If you’re short on cash and looking for quick funds to get you by, you might be considering a payday loan. Our guide offers other options you might want to consider when you can’t get a payday loan in Raleigh.
Can I get a payday loan in Raleigh?
No. Payday loans are prohibited in North Carolina. In 2001, the state repealed the North Carolina General Statutes 53-281. Amendments that the state have made since have also restricted lenders from offering payday loans or similar options.
All payday lenders that previously operated in Raleigh have either shut up shop or started offering loans in compliance with the new regulations. For example, a small loan provider in Raleigh can’t charge an annual percentage rate (APR) of more than 36% according to the North Carolina General Statutes 53-173, cited as the Consumer Finance Act.
Because Raleigh must follow the laws of North Carolina and North Carolina has banned the practice, you won’t be able to get a payday loan in the city. This is because many consumer advocate groups and lawmakers consider payday lending a predatory practice designed to keep people in debt. You can find other options below.
Installment loan options you might want to consider
An installment loan has longer repayment terms and lower costs than a payday loan. You’ll find some installment loan providers offer loans in Raleigh, North Carolina.
Look into tribal loans. You can find a tribal lender. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to provide loans to residents of North Carolina.
Check out local social services. Public assistance programs like the North Carolina Food and Nutrition Services (FNS) and the Crisis Intervention Program can help you when you’re struggling to make ends meet.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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