MoneyLife

Payday Loans Charlotte – Applying For a Safe Payday Advance

By Anna Yen

You’ve stretched your budget as much as possible, but that cash balance just can’t last until the next pay date. It’s time to find some cash, but you’re running low on ideas. You might consider finding a payday loan, but the truth is payday loans are such a terrible idea that many states have banned them.

With North Carolina banning payday loans and banks rejecting your loan application, you have few options left, mainly installment and personal loans. But think again! Even though these loans advertise low-interest rates, the actual APR (annual percentage rate) charged after fees and interest can be remarkably high. Take a look below for better alternatives to predatory lenders. 

How To Get a Cash Advance in Charlotte

Finding affordable options to get a cash advance isn’t as difficult as you may think.  

Instacash

Max Advance Amount: $250

APR: 0%

Credit Affects: None

How does a 0% APR cash advance loan sound to you? Instacash from MoneyLion allows you to borrow up to $250 at zero interest while you’re waiting for your next paycheck. With this option, you only need to pay back the money you borrowed. You don’t have to worry about exorbitant add-on fees and high-interest rates that pile onto your loan amount.

To apply for Instacash, you have to open an account and link it to your bank account or RoarMoney. The service does not require a credit check, so you don’t have to worry about credit inquiries. The only time you need to pay MoneyLion is if you need instant cash – and the process goes like this.

MoneyLion offers two delivery options for Instacash. For Regular Delivery, you should see the borrowed funds in your RoarMoney account between 12 to 48 hours. If you link an external bank account, expect the funds to arrive in three to five business days.

If you need cash right away, you can choose Turbo Delivery. For expedited loan processing, you’ll have to pay a small fee. The money should reflect in your account right away, whether you’re using RoarMoney or an external bank account.

  How to Qualify: 

  • You must be at least 18 years old
  • Have a verifiable source of steady income or deposit
  • A bank account with a positive balance
  • A bank account under your name which has been open for at least 60 days

In-Person Lender

While this isn’t a recommended way to get cash today, here’s a breakdown on what is available in Charlotte, NC, the fees and wait times on a traditional payday or installment loan. 

Max Loan Amount: $5,000

APR: max 36%

Credit Affects:Lenders may perform a credit check that can negatively impact your score even if the loan is declined

North Carolina has banned payday loans. However, there are companies offering installment loans to borrowers with low credit scores.

Most installment loan programs offer loans up to $5,000. The state has a law that cash advances should have an APR of no more than 36%, and many small loan lenders charge the maximum rate. Some even find workarounds to charge more than their advertised rates. So, if you’re already struggling with your finances, you would end up racking up more debt instead of solving your cash flow problem.

How to Qualify: 

  • You must be a US Citizen
  • Be at least 18 years old
  • Meet income requirements
  • Own a savings or checking account with a direct deposit feature

Instant Online Loan Options in Charlotte

Borrowing money and paying it back in time is also an opportunity to improve your credit score. The Credit Builder Loan allows you to do that while offering benefits.

Credit Builder Loan

Loan Amount: Qualify for up to $1,000

Credit Affects: The average Credit Builder Loan user can boost a credit score by 60 points in 60 days!

Monthly Membership: $19.99/ month

Borrowers may feel like they don’t have options with no credit history or bad credit. The Credit Builder Loan changes that equation. You can apply for a loan of up to $1,000 with MoneyLion’s Credit Builder Loan and pay it back in 12 monthly installments.

Under this loan program, part of the borrowed amount goes to an interest-earning Credit Reserve Account while the rest goes to you. You don’t even need a credit history because there are no credit checks.

How to Qualify:

  • You must be 18 years old or older
  • Be a US citizen or a permanent resident
  • Hold a valid social security number
  • Own a bank account that can be used to make direct deposits

What’s Included?

  • Weekly financial updates and credit monitoring
  • Access to a loan of up to $1,000 with a one year term
  • Open an interest-earning Credit Reserve Account and start saving
  • Increase your credit score by 60 points in 60 days
  • Exclusive Instacash perks

Comparing Your Cash Advance Loan Options in Charlotte

Payday lenders may be banned in Charlotte but you have safer alternatives. Take the time to compare options and find out which one works better for you.

InstacashCredit Builder LoanIn-person Installment Loan
How Much Can You Borrow?$250$1,000$1,000-$5,000 
Fees & InterestFree0% APRCompetitive APR, $19.99/month feeMaximum 36%
Impacts Your Credit?NoYes, it builds your credit score. No, unless you can’t pay the loan back on time
AvailabilityOnline & MobileOnline & MobileIn person 
Wait TimeInstantly*InstantlyInstant access to a check for deposit 
Next StepsSign UpSign Up

Access Fast Cash in Charlotte Without Drowning in Debt

North Carolina banned payday loans to help borrowers from taking too much risk. That doesn’t mean you can’t access cash. Consider Instacash or Credit Builder Loans with MoneyLion that offer better terms to borrowers.

Instead of getting buried in a debt cycle, apply for zero-interest cash advances when you need something to tide you over until the next payday. To help you avoid overspending, you can open a RoarMoney bank account and keep track of your finances. Every week you receive a report about your spending. On top of that, MoneyLion helps you access your paycheck up to 2 days early.    

With affordable options from MoneyLion, it’s easier to avoid the debt trap and stay financially healthy, even with the occasional financial struggle.

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Build your credit and save

Join Credit Builder Plus to get a loan up to $1,000, credit monitoring, exclusive rewards, access to 0% APR cash advances, and more. Over half of members raise their credit over 60 points within 60 days!

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