For many people in North Carolina, payday loans are an attractive option for obtaining quick cash when they find themselves in a financial bind. However, due to North Carolina legislation, payday loans are prohibited. So what are your options in Asheville, North Carolina if you need quick cash?
Exploring Non-Payday Loan Alternatives
Although payday loans are prohibited in North Carolina, there are other loan alternatives you may want to consider. Depending on your current financial situation, there may be options that are more suitable for you than a payday loan.
Short-Term Loans
Short-term loans, also known as short-term installment loans, are an option to consider if you need quick cash to cover unexpected expenses or bridge the gap between paychecks. Unlike payday loans that must be paid back in full on your next payday, short-term loans are usually repaid over a period of several months, usually up to 18 months. You can typically receive a short-term loan of up to $2,500 and the repayment terms are usually flexible, which means the loan can be paid back over a period of time that is suitable for your budget. This type of loan is available in Asheville, North Carolina, and you can apply online.
Personal Loans
If you need to borrow more than $2,500, a personal loan may be the best option. Personal loans are unsecured loans, which means you can borrow up to $35,000 without having to put up collateral. With a personal loan, you can typically receive the money you need within a few days and you can use the money for almost any purpose. The repayment terms for a personal loan are usually between two to five years.
Auto Title Loans
If you need quick cash, but you don’t have a good credit score, an auto title loan may be the best option. This type of loan is available to those who own a car, and the loan amount is based on the value of the car. The loan is backed by the value of the car, so you will have to put up the title to the car as collateral. The loan must be paid back within a certain time period, usually 30 days, and failure to do so could result in the car being repossessed.
Credit Cards
If you need quick cash, you may want to consider a credit card. Credit cards are a quick and easy way to obtain cash, and you can use it for almost any purpose. However, if you don’t have a good credit score, it may be difficult to get approved for a credit card. Also, if you don’t make payments on time, you will be charged late fees and you could end up with a high interest rate.
FAQ
Are payday loans legal in North Carolina?
No, payday loans are prohibited in North Carolina.
What are my loan options in Asheville, North Carolina?
The most common loan options in Asheville, North Carolina are short-term loans, personal loans, auto title loans, and credit cards.
What is the maximum amount I can get with a short-term loan?
The maximum amount that you can get with a short-term loan is up to $2,500.
Are personal loans secured or unsecured?
Personal loans are unsecured loans, so you don’t have to put up collateral.
What if I can’t repay the loan on time?
If you can’t repay the loan on time, you may be charged late fees and your interest rate may increase. Auto title loans may also result in your car being repossessed.
Apply Now
Do you need quick cash but you don’t want a payday loan? Fill out an application on TheGuaranteedLoans and we will connect you with lenders for further action. Please note that TheGuaranteedLoans is not a lender and we cannot guarantee loans or make any decisions regarding loans.