Fair to Bad Credit Loans in NC
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Last updated December 2nd 2018
Commentary is for informational purposes only. See legal disclaimers here.
Money Trouble in North Carolina?
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North Carolina Usury and Regulations
Summary of North Carolina Usury Law(s) / Quote: "Legal: 8% Contract: 16% $25,000 or less; any rate over $25,000 / Judgment: 8% / Corporate: Any rate agreed upon by parties bound by contract"
(WeFindLenders.com endeavors to include the most up to date legal data for North Carolina, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in North Carolina, and/or contact the North Carolina State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Code § 24-1 -24-1.1 (North Carolina Usury Law Snippets of Interest)
Quote: "1.) § 24-1. Legal rate is eight percent. Except as otherwise provided in G.S. 136-113, the legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more. (1876-7, c. 91; Code, s. 3835; 1895, c. 69; Rev., s. 1950; C.S., s. 2305; 1979, 2nd Sess., c. 1157, s. 1; 2016-90, s. 18(a).)
2.) § 24-1.1. Contract rates and fees. (a) Except as otherwise provided in this Chapter or other applicable law, the parties to a loan, purchase money loan, advance, commitment for a loan or forbearance other than a credit card, open-end, or similar loan may contract in writing for the payment of interest not in excess of: (1) Where the principal amount is twenty-five thousand dollars ($25,000) or less, the rate set under subsection (c) of this section; or (2) Any rate agreed upon by the parties where the principal amount is more than twenty-five thousand dollars ($25,000). (b) As used in this section, interest shall not be deemed in excess of the rates provided where interest is computed monthly on the outstanding principal balance and is collected not more than 31 days in advance of its due date. Nothing in this section shall be construed to authorize the charging of interest on committed funds prior to the disbursement of said funds"
North Carolina Lenders By City
Charlotte NC / Raleigh NC / Greensboro NC / Winston-Salem NC / Durham NC / Cary NC / Fayetteville NC / Asheville NC / Wilmington NC / Chapel Hill NC
Complaints
to:
North Carolina
Commissioner of Banks / 316 West Edenton Street / Raleigh, NC
27603 / 919.733.3016 / Complaint
Form
North Carolina Lender Service Areas Map
Click
or tap map image above for interactive version. Active
lenders in WFL pool serving North Carolina are based in Charlotte,
Raleigh, Greensboro, Durham, Winston-Salem, Fayetteville, Wilmington,
Greenville, Asheville. Mike lost his job a few months ago, got behind on
his rent and also his credit cards. He kept his payments up to date
on his car loan because he knew that they would reclaim his car if
he did not meet the monthly payment on his car loan. He needed his car to go for interviews and get to
work once he found a job. If Mike had also maintained his credit card
payments he probably would not be in the bad credit position he is
now in. They were the first to report his lack of payments. As far
as he knows his landlord has still not reported his late payment on
his rent. He just paid his current months rent, but is two months
behind on his rent from two months ago. If you live in the State of North
Carolina and you're struggling with a bad credit rating we hope our
website helps you in some way. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's
not working hard on his degree in finance.
Lenders contact
us for listing removal or amendment.
Bad
Credit Loan Form for North Carolina
Bad Credit Loan in North Carolina
Between the credit cards and his overdue rent he needs a $6000 bad
credit loan in North Carolina. If he can get this approved, he will
be up to date on all of his debts and paying a much lower interest
rate than he currently paying on the credit cards.
Fortunately for Mike he now has a new job after being out of work
for more than two months. His new job pays well and it is a full time
gig, which he hopes to keep. Already he has been able to pay his rent
for this month, but needs help catching up with his debt.
He wants to repay his loan within a year so we have calculated his
payments based on a one-year term. They are as follows:
• Loan Amount (principal) = $6000
• Interest Rate = 14%
• Term Length = 1 year
• Monthly Payment = $538.72
• Total Paid Back = $6464.67
• Total Interest = $464.67
Readers can use our calculator later on in this post to do their own
calculations for loans that they may be interested in. Mike's loan
was approved and he is now caught up on his overdue rent as well as
his credit card balances. He has been repaying his loan each month
and making good progress on paying down the balance. He actually anticipates
making several extra payments a little later in the year.
While his financial situation is improving now that he has another
job, his bad credit will not recover so fast. Consumers like Mike
can lose their good credit rating really quickly. It may take several
years of demonstrated financial management to regain his credit rating.
His loan, once repaid on time will go a long way to improving his
rating. If he meets all his obligations on time, he will qualify for
better interest rates on future loans if he needs them.
This is good news for Mike, since he has met someone he would like
to spend a lot more time with. They are thinking of moving in together
and eventually buying a house. A good credit rating will help him
qualify for a low interest mortgage reducing his monthly payments
significantly.
The moral of this story is always pay your bills on time, talk to
your creditors to gain extensions and avoid credit bureau reports
if possible which will send you into bad credit territory. His girlfriend
has excellent credit by the way and a good job which will help him
immensely when it comes time to buy a home and apply for a mortgage.
Sincerely,
Debt Consolidation Providers In NC
Debt service providers: contact us for listing removal.
