Bad Credit Loans in Raleigh North Carolina
If you live in Raleigh and are looking to take out a short-term loan, you may feel overwhelmed at first. There are hundreds if not thousands of short-term loan deals on the market and filtering through them to find the right one for you may seem impossible. However, if you are committed to doing thorough research, you will find that navigating the short-term loan market is not as difficult as it may initially seem. For starters, there are two common types of short-term loans: personal loans and installment loans.
Personal Loans and Debt Consolidation Loans From Top Lenders in the Durham & Raleigh North Carolina Region
Unsecured loans are a type of short-term loan most commonly with a loan duration of only a few weeks. Borrowers seeking payday loans will write a postdated check to the lender, and in exchange, the lender will pay the borrower the same amount as the check-in cash minus the interest rate and any other fees. In Raleigh, state law caps payday loans at $300.00. This means that a lender is not authorized to lend more than $300.00 to a borrower in the form of a payday loan. There are several options available for payday loans throughout Raleigh, but most of them will have interest rates and fees adding up to as much as 15% of the check price. Before signing a payday loan agreement, make sure that the lender is complying with all relevant payday lending laws.
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- Find Personal Loan Lenders Throughout North Carolina
- Installment Loan Lenders up to $40,000
- Unsecured and Non Collateral Loans For Borrowers in Durham and Raleigh North Carolina
- Unsecured or Short Term Loans From Lenders In North Carolina
The second type of short-term loan is an installment loan. Installment loans are similar to payday loans, but they usually have a longer-term duration. Installment loans are also more loosely regulated in the state of Raleigh. If you are looking for more than $300.00 in short-term loans, installment loans could be a good option for you. You can easily find installment loans for $5,000.00 or more. On top of that, installment loans usually have a much lower interest rate than payday loans. However, it is important to note that most installment loans will still have a higher interest rate than secured personal loans. Installment loans will also have a duration anywhere from just two months to as many as five years. Although it is still considered a short-term loan, installment loans have much more flexibility when it comes to loan duration.
Raleigh unsecured loans for customers with Excellent, Good, Poor and Bad Credit Histories
Durham Credit Union
801 Hillsborough St
Raleigh NC 27615
State Employees’ Credit Union
1010 New Bern Ave
Raleigh North Carolina 27634
Coastal Credit Union
7451 Creedmoor Rd
Raleigh NC 27606
Although there are several other less common short-term loans, payday loans and installment loans are used by thousands of Raleigh residents every year. These short-term loans are ideal for people who are in need of quick cash. While payday loans are best for people looking for a small amount of cash to last just a few weeks, installment loans are better suited for anyone looking for a bit more money to last them a longer period of time. If you are in need of a short-term loan, make sure to do your due diligence and research both of these loans and their many benefits and drawbacks.
Local NC direct lenders working in these communities for unsecured financing options
The author of this page is Don, who has been covering personal finances since 2003.
PersonalLoanOnline of North Carolina is committed to being a local resource for helping borrowers who need to borrow money online. Our platform is the perfect spot to compare signature based personal loans and borrow as little as $500 and up to $40,000 or more from the convenience of your home or office. We value your feedback and opinions, feel free to contact our editorial team anytime. The innnovativefinance.org portal is managed by a group of passionate writers who love personal finances, saving money and helping others. Don is the author of this page, he enjoys helping borrowers navigate the nuances of achieving their personal goals and saving money. Learn more about finances and lending regulations online.