How do you apply for a loan with bad credit in Charlotte NC
(Request from Lashanta in Charlotte, North Carolina) I need help paying my rent this month where can I get help in charlotte nc ?
How you apply for a loan with bad credit?
Dear Lashanta,
Whether you need help with rent or other expenses, applying for a loan with bad credit is very easy. The problem however is that the lenders that are willing to fund your loan request based on your bad credit will charge you such high amounts of interest that the loan itself will be unaffordable for you.
Fortunately for you, the worst types of loans (payday loans) are illegal in the state of North Carolina. This at least saves you from the pain of trying to repay the loan carrying an interest rate of 391% or more.
Obtaining a loan for rent even with bad credit is possible. What this may mean though is that you may be required to provide some sort of collateral to meet the security interest requirements of your lender. This could be a paid off car, land or some other easily documented item. Consumer finance companies often specialize in these types of bad credit loans in Charlotte, offering products that could easily top 30% APR.
If you have bad credit but are also earning income then a loan is a possibility. Be advised those that unless you can raise your credit score to at least a 630 or 640, banks and credit unions are likely to deny your request.
If you are having difficulty making your rent payments and you believe that you are in imminent danger of an eviction, you may wish to talk to a case manager with one of the rental assistance agencies that serve Charlotte, NC. It may be possible to obtain a low-cost loan, zero interest loan or even an outright grant to help you make your rent payment. This approach may be your best option if you meet income qualifications.
Lutheran Family Services in the Carolinas
One such nonprofit organization that provides rental assistance in Charlotte is Lutheran Family Services in the Carolinas. The organization provides much-needed rental assistance to lower-income households who of persistently struggled to make their rent payments.
This organization specializes in providing help to families that have been impacted by injury or other impairment that interferes with normal employment. You can get more information by calling 704-940-3333.
Friendship CDC
Friendship Community Development Corporation is another resource that you may want to consider. This organization can help you identify problems that have made it more difficult for you make your rent payments as well as match you with opportunities that can help you permanently afford rent. Call Friendship CDC at 704-200-2807 to set up a counseling appointment.
You can find out if staying in your current apartment is possible and whether any rental assistance can be provided by local organizations. You can also learn about transitional housing opportunities that may be more affordable than your current situation.
It is worth checking into these rental assistance programs that serve Charlotte residents to see if one of these can provide help to you and your family. You would be much better off than just plunging into another rental loan with bad credit in Charlotte, NC.