What Is a Personal Loan?
A personal loan is a type of installment loan that can be used to consolidate debt, pay bills or repairs, or cover an unexpected emergency. Approved applicants that borrow money can typically get funding in their bank account in as little as one business day. Payments are made monthly over the course of a few months or several years.
What Are the Types of Personal Loans You Can Get?
There are different personal loan types available, such as bad credit loans, payday loans, no credit check loans, and cash advance loans. Here’s more information on unsecured loans in Raleigh:
Bad Credit Loans
Online bad credit loans typically don’t require a minimum credit score since they’re meant for low credit borrowers. Rates can be very high, so consider all of your financial options carefully before making a final decision.
Payday Loans
Payday loans are short-term loans that generally provide a few hundred dollars for unexpected expenses. Payday loans are notoriously challenging to repay due to their short repayment plans and high rates and fees.
No Credit Check Loans
No credit check loans online are meant for low credit borrowers that don’t want hard credit checks on their credit reports. Rates can be very high though, so make lender comparisons.
Cash Advance Loans
Online cash advance loans are similar to payday loans, but funds are typically taken from future direct deposits. While convenient for small expenses, they can result in further financial distress due to high rates and fees.
Raleigh Installment Loans
If you get a personal installment loan in Raleigh, these are the average loan terms you can expect to get:
- Loan Amounts — Typically range from $1,000 to $35,000, depending on your credit score, income, and lender requirements.1
- Fixed Interest Rates — Rates usually fall between 6% and 36% APR, with borrowers who have strong credit qualifying for the lowest rates.2
- Repayment Terms — Commonly range from 12 to 60 months, with most borrowers choosing terms between 24 and 48 months.1
- Fees and Penalties — May include origination fees (generally 1%–8% of the loan amount) and late payment fees. Many lenders in North Carolina do not charge prepayment penalties, allowing you to pay off your loan early without extra cost.1
- Online Loan Management — Most online lenders allow borrowers to pay and manage their loans through their online accounts.
Raleigh Installment Loan Rates
Suppose you take out a $500 personal loan in Raleigh, North Carolina. Here’s what you can expect to pay monthly based on different term lengths and potential APRs.
| Term Length | APR as low as | Monthly Payment |
| 0-4 | 120% | $190 – $200 |
| 4-8 | 85% | $95 – $110 |
| 8-12 | 60% | $60 – $70 |
| 12-24 | 36% | $30 – $40 |
Can You Get a Bad Credit Loan in North Carolina?
It’s possible to get a bad credit loan in North Carolina. However, approval depends on the lender requirements and your current financial situation. If you need emergency cash with bad credit, look for lenders that offer flexible or no credit score requirements.
What Can You Use an Installment Loan in Raleigh For?
If you’re thinking of getting an installment loan in Raleigh, NC, know that you could use it for home improvement, debt consolidation, and other financial goals. Take a look:
| Home Improvement You could use an installment loan to fix up or improve your current living conditions. | Credit Card Debt Consolidation You could consolidate high interest credit card debt with an installment loan. | Medical Costs Medical costs can be expensive, but you may be able to cover expensive bills with a personal loan. |
| Car Repairs Personal loans could help you get the money necessary to repair your vehicle. | Life Events Unexpected life events could be handled quickly with an online installment loan. | Other Emergency Expenses Installment loans are versatile, which makes them ideal for various emergency expenses. |
How Raleigh Loan Options Work
This is typically how installment loans work in Raleigh, NC:
| Apply Online Fast & Easy Online lenders provide an easy and quick application process. You typically only need to provide minimal personal information about your identity, address, and employment. | Income Verification You can get your income details verified quickly by undergoing a secure bank verification process. All you need to do is provide login information. | Same-Day Availability If approved, most online lenders can directly deposit funding to your checking account the same or next business day. |
Top Raleigh Loan FAQs
What is an installment loan?
An installment loan is typically a fixed rate loan that can provide hundreds or thousands of dollars for various financial needs. There is no collateral required for most options. These loans are repaid every month for a set period of time.
How much can I borrow with a personal loan with bad credit?
You can typically borrow between $1,000 to $35,000. However, the amount you can get with bad credit depends on the lender requirements.1
What are the eligibility requirements?
Most online lenders require applicants to be at least 18 years of age and have an active checking account, a reliable source of income, and a credit file.
How quickly can you get funding from a personal loan?
Online lenders that offer installment loans can typically deposit funding as soon as the same business day.
What our borrowers are saying
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