North Carolina General Statutes 53-281 and the North Carolina Consumer Finance Act N.C. Gen. Stat. 53-173 prohibit payday lending since 2001, and more recent amendments make it nearly impossible for payday lenders to squeeze in through loopholes.
All lenders in North Carolina are required to comply with the small loan interest cap of 36% APR.
Compare installment loans available in North Carolina
Confirm your lender operates in North Carolina and abides by the 36% APR cap.
Updated April 10th, 2020
What other short-term options are available in North Carolina?
North Carolina has a number of programs that can help you make your everyday bills and expenses more affordable. Here are a few that may be able to offer assistance:
What are the typical costs of a loan in North Carolina?
North Carolina law bans small-dollar lenders from offering loans with an APR higher than 36%. However, this doesn’t limit the fees you can be charged, so you’ll need to go over your loan contract carefully before you sign to be sure you can afford the total cost — principal and interest — of your loan.
Frequently asked questions
No. Online payday loans are also illegal in North Carolina. Out-of-state lenders can’t legally provide payday loans to residents of North Carolina — with the exception of tribal lenders.
No. Because the terms are often very similar to payday loans and require you to supply a vehicle as collateral, North Carolina has also banned auto title loans.
You should contact the office of the North Carolina Attorney General or the Commissioner of Banks.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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