Our guide will tell you everything you need about payday loans in North Carolina
You may be considering a payday loan if you’re facing a financial emergency, but in North Carolina, you’ll have to find another option. Our guide should help point you in the right direction.
Our top pick: LendYou Short-term Loans
Our top pick: LendYou Short-term Loans
Are payday loans legal in North Carolina?
Payday loans are illegal in the state of North Carolina.
North Carolina General Statutes 53-281 and the North Carolina Consumer Finance Act N.C. Gen. Stat. 53-173 govern check cashing businesses and prohibit payday lending. Payday loans have been illegal in North Carolina since 2001, but 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.
You may want to consider an installment loan instead
Be sure to check to confirm a lender operates in North Carolina and abides by the 36% APR cap.
Are there other loan options in North Carolina?
When you’re struggling mananging your everyday bills, you might not know where to turn. Fortunately, North Carolina has a number of programs that can help you afford normal costs of living. The Crisis Intervention program, Emergency Assistance program, North Carolina Food and Nutrition Services (FNS) and Low Income Energy Asisstance Porgram (LIEAP) all help people when they need it. Before you take out a loan, you can apply for one of these to see if it will help.
Our page has even more options you can check out
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 and charges 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.
I have been getting threatening calls about a loan from check in go about taking me to court. They are also saying the loan was more then the balance i believe i owned. I also learned that loans are illegal in my state as to the loan i received. The live in NC but got a loan from SC or VA not sure but they not giving me much info on the loan. What do i need to do and how can i resolve the matter.
Hi Ms. Adams,
Thank you for reaching out to Finder.
The first step is to get as much documentation on the loan that this loan company is saying you applied for. Once you have these, reach out to your local police department for them to be aware of this and protect your interest as much as possible. Hope this helps!
Cheers,
Reggie
if i need a loan of 2800$ and my back olny does auto loans for 5000$ and up can i get the loan use the money and return the rest?
Hi Zach,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, the interest rate is charged to the total amount you borrowed and not the money you only used. For this reason, you can use the excess of your borrowed money to pay off your balance. However, you will still need to pay the interest that you incurred from the total amount of money you borrowed.
Just in case, you might also want to check our car loans for used cars and car loans for new cars.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I got a bigpicture loan. I’m reading all the bad stuff about the company now. What happens if I don’t pay them back? I didn’t know it was illegal
Hi Shelly,
Thanks for leaving a question on finder.
As the lender tries to collect your debt, they continue to try withdrawing from your bank account, using the information you provided. If the money isn’t there, they continue trying, sometime breaking up the loan into smaller parts. This won’t only get you into trouble with the lender, but your bank may also charge you overdraft fees every time your balance is insufficient when the lender attempts to withdraw money.
And this is when the phone calls start. Lenders and collection representatives will use all of the information you provided — phone numbers at your job, email addresses, and even family members or friends — to contact you for payments.
For more information about this matter, please click HERE.
Cheers,
Joel
How do I apply for a loan?
Hi Tammy,
Thank you for your enquiry.
Please compare your loan options above and click the name of your preferred lender to find out the details and the minimum eligibility of the lender. You may then click the green “Go to Site” button of your preferred lender or loan option to submit your loan application online.
Please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.
Kind regards,
Jason