Payday Loans Raleigh NC – 0% APR Cash Advance Alternative From MoneyLion
Looking for a little bit of cash to hold you over for the next few months? You wouldn’t be the first to go in the direction of payday loans. But if you live in Raleigh, NC, payday loans are strictly prohibited.
Although, this good news hasn’t stopped illegal lenders from operating outside of North Carolina online and targeting distressed borrowers. Most of which charge triple-digit APR!
Not to worry, there are alternatives to payday loans if you’re in need of cash now.
Read on to learn about how you can obtain small loans around Raleigh and figure out what’s best for you.
How To Get Payday Loans in Raleigh
Even though payday loans are illegal, online lenders continue to falsely advertise themselves around Raleigh and North Carolina. Since 2010, the North Carolina Justice Center won 3 class action lawsuits against payday lending companies.
Safer short-term installment loans are available, even for those with less-than perfect credit scores. Lets’ take a closer look at alternatives to payday loans and what you should expect when applying.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Ever been in a situation where you’re just barely short on cash? MoneyLion created Instacash to eliminate the stress over those embarrassing last-minute cash shortages.
Instacash offers a 0% APR advance on the money you haven’t received yet but already worked for. It’s available to use when you have a RoarMoney account and link your checking account. Pay a small fee for turbo delivery and get your money within seconds! No credit check and no hidden fees!
How to Qualify:
Must be 18
Prove steady Income or deposits
Provide bank account that has been open for 60 days or more
Your bank account must have a positive balance
In-Person Lender
Max Payday Loan Amount: $10,000
APR: Up to 36%
Credit Affects: Potentially, some small-dollar lenders don’t require a credit pull, but they’ll report late or missed payments.
Each lender’s rules vary, but most licensed small-dollar loan lenders required a few requirements. This option is better than most payday loan offers however, you could still pay as high at 36% APR.
Lastly, stay clear of illegal online lenders charging triple digit APR, these are difficult to spot if your unaware of local laws. Eligibility can vary from lender to lender, take a look below at the most common requirements.
How to Qualify:
U.S citizen or permanent resident of U.S
Must be 18 or older
Proof income either by job or self employment, some lenders allow government benefits
Valid physical address, phone number and email address
Active checking account with direct deposits
Instant Loan Options in Raleigh
Emergencies happen, and sometimes a small advance doesn’t cover it. MoneyLion has your back when it comes to low APR affordable loans.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Credit Builder Loans are geared toward people with low credit or those who haven’t established credit borrow without high-interest rates.
A safer alternative to predatory loans, you can access up to $1000 with competitive interest rates without a hard credit pull. Over 12 months you’ll pay back your loan with auto-pay and boost your credit simultaneously!
How to Qualify:
Must be 18 years old
U.S citizen or permanent resident of the U.S
Social Security number
Provide a form of payment either by bank account, credit card, or prepaid debit card
What’s Included?
Loan up $1,000 with instant approval
Weekly credit updates – watch your score grow!
Credit improvement up to 60 points in 60 days
Exclusive Instacash benefits
12-month loan term with affordable payments
Credit Reserve Account that holds some of your funds and earns interest while you pay off your loan.
Learn more about qualifying for a Credit Builder Loan here.
Comparing Alternative Payday Loans in Raleigh NC
Take look below at your options for payday loans around Raleigh and compare rates.
Instacash | Credit Builder Loan | Small-Dollar Loan | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | $10,000 |
Fees & Interest | Free to Access0% APR | Competitive APR$19.99/month fee | 36% Cap |
Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, derogatory payments could hurt your score. |
Availability | Online & Mobile | Online & Mobile | In-Person |
Wait Time | Instantly* | Instantly | Same-Day |
Next Steps | Sign Up | Sign Up | Find A Local Lender |
Say Goodbye To Risky Payday Loans!
Predatory payday loans are a thing of the past––borrow smart with MoneyLion! A RoarMoney account from MoneyLion is your one-stop for all your banking needs. You can swipe your virtual card and earn cashback rewards that’ll deposit into your investment account.
Download the mobile app and monitor your credit, track your spending, and get paid up to two days early-– all from the palm of your hand!
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.