Charlotte Metro Credit Union
718 Central Ave, Charlotte, NC 28204
cmcu.org
704.375.0183
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New Dominion Bank
1111 Metropolitan Ave #100, Charlotte, NC
www.newdominionbank.com
704.943.5700
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Winston-Salem Federal Credit Union
711 E Salem Ave, Winston-Salem, NC 27101
www.mywsfcu.org
336.727.2663
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First National Bank
3500 Old Salisbury Rd, Winston-Salem, NC
locations.fnb-online.com
336.764.3150
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Summit Credit Union
3840 Ed Dr Suite 100, Raleigh, NC 27612
www.summitcu.org
919.571.0767
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Paragon Bank
3535 Glenwood Ave, Raleigh, NC 27612
www.paragonbank.com
919.788.7770
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Sharonview Federal Credit Union
1828-A Owen Dr, Fayetteville, NC 28304
www.sharonview.org
800.462.442
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Carter Bank & Trust
123 Rowan St, Fayetteville, NC 28301
www.carterbankandtrust.com
910.323.3070
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Self-Help Credit Union
307 S College Rd, Wilmington, NC 28403
www.self-help.org
910.791.0140
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Live Oak Bank
1741 Tiburon Dr, Wilmington, NC 28403
www.liveoakbank.com
910.777.5738
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NC Debt Consolidation Application Form
About Debt Consolidation Loans In NC
In the list of providers above there are 10 lending institutions in North Carolina who provide debt consolidation loans. However, they are more likely to approve your loan if your credit rating is fair/average, or higher. Not saying they won't approve your loan if you have a bad credit rating (with really low scores). They will, but they will ask for a cosigner and/or an asset like a house.
If you have a bad credit score and you need to get approved for an unsecured loan it will be tough with most banks and credit unions. You can use our bad credit service above by submitting your pre-app with the form above. As soon as you click submit you will be on your way to having hundreds of legitimate lenders reviewing your request.
NC Debt Consolidation Providers Map
Click
or tap map image above for interactive version. Denzel lives in Raleigh and works as a
baker full time. He makes a reasonable wage each month but it wasn't enough
to deal with all of the surprise expenses he was hit with. Out of the blue he was hit with a car
insurance deduct able for $700 and that seemed to be start of his bad
luck. And it wasn't JUST luck that caused him to be spiraling out of control.
When he got the ding in the side of his car he was really annoyed to be
reminded of the fact that his deductible was that high. He paid it with his credit card. But then
another stroke of fate smacked him right between the eyes. His father
was diagnosed a terminal brian disease that same week his car got hit. Denzel was really upset about his father
and it's all he could think of. He's always been very close with his Dad,
so when his father asked to him to do a bucket list trip Denzel didn't
want to say no. So he didn't. He didn't have any saving, and that makes
it difficult to be "jet set". Nevertheless, he got a couple
more credit cards to round out his card collection to 8 cards. With all of his credit cards he booked
their flights and went on a trip to Hawaii, France, Italy, and England.
They went as cheap as possible, but it still added up to a really big
bill by the time they flew back to North Carolina. It came to just under
$30,000 dollars. It was a good thing his boss at the bakery
was so cool about giving Denzel the time off to take this last trip with
his father. In his pre-application he said he had no regrets about the
money he spent, even if is was purely on credit. He figures that $30K
is not really a big deal in the long run. It's more important that his
father had a chance to go on his final journey. After coming home Denzel decided to get
an extra job to help make ends meet. He managed to find a part time job
that brought in another $750 a month. Unfortunately, most of the money
went to pay for his Dad's medication. His father did have some medical
coverage with his pension, bit it wasn't enough to pay for all the medication
required. So Denzel made sure all the medication
for his Dad was looked after. His Dad passed away a few months later and
then he had to look after the cremation and memorial services. All said
and done he needed to find a loan for $27000. He decided to apply for $30K just make
sure ALL his bills were cleared off and give him a little breathing room.
You can see the breakdown for the loan he was approved for. Principal = $30000 As per normal here the calculation
above doesn't take into account the fees charged by the lender. Lender
fees vary and loan agreements vary, but this gives us a totals that are
at least close to what the borrower would be paying back per month and
how much interest for the entire 5 year term. If you live in the State of North Carolina
and you're trying to get approved for a debt consolidation loan, we hope
our website helps you find a good lender and a low interest rate. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance.
Clearpoint Consumer Credit Services
Raleigh NC - - - - - - - - - - - - - - - -
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- - - - - - - - - - - - - CCS Wilmington NC - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Services Fayetteville
NC - - - - - - - - - - - - - - - -
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- - - - - - - - - - - - - Family Guidance Services Hickory,
NC
Lenders contact
us for listing removal or amendment.
$30000
Debt Consolidation In NC
Interest Rate = $8.67
Term Length = 5
Monthly Payment = $617.96
Total Paid Back = $37077.41
Total Interest paid out = $7077.41
Sincerely,Credit Counseling
Services In NC
6070 Six Forks Rd D, Raleigh, NC 27609
www.clearpoint.org
919.846.1729
Alliance Credit Counseling
10720 Sikes Pl #100, Charlotte, NC 28277
www.knowdebt.org
704.341.1010
206 N 4th St #7, Wilmington, NC 28401
www.consumercredit.com
910.762.9000
316 Green St, Fayetteville, NC 28301
910.323.3192
CCCS Goldsboro, NC
678 N Spence Ave, Goldsboro, NC 27534
www.consumercredit.com
919.751.3868
CCCS Greensboro, NC
315 E Washington St, Greensboro, NC 27401
336.373.8882
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17 2nd St SE, Hickory, NC 28602
www.fgcservices.com
828.322.7161WFL
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