Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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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.
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 In 2001, the state repealed the North Carolina General Statutes 53-281.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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
While payday loans are illegal in Raleigh, you have other options to get money or credit when you need it.
Capped rates and a variety of local lenders make it easy to shop for a loan.
This lender is transparent about fees — but still a risky choice.
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This short-term lender has more than 1,700 storefronts in over half the US.
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This lender offers transparent terms — but only to residents of five states.
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