What Is a Personal Loan?
A personal loan is a form of credit where borrowers are approved for a lump sum of money. After about a month, they then repay the balance, plus interest and fees, with fixed payments over the course of several months. Loan amounts, interest rates, and repayment terms are based on factors like payment history, income, employment status, and current debts.
What Are The Types of Personal Loans You Can Get?
Personal loans can work a little differently in North Carolina because of the state’s laws and regulations surrounding short-term credit and lending. While payday loans and most no credit check loans are illegal in NC, borrowers can still access fast cash with bad credit loans or credit card cash advances.
Bad Credit Loans
Online bad credit loans are a type of personal loan designed specifically for borrowers with low or no credit. Loan amounts can range from a few hundred to several thousand dollars. While interest rates are often higher with this type of loan, borrowers can improve their credit by repaying their balance on time. With an improved score, you’ll have an easier time getting approved for lower interest rates and higher loan amounts in the future.
Payday Loans
Online payday loans are a type of loan borrowers usually use for supplemental cash while in between paychecks. Since payday loans usually have extremely high interest rates, short repayment terms, and put borrowers at risk of falling into a cycle of debt, these loans are illegal in the state of North Carolina.1
No Credit Check Loans
No credit check loans are loans where lenders prioritize income over credit scores when it comes to loan approval. Keep in mind that lenders will usually check your credit before they approve you for a loan.
Cash Advance Loans
Cash advance loans are a way to get instant funding by borrowing money against your credit card limit. While this is an easy way to access fast cash, remember that interest rates will be higher on cash advances compared to standard credit purchases.
Durham Installment Loans
When looking for the best deal on Durham installment loans, pay attention to details like:
- Loan amounts — Think about what you are looking to pay for with your loan. Make sure you request a loan amount that you can afford to repay.
- Fixed interest rates — Fixed interest means your payments should stay the same throughout the life of your loan.
- Repayment terms — You may be able to repay a smaller loan amount in a few weeks, while larger sums may take a few months to pay off.
- Fees and penalties — While most lenders charge origination fees and late payment penalties, you’ll want to find a lender that won’t charge you hidden fees or early payment penalties.
- Online loan management — Plenty of lenders offer an online process where everything from the loan application to receiving funds and repayment can happen without having to leave your home.
Durham Installment Loan Rates
Let’s take a look at what paying back a $500 loan in Durham may look like:
| Term Length | APR as low as | Monthly Payment |
| 4 | 36% | $134.51 |
| 8 | 36% | $71.23 |
| 12 | 36% | $50.23 |
| 24 | 36% | $29.52 |
Can You Get a Bad Credit Loan In Durham?
Yes, you can get a loan in Durham with poor or no credit with installment loans, personal loans, or other short-term bad credit loans. Basic eligibility requirements usually include:
- You must be 18 years of age or older.
- Providing a photo ID to confirm your identity.
- Having a steady income/source of employment.
Some lenders may also require you to have an active bank account so they can confirm your income and send your approved funds via direct deposit.
What Can You Use An Installment Loan In Durham For?
Some common uses for personal installment loans in Durham include:
| Home Improvement Complete your next home improvement project before it becomes a bigger problem! | Credit Card Debt Consolidation Take multiple high-interest debts or credit card balances and combine them into one debt consolidation loan. | Medical Costs Take care of hospital bills, doctors’ visits, prescriptions, medical bills, and more, so you can focus on recovery. |
| Car Repairs Pay for car repairs and maintenance upfront so you can get back on the road. | Life Events Weddings, funerals, unexpected expenses, and more. | Other Emergency Expenses Pay for pop-up bills, accidents, and anything else life throws at you! |
How Durham Loan Options Work
| Apply Online Fast & Easy Fill out a quick application online. | Income Verification Your lender will confirm your income, usually via IBV. | Same-Day Availability Sign your contract and get your approved loan funds! |
Top Durham Loan FAQs
What is an installment loan?
An installment loan is a type of credit where you borrow a set sum of money and repay the balance in fixed amounts over a specified period. Borrowers can access installment loans at banks, credit unions, or direct lenders online.
How much can I borrow with a personal loan with bad credit?
Loan amounts for personal loans with bad credit can range from a few hundred to a few thousand dollars, depending on the personal loan company and the borrower’s financial history.
What are the eligibility requirements?
Basic eligibility requirements for loan approval usually include being at least 18 years of age, having a steady income, and sometimes an active bank account for direct deposit.
How quickly can you get funding from a personal loan?
Lenders are often able to provide quick loans as soon as the same day or next business day following approval.
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.
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