Payday Loans in Bahama, North Carolina

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No payday loan companies in Bahama, NC. Consider companies in other cities:

Company nameAddressZip codePhone number
Depot Street Pawn 585 Depot St, Franklin, NC 28734 +1 (828) 349 - 0022
Melissa Spivey - Raymond James 517 E Main St, Lincolnton, NC 28092 +1 (704) 736 - 1057
United Community Bank 102 E Main St, Clayton, NC 27520 +1 (919) 553 - 2323
SunTrust 1130 Beaver Creek Commons Dr, Apex, NC 27502 +1 (919) 629 - 3907
Southern Bank - Salemburg 102 N Main St, Salemburg, NC 28385 +1 (910) 525 - 4149
TowneBank 178 U.S. Hwy 158 W, Camden, NC 27921 +1 (252) 338 - 2165
Jackson Hewitt Tax Service 111 Little John St, Oxford, NC 27565 +1 (434) 447 - 4477
State Employees' Credit Union 114 N Plain Rd, Jacksonville, NC 28546 +1 (910) 347 - 1010
United States Postal Service 115 E Main St, Fremont, NC 27830 +1 (800) 275 - 8777
Jamie Miller CPA, PLLC 1136 Greenwood Rd, Spruce Pine, NC 28777 +1 (828) 765 - 4400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bahama, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Wilson, NC, Short-term Loans in Winston-Salem, NC, Payday Loan Without a Credit Check in Apex, NC, Payday Loans in Asheville, NC, Short-term Loans in Burlington, NC, Bad Credit Loans in Cary, NC, No Credit Check Loans in Chapel Hill, NC and Quick Loan in Charlotte, NC. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Bahama, NC.

Payday Loans Available in Bahama, NC By The Following ZIP Codes:

27503

Are Payday Loans Legal In Bahama, North Carolina?

Payday Lending is Prohibited in North Carolina

North Carolina Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Bahama, NC payday loan calculator

Understanding Payday Loans in Bahama, North Carolina

Payday loans, also known as cash advances or short-term loans, allow borrowers to access a small amount of money with a high-interest rate to be paid back on their next payday. However, in Bahama, North Carolina, payday loans are prohibited as per the state’s laws.

What Are the Laws Regarding Payday Loans in Bahama, North Carolina?

Bahama, North Carolina is one of the states that have banned payday loans completely. This means it is illegal to operate a payday lending business or provide payday loans to residents of the state. The North Carolina General Statutes, Section 53-281, states that the annual percentage rate (APR) for payday loans in North Carolina can’t exceed 36 percent. In addition to that, payday lenders can’t charge more than $15 per $100 borrowed.

Why Are Payday Loans Prohibited in Bahama, North Carolina?

The state of North Carolina took the decision to prohibit payday loans in 2001, following a report that indicated the negative impact of payday lending on borrowers. The report showed that the interest rates charged on payday loans were exorbitantly high, with some lenders charging up to 400% APR. This high rate of interest resulted in borrowers being trapped in a cycle of debt, where they couldn’t pay back the loan on time. Hence, the decision was made to protect consumers from such predatory lending practices.

Alternatives to Payday Loans in Bahama, North Carolina

Although payday loans are illegal in North Carolina, there are still alternative options available for residents looking for quick financing:

  • Personal Loans: One can consider taking out a personal loan from a bank or credit union. These loans have lower interest rates and better terms compared to payday loans. However, they may take longer to process.
  • Credit Cards: Credit cards can be a good option for short-term financing needs. One can use the credit card to pay for unexpected expenses and then pay off the balance over time.
  • Cash Advances: One can also consider taking a cash advance through their credit card. However, the interest rate on this type of loan tends to be higher than regular purchases, and there may be additional fees.

Interesting Facts and Statistics about Payday Loans in Bahama, North Carolina

  • North Carolina was one of the first states to ban payday loans, with the law coming into effect in 2001.
  • According to a report by the Center for Responsible Lending (CRL), between 2000 and 2005, payday lenders in North Carolina made over $400 million in fees alone.
  • Around 80% of payday loans are rolled over or renewed within two weeks of the original loan, leading to more fees and interest charged to the borrower.

Apply Now

If you are looking for a loan and reside in Bahama, North Carolina, TheGuaranteedLoans is here to help. We are a connecting service that connects borrowers with potential lenders who can provide loans suitable for their financial needs. Complete the online application on our website to get started. Please note that TheGuaranteedLoans is not a direct lender and operates only as a connecting service.

Conclusion

Payday loans can be an extremely costly form of borrowing that traps borrowers in a cycle of debt. If you are living in Bahama, North Carolina, it is important to be aware that payday loans are illegal in the state and there are other alternative options available. If you need financial assistance, it is always important to explore all your options and choose the best one for your specific needs.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in Bahama, North Carolina?

No, taking out an illegal payday loan in Bahama, North Carolina is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in Bahama, North Carolina?

No, you cannot be sued for not paying back an illegal payday loan in Bahama, North Carolina.