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Over the last several years many hard-working Americans have struggled to pay bills. This is very unfortunate as it often means that these borrowers of money have seen their credit score drop. Some may actively seek out Raleigh NC banks that offer bad credit personal loans. Taking the time to research many options is always a wise choice for someone who is looking to borrow money with a credit score that is well below 650.

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Banks Offer Bad Credit Unsecured Loans Today

Although many people may think that financial institutions and banks do not offer bad credit unsecured personal loans there are opportunities. In fact, you may find some of the bigger names offering unsecured personal loans. Some of these names include Wells Fargo, Capital One Bank and Discover Bank. Always recognize that bad credit unsecured personal loans come with a very high interest rate. Some borrowers of money may see interest rates in excess of 30%.

If you are paying on an interest rate over 30% it could take a very long time to pay down the interest and principal. This is why it is never suggested that individuals with a good credit score even consider unsecured personal loans. Most unsecured personal loans have a high interest rate because the borrowers have proven they are not good with their money. If you pay all your bills on time and in full and your credit score is above 700 you should likely seek alternatives to bad credit unsecured personal.

That said, there are a number of hard-working Americans that simply do not have the credit score to borrow money without it being unsecured or high interest. Unfortunately, some Americans had even considered taking out a cash advance payday loan or a high interest rate installment loan. Before making any final decisions when it comes to borrowing money I would strongly suggest looking at all opportunities available even if that means scaling back and getting rid of the vehicle or renting a cheap apartment.

Raleigh NC Banks with Bad Credit Personal Loans

It is important to remember that cash advance payday loans are not available in the state of North Carolina. In North Carolina many hard-working individuals have made certain the cash advance payday loans are legal within the state’s borders. Even though this is the case, there are still opportunities to take out money through bad credit loans. Note that the interest rate that is applied to a bad credit unsecured personal loan is nowhere near as high as the interest and fees that are applied to cash advance payday.

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Below are some of the financial institutions that have a presence in the Raleigh, North Carolina area:

  • Springleaf Financial
  • SunTrust
  • Bank of America
  • BB&T
  • Harrington Bank
  • River Community Bank
  • KS Bank
  • Four Oaks Bank
  • Latino Community Credit Union
  • Generations Community Credit Union
  • Capital Bank
  • Community One Bank

Note that these are just some of the bigger names that came up in search when looking for types of loans. Recognize that there are many local community banks and credit unions that will likely be very helpful for those looking to get a low interest rate on money borrowed. If you are looking for the absolute lowest interest rate on personal loans or credit cards I would strongly suggest doing research on local credit unions or community banks. Some only offer products to residents of Wake County and the surrounding counties.

Local Community Bank Personal Loans

One of the great things about a bad credit unsecured personal loan through a local community bank is that the borrowers will be able to build a relationship with said bank. When it comes to borrowing money with Bank of America, Chase, Citibank or Wells Fargo you will likely be known as a number rather than a person. In fact, when having any type of issue you will have to call an 800 number and go through operators rather than being able to go to the local bank in talk with the branch manager. Some Raleigh NC banks that offer bad credit personal loans might be these local community banks.

North Carolina has many local community banks in the state as NC is one of the banking capitals of the country. In fact, besides New York some of the largest financial institutions are headquartered in the state of North Carolina. Charlotte North Carolina is the home of Bank of America and several other popular names. BB&T bank is headquartered in Winston-Salem and there are several financial institutions headquartered in Raleigh.

With all of these banks having headquarters within the borders of North Carolina it should not be overly difficult to find banks that offer bad credit personal loans. If you are having trouble finding unsecured personal loans in your area of North Carolina please feel free to comment below and I will do the research to help you with your endeavor. Please recognize that not all banks are going to offer unsecured personal loans to low credit score borrowers.

Bank of America stopped offering bad credit unsecured personal loans because they had too many bad credit loans on their books. Do not be surprised to see other banks do this if they had any type of financial problems. Looking at the stock chart of a particular bank will likely tell you if a financial institution is struggling at the present time. Most banks are doing very well in 2013 as the overall economy has improved.

Small Towns Near Raleigh, NC

Just because a financial institution or bank is not in the city limits of Raleigh, North Carolina it does not mean that the bank is not worthy of your time. In fact, I would highly suggest looking at some of the smaller banks on the outskirts of town or in some of the small cities. If you are willing to expand your search you may find a financial institution is willing to offer unsecured personal loans and attractive interest rates. Do not expect to get an interest rate below 10% on any type of bad credit loan in 2013 or beyond.

Below is a list of some of the local towns and cities that surround Raleigh North Carolina:

  • Garner, NC
  • Cary, NC
  • Apex, NC
  • Clayton, NC
  • Holly Springs, NC
  • Fuquay-Varina, NC
  • Wake Forest, NC
  • Durham, NC
  • Smithfield, NC
  • Chapel Hill, NC
  • Carrboro, NC
  • Dunn, NC
  • Sanford, NC
  • Wilson, NC
  • Henderson, NC

If you are willing to drive up to one hour outside of Raleigh you will likely find some unique banking opportunities. The small-town banks may have some exotic loan products that could end up helping you save a significant amount of cash in the near future. Unfortunately, some individuals limit their search to only banks in the city and they miss out on opportunities to borrow up to $1500 and sometimes even $5000.

Anything over $5000 will likely not be available to those with a credit score under 650. If you hope to borrow up to $50,000 to apply to a home loan or credit card debt you will likely need a credit score above 720 or above 740. To achieve a credit score this high it will likely take paying down high interest-rate debts over the course of time. If you currently pay on several bad credit credit cards and unsecured personal loans you may find that it takes years to improve a credit score to this level.

Improving a Bad Credit Score to Borrow Money

One of the biggest problems with today’s society is individuals feel as if they should make purchases on money they have not earned. The credit card industry has exploded over the last several years with individuals using credit cards just to stay above water. This can cause major financial concerns in the future as these unsecured debts can build up very quickly. It is also true that many individuals will see the interest rate on a credit card increase as their debt load also increases.

This is very unfortunate as it may cause some hard-working Americans to remain in debt all the way into their senior years. Some Americans reach 70 years old and possibly even 75 years old before they dig themselves out of debt because of high interest rates. When making minimum payments on credit cards or unsecured personal loans most people will not be able to dig themselves out of debt for several decades. In fact, the Obama administration forced credit card companies to tell people just how long it would take to pay off debts if they made just the minimum payments.

Coming up with a very strong weekly and monthly budget is always suggested for anyone who has been struggling with cash. Writing down each and every purchase is also very helpful. Unfortunately, some people do not write down their purchases nor do they look at their credit card statements each and every month. This can cause huge problems down the road as they may be paying monthly bills that they did not even know existed. This has been very common with people who have magazine or newspaper subscriptions.

Some people have been paying my magazine subscription for several years even though they are not receiving this magazine. This is all too common when families decide to move. If you do not look  at your credit card statements you have no idea that you’re paying for a specific magazine subscription that is going to address that you have not lived at in multiple years.

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