Personal Loans in North Carolina (2024)

Looking for an installment loan in the Old North State? With our site, you can request funding for up to $40,000. Start by filling in our short form below with your first name, last name, and email address. Next, click the “Get Started” button so we can get to work helping to try to find you a loan company that fits your needs.

What is an installment loan? It is a short-term loan that is repaid little by little, over a period of time. This type of loan usually involves monthly payments on the principal and interest. The amount of interest you pay depends on the APR you get from your lender. It may also depend on your present situation. The affiliate lenders that LoanStart.com works with offer APRs starting at 4.84 percent.

North Carolina Personal Loans

There are a number of reasons why North Carolinians are taking out personal loans. Some of these are listed below:

Debt consolidation -- The average credit card debt in North Carolina is near $4,000. North Carolina residents who take out a personal loan with a lower interest rate than their credit cards may be able to save money on interest in the long run.Unexpected vehicle repairs - The Christian Science Monitor says that North Carolina has the highest average car repair costs in the nation. The average cost of a car repair in North Carolina is $426.45. For people living paycheck to paycheck, getting hit with a repair bill like this could derail their finances. Of course, for most people, not getting the repairs done could drastically impact their lives. A personal loan can allow them to keep their car running.Medical expenses - The rising costs of health care and health insurance weighs heavily on most American families. Value Penguin reports that the average cost of personal health insurance in North Carolina is $270 per month or $3,240 per year. On top of that, people still need to spend money over and above their insurance costs for doctor visits and emergency care. When faced with mounting medical bills, some people turn to short-term loans.Home renovations and repairs - Homeownership is a big commitment. The longer you own a home, the more likely it is to need repairs and upgrades. Aging homes need new HVACs, new roofs, and new flooring. Very few homeowners can afford to pay for these expenses out of pocket. That is why most people turn to personal loans.

Do you need funding for these or any other reasons? If you live in North Carolina and are considering taking out a personal loan, you can request one through our online form right now.

North Carolina State Economy

In 2010, Forbes Magazine chose North Carolina as the third-best state for doing business. The same year, Chief Executive Officer Magazine ranked it the second-best state for business. Statistically speaking, North Carolina has the tenth largest economy in the nation.

Largely an agricultural state, North Carolina leads the nation in the production of flue-cured tobacco and sweet potatoes. The state also ranks second in the nation for Christmas tree production and in the production of certain livestock (pigs and hogs, trout, and turkeys).

The banking industry has a strong presence in the Old North State. In particular, the city of Charlotte is one of the largest banking centers in the nation, and a number of large banks have operations there.

North Carolina also relies on tourism. The state ranks sixth in the US for the number of annual visitors. In 2015, the state hosted over 54 million people and tourism spending across the state generated almost $22 billion.

Scams

Loans scams are not new. Below are some things to be aware of to keep yourself from being scammed.

Email, text messages, direct mail, and phone calls are some of the tools scammers use to trick people. Be careful of any unrecognized person or business who solicits you for a loan or who requests sensitive information through any of the above means.Advance-fee loan scams are attempts to get consumers to pay money for a loan. According to North Carolina law, loan brokers may not charge advance fees for you to get a loan or a credit card. If asked to send money beforehand, don’t.Before offering your personal information and before agreeing to a loan, be sure to research the potential lender to see if they are legitimate.

More to Consider Before Borrowing

If you are thinking of applying for a loan, be sure that you meet the lender’s requirements for age, employment, income, and other things. Also, be sure you understand what you are getting yourself into by learning about interest rates, fees, and your personal responsibility.

The state of North Carolina has rules and regulations governing money lending and credit. Visit the North Carolina Attorney General’s Office for the latest consumer information.