Raleigh is the second most populated place in North Carolina. When visiting the city, you will find oak trees everywhere, which gives Raleigh the nickname “The City of Oaks.” Raleigh also has other natural elements like creeks and waterfalls that residents and tourists can both enjoy. Located where the Piedmont and Atlantic Coastal Plain regions meet, the area is surrounded by natural beauty. 

Raleigh is a part of the “Research Triangle” with North Carolina State University, Duke University, North Carolina Central University, and North Carolina at Chapel Hill. Students and non-students alike can enjoy the different Southern food staples like fried chicken and barbecue. 

Raleigh is home to 467,665 people, and it is quickly growing. In fact, Raleigh is one of the fastest-growing cities in the United States. About 50% of Raleigh residents are homeowners, whose homes are averaged at $248,300. Mortgage owners can expect their monthly costs to be around $1,510, while renters can expect their monthly expenses to be $545. The median income for households is $67,266. Regardless of whether you are a renter or homeowner, you may need some extra cash from time to time. If you need to find some external help, a personal loan option could be the perfect solution.

What Are Personal Loans in Raleigh, NC?

Standard personal loans are unsecured, which are repaid in fixed monthly payments. These loans are some of the most used loans out there; you can find them at banks, credit unions, and private lenders. Interest rates and repayment terms for your personal loan will depend on your credit score, credit history, and income. 

What Are the Requirements for Personal Loans?

The requirements for personal loans are actually relatively simple. Here is what most lenders will ask from you: 

  1. A Bank Account Or Checking Account — there are a few reasons that lenders require a checking account. If you don’t have one at the moment, it is definitely something to consider. There are tons of perks that come with a checking account, including more loan options you may qualify for. 
  2. Photo Identification and Other Identifying Documents — lenders will need to see a government-issued photo ID to verify your identity and age. You can use IDs like a driver’s license, State ID, passport, military ID, etc. 
  3. Income — you will need to provide proof of income to any potential lender. Depending on the type of work you do, you can use documentation like paystubs, bank statements, invoices, gift statements, and letters of income to provide proof of income. 
  4. Residency Information — a lender will need to know your address to process your application. You can use pieces of mail, bank statements, lease agreements, etc.

Different Types of Personal Loans Available for Residents of Raleigh, North Carolina

Personal loans can come in a few different forms; here are some types of personal loans you can look into: 

Secured vs. Unsecured Personal Loans

Secured personal loans involve collateral, while unsecured loans do not. A secured loan option may work better for people whose credit scores aren’t excellent, or their income requirements aren’t up to par. 

Fixed Rates vs. Variable Rates 

Fixed-rate loans have interest rates that stay the same throughout repayment, while variable interest rates can change. When taking out a fixed-rate loan, you can expect steady monthly payments. At the same time, with a variable rate, you may be able to save some money on interest. However, there is also the risk of interest rates increasing over the life of the loan. 

Long-Term vs. Short-Term Loans

Long-term loans have a loan period of a few months up to a few years, while short-term loans have a loan period that starts from a few weeks up to a few months. Long-term loans can mean lower monthly payments but less going towards principal and interest. A short-term loan will mean higher monthly payments; however, it can mean paying off the loan faster and saving on interest payments. 

What Can I Use a Personal Loan in North Carolina for?

The convenient thing about personal loans is that they can be used for a variety of different expenses, and personal financial challenges; here are some examples:

Childcare Costs in Raleigh, North Carolina

Out of the 467,665 people in Raleigh, over 20% are under 18, and 5.9% are under the age of 5, meaning there are many families in this large city. Having a family can be a considerable expense. Sometimes, these costs can go over your budget—an essential financial tool—especially when they come out of nowhere. Whether you are in the family planning stage, have toddlers, or teenagers, there will be various expenses in each stage of parenting. The great thing about personal loans is that they can be used for all kinds of costs, everything from daycare to summer camp. 

Medical Bills in Raleigh, NC

Leaving medical bills unpaid can have consequences, and medical debt doesn’t just go away. If you face medical bills, large or small, a personal loan can help you take care of them. 

Funeral Expenses

Funerals can cost thousands of dollars, and if you are paying for a loved one’s service, a personal loan could help. These loans can cover all sorts of costs that come with a funeral—caskets, transportation fees, etc. 

Veterinary Care

Just like medical bills, vet expenses can come out of nowhere, and sometimes those costs can be more than what your budget can handle. If you don’t have adequate savings built up, a loan option can help you pay vet bills.  

Rent or Mortgage Payments in Raleigh, NC

Rent or mortgage payments are likely the most significant expense you face every month. And if you cannot pay your rent or mortgage payments, it could lead to dire circumstances like eviction or foreclosure. Personal loans can help you make that required payment, so you can make it through the month. 

Car Repairs and Maintenance

A car requires ongoing maintenance and sometimes repairs. In some cases, these repairs may cost hundreds to thousands of dollars, depending on your vehicle and the extent of repairs. If you don’t have all the money you need upfront, a personal loan can help you pay for it. 

