Installment Loans in Polkton, North Carolina

What are Installment Loans?

Installment loans are a popular financial solution for many individuals living in Polkton, North Carolina. These loans are typically repaid over a fixed period of time via a set number of scheduled payments. Each payment made on an installment loan consists of a portion of the principal amount borrowed plus interest and additional fees where appropriate. Installment loans provide an alternative to payday loans that typically require borrowers to repay the entire amount in a single payment.

Are Installment Loans Legal in North Carolina?

Yes, installment loans are legal and regulated in the state of North Carolina. The North Carolina General Statutes set the maximum interest rate for consumer credit transactions, including installment loans, at 36 percent APR. This rate is much lower than the maximum rate for payday loans previously allowed in North Carolina, which was capped at 30 percent APR for loans under $1,000 and 24 percent APR for loans between $1,000 and $5,000.

What are the Benefits of Installment Loans?

Installment loans in Polkton, North Carolina can provide a number of benefits to borrowers including:

• The ability to borrow a larger amount of money than with a payday loan
• The option to repay the loan over a longer period of time through installment payments
• A fixed interest rate and payment schedule
• No prepayment penalties for paying off the loan early

How Do You Qualify for an Installment Loan?

Qualifying for an installment loan in Polkton, North Carolina typically requires that you meet certain eligibility requirements including:

• Being at least 18 years of age or older
• Having a valid government-issued ID
• Having a regular source of income
• Providing proof of residency
• Having an active checking account

Apply Now for an Installment Loan in Polkton, North Carolina

Looking to obtain an installment loan in Polkton, North Carolina? Consider filling out an online application through TheGuaranteedLoans website today! As a connector service, TheGuaranteedLoans can help connect you with potential lenders who may be able to provide you with the financing you need. Just remember, installment loans should be used as a financial tool to help cover unexpected expenses or emergencies, and not as a long-term financial solution.

Interesting Facts About Installment Loans in Polkton, North Carolina

• North Carolina was one of the first states to ban payday lending in 2001 and replaced it with the Unfair and Deceptive Acts and Practices (UDAP) law.
• According to a 2018 report from the National Consumer Law Center, North Carolina is one of just 18 states to ban predatory car title lending outright.
• In North Carolina, consumer finance loans, including installment loans, cannot exceed $10,000 in principal, and if the borrower takes out a second loan within 90 days of the first, the total amount borrowed cannot exceed $20,000.