Understanding Installment Loans in Lewisville, North Carolina
If you live in Lewisville, North Carolina, and you’re struggling to make ends meet, you’re not alone. According to recent statistics, over 15% of North Carolina residents live below the poverty line, with 12% of people in Forsyth County (where Lewisville is located) living in poverty. Even if you have a decent job, unexpected expenses such as medical bills or car repairs can drain your bank account and leave you struggling to pay your bills.
That’s where installment loans come in. These loans are a type of short-term lending that’s legal and popular in North Carolina. So if you’re looking for an installment loan in Lewisville, read on to find out more.
What Is an Installment Loan?
Before we dive into the specifics of installment loans in Lewisville, let’s first define what these loans are and how they work. Installment loans are a type of loan where you borrow a fixed amount of money and pay it back over a set period of time.
Unlike payday loans, which typically require you to pay back the full amount plus interest in one lump sum, installment loans allow you to pay back the loan in smaller, more manageable increments. This can make it easier to budget and plan your finances. Plus, installment loans often have lower interest rates than payday loans, which can save you money in the long run.
Installment Loans in Lewisville
As we mentioned earlier, installment loans are legal and popular in North Carolina. However, there are some regulations that lenders must follow to ensure that consumers are protected. For example, lenders must be licensed by the North Carolina Attorney General’s office and must follow North Carolina’s usury laws, which cap interest rates at 36% APR for most loans.
If you’re looking for an installment loan in Lewisville, there are several options available. You can apply for a loan online or in person at a local lender. Some popular installment loan lenders in the Lewisville area include OneMain Financial, Covington Credit, and Lendmark Financial Services.
OneMain Financial
OneMain Financial offers personal loans ranging from $1,500 to $20,000 with repayment terms of 24 to 60 months. They have a branch located in Lewisville on Shallowford Road, making it easy to apply in person.
Covington Credit
Covington Credit offers personal loans ranging from $300 to $1,400 with repayment terms of 12 to 24 months. They have a branch located in nearby Winston-Salem, which is about a 15-minute drive from Lewisville.
Lendmark Financial Services
Lendmark Financial Services offers personal loans ranging from $1,000 to $25,000 with repayment terms of 24 to 60 months. They have a branch located in Winston-Salem, which is also about a 15-minute drive from Lewisville.
It’s important to note that these are just a few examples of installment loan lenders in the Lewisville area. Before you apply for a loan, be sure to research the lender and read online reviews to ensure that you’re working with a reputable company.
Interesting Facts about Installment Loans in Lewisville, North Carolina
- North Carolina is one of 17 states that allows installment loans, but not payday loans.
- A report by the Center for Responsible Lending found that in 2019, the average interest rate for an installment loan in North Carolina was over 20%.
- In 2018, North Carolinians borrowed over $3.5 billion in installment loans.
- The maximum loan amount for an installment loan in North Carolina is $10,000.
Apply Now
If you’re interested in applying for an installment loan in Lewisville, consider filling out an application on TheGuaranteedLoans website. Our service connects you with potential lenders who may be able to offer you a loan that meets your needs. We work with a network of reputable lenders, and our application process is quick and easy.
It’s important to note that TheGuaranteedLoans is not a direct lender. Instead, we’re a connector service that helps match you with potential lenders. Once you’re connected with a lender, you’ll work directly with them to finalize your loan.
Conclusion
Installment loans can be a valuable resource for people in Lewisville who need to borrow money quickly and are looking for an alternative to payday loans. While it’s important to do your research and make sure you’re working with a reputable lender, installment loans can provide the financial relief you need to get back on track.