Cash Advance and Installment Loans in Raleigh, NC
When facing a small, unexpected expense, getting a loan from a bank in Raleigh can be quite difficult. The struggle is harder for customers with low credit scores. Many opt instead for alternative financing, which includes short-term solutions, such as cash advance loans, installment loans, or title loans.
Advantages of Taking Out Short-Term Loans in Raleigh, NC
Time is the most significant advantage when using a cash advance or installment loan. A lender's quick turnaround time helps the client address the emergency as quickly as possible. The lender provides a credit decision quickly. Usually, after filling out a little paperwork, granting the loan is decided on the spot. If approved, the customer can receive funds in as soon as one business day.
The second most significant advantage is that the borrower's credit score may not matter. Short-term lending is meant to be paid back in full in a small period of time. As long as the borrower makes enough money to pay off the loan, then the lender may overlook a bad credit score.
Lastly, another advantage when applying for a cash advance and installment loans is not needing collateral or a guarantor.
How to Get a Small-Dollar Instalment Loan in Raleigh, NC
Applying for a loan in Raleigh can be done online or by visiting a lender in person. Keep in mind that North Carolina law prohibits its residents from taking several loans of this nature simultaneously. Individuals may need to display proof that they have the means to pay back the debt on time.
Requirements for Getting an Installment Loan in Raleigh, NC
Those searching for short-term funding should first make sure they meet the basic Raleigh requirements. To be eligible for a loan in Raleigh, clients must be North Carolina residents of at least 18 years of age, present a proof of income with a monthly salary of no less than $1,000, an ID, and their address. In some cases, lenders may ask clients to present a bank statement.
Some lenders care more about a borrower's revenue stream than a credit score. This is because short-term loans are meant to be paid back in a short period, so the lender may focus on whether the borrower makes enough to pay back the loan now.
Costs and Regulations of Installment Loans and Small-Dollar Loans in Raleigh, NC
Since 2001, payday loans are illegal in North Carolina. However, there are other alternatives when seeking quick cash, such as installment loans. Although the maximum installment loan amount isn't specified, the best lenders offer a minimum of $1,000 and a maximum of $2,500 to $3,000. Some lenders may also offer installment loans up to $5,000. The loan term isn't defined either. Some lenders are flexible with the repayment schedule for smaller installment loans; however, most larger installment loans have monthly payments. The annual percentage rate is dependent on the loan term. The lender may charge additional fees, which will be added to the loan's total cost.
Getting Car Title Loans in Raleigh, NC
Many states have a maximum loan term of 12 months for title loans. However, title loan companies in Raleigh may allow up to 36 months. Interest rates for title loans can approach 175% or higher. Nevertheless, the interest rate is sometimes reduced with each on-time payment, leading to a drop as low as 32% near the loan's end in some cases.
Similar to short-term loans, car title loans are often available to those with bad credit.
Lenders may not require a physical inspection of the vehicle before approval. Clients can apply for a title loan online or in person by presenting their car's documents, such as the title and pictures.
Favorite Raleigh, NC, Loan Companies
When seeking cash advance and installment loans in Raleigh, NC, customers have many options from which they can request a loan. Speedy Cash is one of the companies considered by many customers. Speedy Cash has different branches throughout Raleigh, and customers have the option to apply for a loan, whether online or in person.
Another trusted company in Raleigh is Check Into Cash. Alongside cash advance and installment loans, both companies offer check cashing services and are known for their quick service and easy application process.
Raleigh residents have different options when seeking a quick loan to solve an emergency. It is best to carefully consider which option best fits the customers' needs since each loan differs in terms of interest rates, fees, and payment methods.