain approval requirements, you may be able to get same day funding.
References:
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.