College Tuition in Raleigh, NC

The first place to get money for school is federal financial aid and federal student loans. However, if that doesn’t help you take care of all your college expenses or don’t qualify for those loan options, then a personal loan could help. Many students use credit cards to pay for textbooks, room and board stays, food, and other expenses. However, personal loans often have lower interest rates than credit cards, especially when you have excellent credit. Some personal loans may also have better loan terms than private student loans. 

Gas, Groceries, and Everyday Expenses

If you face financial hardship, you may have trouble taking care of your everyday expenses. Personal loans can be an excellent way to take care of your day-to-day expenses for a short period until you can get back on your feet. 

Debt Payment Obligations

Most Americans are in debt, and you might have some debt too. However, if that debt is piling up and you struggle to pay it off, then a personal loan could help! With a personal loan with low-interest rates and flexible repayment terms, you can pay off your debt and get a more cost-effective and manageable repayment. 

Home Improvements in Raleigh, North Carolina

Personal loans can help you manage your financial needs, such as home improvements or repairs. These improvements can be expensive, and most homeowners will have to look externally to pay for these costs. 

Benefits of Personal Loans in Raleigh, North Carolina?

Personal loans come with an array of benefits. Here are some of those benefits you could get when working with these loan options: 

Versatility in North Carolina in Raleigh, NC

A personal loan is highly flexible. You’ll find flexibility with loan term, repayment, and collateral. And so, when looking for personalization with a loan, start with these loans in Raleigh, NC! 

Decent Interest Rates in Raleigh, NC

You could get a decent annual percentage rate with personal loans in Raleigh, even with bad credit. For example, a bad credit personal loan can have better interest than a title loan, a payday loan, or an online cash advance. With good credit, you could get even lower interest rates when compared to other good credit loan options. 

Good for Debt Consolidation

Whether you have credit card debt or other loans you are paying off, a personal loan can help you consolidate debt. Ideally, the new loan proceeds you take out will come with a more manageable loan term and a lower interest rate to save money. 

You Don’t Need Perfect Credit 

Bad credit loans are an option with personal loans. In fact, there are financial institutions that focus on bad credit loans specifically. And so, even if you have a bad credit score or a rough credit report, don’t hesitate to apply for a loan option. 

Steady Monthly Payments in Raleigh, NC

You can expect steady payments each month until your loan is paid back in full! This can be a huge plus if you want a predictable loan option!

Doesn’t Always Require Collateral

Although secured loan options are available, you don’t have to worry about adding collateral to these loans. Personal loans can be bad credit loans without having collateral involved. 

Choose From a Variety Financial Institutions

As mentioned above, personal loans are available at banks, credit unions, and private lenders. The great thing is that you can look around at several lenders and loan options before you decide about your loan.  

Find Out About Loan Approval

Loan approval for these loans is speedy! Once you submit an application and send in the required documents, you can find out about approval quickly, sometimes in a few business days. That way, you can decide whether the loan option is right for you or move to another lender if you are denied. 

Why Should You Choose CreditNinja?

CreditNinja is the best place to start your personal loan search in Raleigh. Here are some of the processes we have in place to provide our customers with the best possible lending experience: 

At CreditNinja, the Customer is Our Priority

At CreditNinja, we do our best to ensure that the customer is always taken care of. Here are a few ways that we make anyone who decides to work with us a priority:

  • You can apply online with us from the comfort of your home in Raleigh, North Carolina.
  • We can help answer any questions a borrower may have about our loans.
  • We protect your personal information.
  • Our customer service team members are always helpful! 

Personalization With Loan Terms 

We put your lending needs first, and we do this by personalizing the loan as much as possible. We will ask you a few questions about what you are looking for and try our best to fit those needs. Here are a few parts of a loan that may be personalized with us:

  • Usually, our loan amounts go up to $5000, but you never have to borrow more than you need! 
  • The interest rates will vary depending on your credit score, income, and ability to pay the loan.
  • The length of the loan can vary quite a bit! 
  • The monthly payment for our loans can also vary from one borrower to another.

Competitive Interest Rates

A considerable aspect to pay attention to with a personal loan is the interest rate associated with the loan. At CreditNinja, we know the importance of affordability regarding lending. So, we offer highly competitive interest rates on our loans. 

An Easy Three-Step Process with CreditNinja

At CreditNinja, we make the loan process super easy by having only three steps involved. We do most of the heavy lifting for you. Here’s what the application process will look like:

  1. Apply online — our application takes a few minutes and can be done online.
  2. Find out eligibility — after you apply, you will find out about approval. Once you are eligible, you can review the loan agreement and decide whether to move forward.
  3. Get your money once approved — once a contract is made and agreed upon by both parties, you can sign. Funds can be typically sent straight to a bank account, typically as soon as the next business day.
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.