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Compare your loan options in North Carolina
Laws may cap interest at 36%, but there are state-funded options for when you're in need of help.
North Carolina doesn’t allow payday loans and some other forms of short-term lending. However, there are a few programs you should know of before you stop your search.
Our top pick: LendYou Short-term Loans
Min. Loan Amount: $100
Max. Loan Amount: $15,000
Turnaround Time:
1 business day
Loan Term:
Varies
Requirements: $1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Simple application
Quick decision
Bad credit OK
Our top pick: LendYou Short-term Loans
Get offers from potential lenders in minutes by filling out just one online form.
Min. Loan Amount: $100
Max. Loan Amount: $15,000
Turnaround Time:
1 business day
Loan Term:
Varies
Requirements: $1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
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
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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).
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.
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!
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.
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.
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.
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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