Payday Loans in Balsam Grove, North Carolina

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

Company nameAddressZip codePhone number
TD Bank 217 Branner Ave, Waynesville, NC 28786 +1 (828) 454 - 9908
First Bank - Angier, NC 415 N Raleigh St, Angier, NC 27501 +1 (919) 639 - 5813
Skyline National Bank 537 Main St, Hudson, NC 28638 +1 (828) 750 - 6076
Omni Military Loans 431 H Western Blvd., Jacksonville, NC 28546 +1 (910) 353 - 6767
First Citizens Bank 607 Plaza Blvd, Kinston, NC 28501 +1 (252) 939 - 3024
Ecusta Credit Union 2074 Asheville Hwy, Brevard, NC 28712 +1 (828) 884 - 7283
SouthState Bank 14572 US Hwy 17, Hampstead, NC 28443 +1 (910) 270 - 8711
Regional Finance 11 Crispin Ct Suite 103, Asheville, NC 28803 +1 (828) 277 - 8882
First National Bank 1005 High House Rd, Cary, NC 27513 +1 (919) 460 - 7770
BB&T 326 E Green St, Clarkton, NC 28433 +1 (910) 647 - 4121

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Balsam Grove, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Apex, NC, Payday Loans in Asheville, NC, Payday Loans in Burlington, NC, Payday Loans in Cary, NC, Payday Loan Without a Credit Check in Chapel Hill, NC, Payday Loans in Charlotte, NC, Payday Loans in Concord, NC and Payday Loans in Durham, 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 Balsam Grove, NC.

Are Payday Loans Legal In Balsam Grove, 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

Balsam Grove, NC payday loan calculator

Payday Loans in Balsam Grove, North Carolina: Understanding Laws and Regulations

If you are in need of quick cash in Balsam Grove, North Carolina, you may be considering a payday loan. However, it is important to note that payday loans are prohibited in North Carolina, including Balsam Grove. Despite this, there are still predatory lenders who may attempt to offer payday loans in the area. In this article, we will discuss the laws and regulations surrounding payday loans in North Carolina and what you can do if you find yourself in a financial bind.

What are Payday Loans?

Payday loans are high-interest, short-term loans that are typically due on the borrower’s next payday. They are often marketed as a way for individuals to get quick cash when they are in between paychecks, but they come with sky-high interest rates and can lead to a cycle of debt for borrowers.

Payday Loans in North Carolina

In 2001, North Carolina became the first state to ban payday loans, citing the predatory nature of the loans and their high interest rates. Over the years, attempts have been made to repeal the ban, but it remains in place to this day. The ban applies to all payday loans, whether offered in storefronts or online.

The North Carolina Attorney General’s Office actively enforces the ban on payday lending, and payday lenders who attempt to offer loans in the state can face legal consequences.

Alternatives to Payday Loans

If you are in need of quick cash in Balsam Grove, North Carolina, there are alternative options available that are legal and won’t put you in a cycle of debt. Some of these options include:

  • Credit union loans: Credit unions offer small, short-term loans that can be a good alternative to payday loans. These loans typically come with lower interest rates and more flexible repayment terms.
  • Personal loans: If you have good credit, you may be able to qualify for a personal loan from a bank or online lender. These loans typically come with lower interest rates than payday loans.
  • Credit card cash advance: While credit card cash advances also come with high interest rates, they may be a more affordable option than payday loans.
  • Payment plans: If you are unable to pay a bill or expense, many companies and service providers will work with you to set up a payment plan. This can allow you to pay off the debt over time without taking out a loan.

The Dangers of Payday Loans

While payday loans are prohibited in North Carolina, it is important to understand why they are so dangerous. Payday loans come with extremely high interest rates, often in the triple digits. This means that if you take out a payday loan, you will end up paying back significantly more than you borrow.

Additionally, payday lenders often require access to the borrower’s bank account to withdraw the loan repayment on the due date. This can lead to additional overdraft fees and further financial hardship for the borrower.

Interesting Facts and Statistics

  • North Carolina banned payday loans in 2001.
  • Payday lending storefronts began disappearing in North Carolina in 2006.
  • A study by the Center for Responsible Lending found that payday lending cost North Carolina residents $457 million in fees in the years before the ban.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders in your area. As a connector service, we are not a direct lender, but we can facilitate your connection with lenders who can provide you with the funds you need. Fill out our online application today to see what options are available to you.

Remember, payday loans are illegal in North Carolina, including Balsam Grove. If you are approached by a lender offering a payday loan, be aware that you have other options available to you.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Balsam Grove, North Carolina?

Offering or taking out a payday loan in Balsam Grove, North Carolina is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Balsam Grove, North Carolina?

No, there are no exceptions to the payday loan prohibition in Balsam Grove, North Carolina.