2024 North Carolina Installment Loan Rankings

North Carolina Installment Loans

We have reviewed 6 options for North Carolina installment loans.

Installment loans are quick, simple loans available to people with all credit types. In some cases up to $25K can be deposited into your account often by the next day. Typically, people borrow much less as these loans are expensive. These loans can help in a bind for short-term, emergency funding.

We review lenders based on their reputation, costs, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency. Tribal lenders are identified as a "Tribe Based Lender" under the "Lender status" label.

Our review of installment loans considers three areas: reputation, cost, and features. Reputation considers things like state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include ares like credit reporting or fee transparency.

A listing in this table is not an endorsement by us as we include all lenders we have reviewed that offer loans to North Carolina residents.

Big Picture Loans See full review Apply $200 - $3,500 Loan amounts 35% - 699%* APRs All Credit type ⓘ Visit Big Picture Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Blue Trust Loans See full review Apply $100 - $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit Blue Trust Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Plain Green Loans See full review Apply $1,000 Loan amounts 300% APRs All Credit type ⓘ Visit Plain Green Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Cash Advance Now See full review Apply $300 - $1,500 Loan amounts 725% APRs All Credit type ⓘ Visit Cash Advance Now for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

MaxLend See full review Apply $100 to $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit MaxLend for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

American Web Loan See full review Apply $300 to $2,500 Loan amounts None Listed APRs All Credit type ⓘ Visit American Web Loan for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

• Based on our analysis these lenders offer loans to North Carolina residents. Check each lender's website for up-to-date information.

Additional Information on North Carolina Installment Loans

North Carolina residents can choose from 6 provider options from our rankings. If there are other lenders that you would like reviewed please let us know.

Installment loans are designed to be available to people of all credit backgrounds. They differ from typical payday loans because they are paid back over multiple pay periods instead of all at once at your next payday. These loans are expensive so make sure to consider other options such as bank loans, credit cards, or friends and family before taking one.

North Carolina installment lenders are ranked in the table above. Often time consumers prefer installment loans over payday loans because the loan repayment is spread out over a longer period of time which can makes these loans cheaper than payday loans if you need multiple pay periods to repay your loan. If you can pay it off all at once then sometime a payday loan can be cheaper. See Payday Loans or Installment Loans for more information on comparing these two types of loans. Also you can visit installment loans for more general information.

Installment loans are generally paid off in less than two years. If you have fair to excellent credit or need larger amounts of cash, i.e. up to $50,000, another option to consider are personal loans. These loans can have higher loan amounts, longer terms, and lower rates. The largest loans and lowest rates are typically only offered to individuals with excellent credit. These loans are typically used more for debt consolidation than last minute emergencies.

North Carolina Paycheck Installment Loans

The loans listed in this section are paycheck-based loans. This is because payments for these loans occur on your pay date. Unlike traditional unsecured loans, these loans do not require good credit. In fact, they generally don't even consider credit history and instead, are based solely on your employment. Lenders require access to your checking account where you receive your paycheck and on your payday they automatically deduct your loan payments.

Companies offering paycheck installment loans have made these loans very convenient but these loans are expensive. They generally only make economic sense if used very infrequently for emergencies only.

Who Offers North Carolina Installment Loans

They are direct lenders who offer loans based on your paycheck amount, pay date, and access to your checking account. Their loans are typical available to all credit profiles and do not require collateral.

They differ from companies who provide matching services because installment lenders underwrite and lend money. Many sites will advertise loans and even take an application, but they are not lenders. Instead, they are matching services representing a network of lenders. These sites take your application and then pass them on to the lenders in their network. These networks can consist of hundreds of lenders. In some cases, if the lender may even pass your application on to another lender if they are unable to make a loan to you. One can distinguish direct lenders from matching services by looking at the fine print of most websites. Matching services will say something like, "the operator of this website is NOT A LENDER." Direct lenders will not include this disclaimer.

North Carolina Direct Lenders Versus Matching Service

The main advantage of using a matching service is that only one application is required to apply to multiple lenders. This can save time and effort as each application can take 5 to 15 minutes to complete. It can also increase your chances of getting approved as you will hit multiple lenders all at once.

The downside to using a matching services is you are unable to pick the lenders. This means the lenders may include unlicensed lenders as well as licensed lenders. We prefer state-licensed lenders. It also means you may not get the best loan possible as the matching service generally sells the loan to the highest bidder versus the lender with the best deal for you. If you use a matching service, once you are offered a loan, make sure you are comfortable with your lender and the terms. You are never under an obligation to accept the loan you are offered.

Whether you use a matching service or a direct lender there is a high likelihood that your data will end up with other lenders. An NPR article recounts a story where after applying via a matching service (with fake data) the author received calls months later from possible lenders.

We generally do not see anything wrong with a matching service in concept but one should be aware of how the services work. For more information see Direct Lenders or Matching Service.

Licensed Versus Unlicensed Lenders

North Carolina regulation of installment loans falls into a bit of a gray area as they sometimes fall outside of the technical definition of a payday loan and more into the area of general unsecured installment loans. We prefer North Carolina enders licensed in your state because they are typically more closely regulated and monitored. State-licensed lenders generally must apply, register, and remain compliant in every state in which they operate. As a result, state-licensed lenders are typically larger more permanent companies.

If a lender is unlicensed, they operating in North Carolina under the assumption they can export laws from their state or tribe into North Carolina. When we say tribe we are talking about tribal lenders. It refers to lenders backed by tribes formally recognized as American Indian Tribes that are generally treated as separate federal entities and operate under their own laws. These lenders were very common in early 2010's, almost disappeared towards the end of the 2010's, and in 2020 started to become more common again.

Doshound believes in transparent markets, fair regulations, and consumer choice. To the extent, the existence of tribal lenders provides more choice this is a good thing. The creation of the self-regulating Native American Financial Services Association (NAFSA) is also a good thing. We'd like to see continued transparency and enforcement to create safer choices for borrowers. For more information see North Carolina Payday Loan Laws.

The above is our understanding of how North Carolina installment lending works but we are not a law firm. Please contact the North Carolina Commissioner of Banks for more information.