What Is a Personal Loan?
A personal loan is a type of loan where borrowers receive payment upfront, and repay the balance with monthly installments. Charlotte borrowers can apply for personal loans with most banks, credit unions, and direct lenders. These loans can come in the form of unsecured personal loans, payday loans, cash advances, and bad credit personal loans.
Keep in mind that loans like payday loans, car title loans, and many types of cash advances are illegal in the state of North Carolina. As an alternative, Charlotte borrowers can access emergency cash through options like personal installment loans, credit card cash advances, or traditional bank loans.
What Are the Types of Personal Loans You Can Get?
Popular types of personal loan options include bad credit loans, payday loans, no credit check loans, cash advance loans, and title loans. Check out more details about these loan types, and how they work in Charlotte, North Carolina, below:
Bad Credit Loans
Bad credit loans in Charlotte are a type of personal loan designed for borrowers with poor or no credit. While these loans may come with lower loan amounts and slightly higher interest rates, bad credit loans help people with less-than-perfect credit access fast cash while also providing the opportunity to build credit over time and qualify for lower rates and higher loan amounts in the future.
Payday Loans
Online payday loans are expensive short-term loans designed to give borrowers early access to their paychecks. However, due to their high interest rates, unaffordable terms, and predatory lending practices, payday loans are illegal under NC law.
No Credit Check Loans
No credit check loans are loans that don’t require a traditional credit check in order to receive approval. Since these loans are often so similar to payday loans, you may have trouble finding a legal lender in the state of North Carolina.
Cash Advance Loans
Online cash advance loans are a way for consumers to get quick access to funding. While Charlotte, NC borrowers should be wary of illegal cash advance loan apps, you can still access cash advance funding if you have a credit card. Simply take out cash against your credit limit. Just keep in mind that interest rates and fees will be higher for credit card cash advances compared to standard credit card purchases.
Title Loans
Title loans are a type of secured loan where the borrower exchanges partial ownership of their vehicle for a loan. Generally, car title loans are prohibited in the state of North Carolina due to their high APR’s and unaffordable loan terms.
Charlotte Installment Loans
A few benefits of Charlotte installment loans include:
- Loan amounts — Depending on the loan type, Charlotte borrowers can access personal loans from a few hundred dollars to a few thousand dollars.
- Fixed interest rates — Many personal loans in Charlotte come with fixed interest rates, which means each loan payment should be the same while you pay back your balance.
- Repayment terms — Work with your lender to set up terms that are convenient and affordable for you.
- Fees and Penalties — While most loans in Charlotte come with standard charges like origination fees, you can also find loan options that exclude annoying fees like early payment penalties.
- Online loan management — With online personal loans in Charlotte, you can apply, receive approval, and even get paid without ever having to leave your home. Complete the entire process via your computer or mobile device!
Charlotte Installment Loan Rates
Let’s take a look at a personal loan example. Say you got a loan in Charlotte, NC for $500 with an APR of 35%. Here’s a breakdown of what your monthly payments may look like based on how long you take to pay off your loan.
| Term Length | APR as low as | Monthly Payment |
| 0-4 | 35% | $134.25 / 4 months |
| 4-8 | 35% | $70.98 / 8 months |
| 8-12 | 35% | $49.98 / 12 months |
| 12-24 | 35% | $29.26 / 24 months |
Can You Get a Bad Credit Loan in Charlotte?
Yes! Bad credit loan options available in Charlotte include certain types of personal loans and installment loans. To make sure you find the best lender for your bad credit loan, research your options and compare offers. Look for lenders that offer competitive interest rates, flexible terms, and affordable monthly payments.
These lenders typically don’t have a minimum credit score requirement, but they will look at your most recent credit report to confirm your financial information. Instead of using your credit score to determine approval, they’ll look at factors like your income, employment history, and payment history on prior debts.
What Can You Use an Installment Loan in Charlotte For?
Charlotte installment loans can be used for a variety of expenses, whether you’re looking to consolidate debt or pay off some medical bills, there’s a personal loan product for you. Check out some reasons borrowers take out installment loans in Charlotte below:
| Home Improvement Repair a leaky roof, fix an appliance, or update an area of your home. | Credit Card Debt Consolidation Use a debt consolidation loan to combine multiple debts into one easy monthly payment. | Medical Costs Cover medical costs that aren’t taken care of by insurance. |
| Car Repairs Get those brakes fixed, replace your tires, change your oil/filters, and more. | Life Events Unexpected travel, funerals, and other unexpected expenses. | Other Emergency Expenses Pop-up expenses like surprise bills or financial emergencies. |
How Charlotte Loan Options Work
The approval process for Charlotte personal loans is typically simple and straightforward. After you fill out your application, the lender will review your information to set your loan amount, APR, terms, and other loan details. Here’s a quick breakdown of how it works:
| Apply Online Fast & Easy Fill out a quick inquiry form and get a pre-approval decision. | Income Verification Provide a paystub or bank account information so the lender can verify your income. | Same-Day Availability Upon loan approval, you’ll sign your contract and receive your money, sometimes as soon as the same day! |
Top Charlotte Loan FAQs
What is an installment Loan?
An installment loan is a type of personal loan where borrowers receive funds in a lump sum payment, and repay the balance over the course of several months. Borrowers can apply for installment loans with most banks, credit unions, and direct lenders.
How much can I borrow with a personal loan with bad credit?
Bad credit personal loans can range from $300 – $2,500, give or take. Loan amounts will depend on your credit score, income, and financial history. State laws and regulations will also play a role in determining how much you can borrow.
What are the eligibility requirements?
To qualify for Charlotte personal loans, borrowers must be over 18, have a proof of income, and provide a valid form of ID. Other requirements, like minimum credit scores or collateral, will vary depending on the lender and loan product.
How quickly can you get funding from a personal loan?
Lenders are often able to fund personal loans the same or next business day following approval. Many lenders also offer payment via direct deposit, which allows borrowers to access quick loans in just a few hours or less.
What our borrowers are saying
References
- Payday Lending | North Carolina Justice Center
- Chart Terms Car Title Loan Regulation | Consumer Federation of America
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.