North Carolina Payday Loans – Get Quick Cash Advances in NC

Nowadays, the demand for payday loans is quite high throughout the US, and North Carolina is no exception. This Southeastern state is home to over 10 million people, and many of them are struggling financially even now, as you are reading this article. And if you are here, you are probably one of them. A cash emergency may be quite stressful, especially if you do not have relatives or friends to borrow money from. But we are always ready to help you get a quick cash advance loan in North Carolina. So breathe out, and let's get into the matter!

How Cash Advance Loans Work in NC

The first thing you need to know about payday loans is that they are regulated by state law. That is, each state applies its own legal regulations regarding this type of lending. To date, payday loans are permitted in 27 states, all others prohibit or severely restrict the activities of lenders. And North Carolina was the first state to ban payday loans because of their predatory nature. The law was adopted in 2001 and is still in force today.

But do not rush to stress out; we have good news for you! You can still get a small cash loan legally as long as its APR does not exceed 36%. This is the maximum interest cap lending companies are allowed to charge for providing their services in NC without breaking the law.

What is a small cash loan? Just like payday loans, this lending option is also characterized by a small amount to borrow (usually up to $500) and a short period to pay off the debt. However, the repayment term is still longer than in cash advances – up to 12 months. That’s the only difference. So, a small cash loan will easily meet your financial needs and come in handy in case of an emergency.

5 Easy Steps to Get Payday Loans in NC

People usually apply for payday loans when things get too complicated or when unforeseen expenses catch them off guard. No doubt, fast same day loans are a real lifesaver in times of acute financial need. Even though the amount is relatively small, cash advances turn out to be the best way to cover emergency costs. If you need to borrow money in NC right now, consider how you can do it in a few easy steps.

1. Check your credit history. This will help you determine what type of loan you need. If your FICO score is below 630, you should opt for no credit check loans in North Carolina. Fortunately, such offers are not uncommon nowadays.
2. Calculate how much you need to borrow. Maybe you need as much as $500, or a small $50-loan will be enough to cover your expenses. This is important because the smaller the amount you borrow, the less you will have to repay. So, the risk of falling into a circle of debt is minimal.
3. Find the right lender. Take into account the reputation, lending offers, and fees of the loan provider to protect yourself from financial losses. Moreover, choose licensed companies that comply with the 36% APR regulation.
4. Apply. The application form consists of several sections that contain information about your personality, income level, employment, and various competency-related questions. Fill in all fields and also provide the requested documents.
5. Get approved. The lender will review your application and decide whether to give you cash. The speed of the procedure depends on the company you have chosen. The approval commonly takes up to 15 minutes.

What are the Requirements for a Payday Loan in NC?

Your approval depends on whether you meet the requirements for cash loans in NC. In general, small cash advances are easy to get; you just need to provide some documents and meet the eligibility criteria. So, what are the requirements to get quick financial assistance in North Carolina?

• You must reach the majority age
• You must be a resident of the United States, namely North Carolina
• The credit score is not important as you can apply for no credit check loans
• Valid email, phone number, and bank account number
• Proof of identity – ID photo, passport, driver’s license, etc.
• Proof of regular income – bank statements, pay stubs, etc.
• Proof of address – rent agreement, utility bills, etc.

How to Get NC Payday Loans for Bad Credit

Not all residents of North Carolina can boast of a high credit score. There are many possible reasons for bad credit history, but all of them have one outcome – the inability to get the most advantageous payday advance loans. After all, lenders protect themselves from financial losses and charge higher fees from potentially risky applicants. But this does not mean that they do not want to deal with borrowers whose FICO score is lower than 690 (fair or bad). So you can easily get urgent loans for bad credit if you meet the other criteria, the same as for regular cash advances. The application processing time does not differ either. The higher loan cost is the only downside you will face with bad credit cash advances in NC.

Where to Find Payday Loans in NC

And so, we have figured out the legal regulations for small cash loans in North Carolina and their requirements. Now it’s time to find out where you can get fast money to deal with your financial struggles as soon as possible. In fact, you have two options to apply for a loan in NC – online and offline. Let’s consider them in more detail.

Online

Searching for short-term cash advance loans online allows you to access more lending offers and compare them in real time. This is a convenient and fast way to borrow money, as all you need is a PC or phone and an Internet connection. Moreover, online services work 24/7, making loans even more accessible and easier. These lenders are legal, but you still should be careful not to fall for the trick of predatory companies. We will tell you how to choose a reliable lender a little later, but for now, let’s move on to the next option, where to find a cash loan in NC.

Offline

This option is good for those who prefer to look for short-term loans near me. Thus, you visit a storefront location with the required documents and fill out an application there. Approval takes longer, but you leave the store with the amount you need. Do not know which company to choose? Although the choice is not as wide as online, there are still a couple of decent lenders to take out some cash. So you can apply with OneMain Financial, the national loan provider, or Southern Loans Inc., which has 7 storefront locations in NC. Both lenders offer different types of loans on fairly favorable terms.

Pros & Cons of NC Payday Loans

How to identify that cash loans are the very financial product you need? After all, when it comes to budgeting, especially borrowing money, you should be extremely careful and weigh all the pros and cons before making a final decision. To simplify this task for you, we have already compiled a list of the advantages and disadvantages of small cash loans in NC.

Pros:

• APR does not exceed 36%
• Flexible loan amounts
• Longer repayment period
• Ability to use borrowed money for any purpose
• Fast approval and cash accrual
• Availability of no credit check loans
• Few eligibility requirements

Cons:

• Higher APRs on bad credit loans
• Additional fees in case you do not repay the loan on time

Legal Cash Advance Loans Alternatives to Get in North Carolina

Although payday loans in NC are illegal, no one will deny you financial assistance in your hour of need. After all, there are many other options to get fast money both online and offline. Consider them just in case you change your mind about applying for cash advance loans in NC.

Installment loans

Installment (or personal) loans are another popular lending option in North Carolina. They are unsecured and require no collateral. What’s more, installment loans are more flexible, meaning you can borrow larger amounts for a more extended period. They are also characterized by lower interest rates and so considered a cost-effective solution to cope with financial difficulties.

Loans from Credit Unions

Credit unions have a number of advantages over other financial institutions that offer lending services to North Carolina residents. First of all, they have a wide range of financial products so that you can find the best loan option to suit your budget. What’s more, credit unions usually impose more lenient eligibility requirements, so you will not have any problems qualifying for a loan. In addition, the interest rates are among the lowest.

Credit Cards

Credit cards may be even a cheaper lending option than online payday loans in NC as their APRs do not exceed 30%. Bad credit is also not a problem, as many companies are willing to provide fast cash to applicants with a poor credit history. Moreover, it’s not at all difficult to qualify for a credit card cash advance. You can also use secured cards to build your credit score.

Tips for Choosing a Direct Lender for Online Payday Loans in NC

It happens that desperate applicants are so in a hurry to get extra cash that they apply with the first available lender and then regret their choice, finding themselves in a worse financial situation. However, even those who choose lenders more carefully sometimes run into predatory companies due to simple unawareness about the signs of unreliable loan providers. So how to identify a trustful lender? Take into account the tips below.

• Do not apply with a lender that does not comply with the 36% APR regulation.
• Avoid providers that ask you to pay more than you owe or convince you to borrow a larger amount.
• Carefully read the loan agreement; a trustful lender must be open about their finance charges and loan terms.
• Never deal with out-of-state providers that offer auto or payday loans online; their products are illegal in North Carolina.
• Check if the lender is licensed, and do not settle for loans from dubious companies.

Frequently Asked Questions