Find the Best Personal Loan for Your Needs
North Carolina is the 10th most populated state located in southeastern part of US. Also known as Tar Heel state and Old North State, the region’s economy was largely dominated by tobacco, furniture, and textiles. However, over the years, the industries diversified to other sectors such as biotechnology, finance, energy and engineering.
This state is blowing up in jobs and opportunities. In addition, the Old North State has incredible college basketball teams and they are basking in the limelight as they consume money and power from the crumbling states to the north.
Even though the state’s economy has witnessed an expansion, agriculture remains one of its leading industries till date. Tobacco continues to be an important contributor to local economy. Tourism also plays a huge role in the state’s revenue.
North Carolina may not be the wealthiest state in the country but only one is and that is hard to determine anyhow. However, it does offer number of employment opportunities to its residents. With average household income at $43,916 and per capita income at $35,638, most families enjoy steady income with occasional need for surplus cash. These needs are often met by small cash advances such as personal loans.
The average state credit score of 679, which is slightly lower than the national average of 687, makes North Carolina a suitable candidate for online lenders to disburse personal loans that can be used for multiple reasons. Borrowers in need for financial assistance consider personal loans as an attractive solution. The installments are to be repaid over a period of few years, allowing borrowers to plan their expenses wisely.
Personal Loans vs. Payday Loans
Payday loans often appear to be the quickest option for people who are in need of immediate cash. However, despite its ease of access and temptation to borrow money, taking out payday loans is not a smart decision, especially when you have the option to choose personal loan.
Payday loans are a small amount of money that is loaned to borrower at a high interest rate on the condition that it will be paid back in full when the next paycheck is received. These loans are expensive and often attract sharp penalties if you miss payments.
Personal loans, on the other hand, have fixed repayment schedule and APR that is paid automatically through your account. They are easier to manage and make more financial sense to meet short-term needs. Borrowers in North Carolina should carefully distinguish personal loans from payday loans, and choose the more affordable option of personal loans wherever possible.
Best Banks for Personal Loans in North Carolina
Below are the best banks in the state to avail of personal loans:
Coastal Credit Union
Coastal Credit Union allows you to borrow up to $50,000. Availing of their unsecured personal loans also makes you eligible for their annual Loyalty Bonus Payout.
Having flexible terms and borrowing limits, the Southern Bank is dedicated to providing you the personal loan fitting your needs. You can contact their local branches to know more about personal loans.
First Bank offers its personal loans in the form of lines of credit and CreditLine overdraft protection. While these may seem limited, they don’t limit on how you use the funding.
Unlike most banks, Regions Bank does not have specialized personal loan products available in the market. However, they more than make up for it with competitive rates and quick process.
Having three branches in Raleigh, North Carolina alone, PNC Bank offers personal loans and lines of credit. The latter does require a closing fee, but rates are variable and higher than the former. We talk more about PNC loans in our full review.
Fifth Third Bank
Whether you want to consolidate credit card debt or pay for home repair, the Fifth Third Bank will be able to help as you can use your personal loan funding however you see fit.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you’re absolutely sure you can pay it off quickly.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.