Payday Loans in Balsam, North Carolina

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

Company nameAddressZip codePhone number
Entegra Bank 498 E Main St, Sylva, NC 28779 +1 (828) 586 - 1000
Mariner Finance 1092 Hampton Inn Way d, Jacksonville, NC 28546 +1 (910) 355 - 2023
First Horizon Bank 2675 Northwest Blvd, Newton, NC 28658 +1 (828) 464 - 9911
United Community Bank 805 N Arendell Ave, Zebulon, NC 27597 +1 (919) 269 - 2155
BB&T Mortgage 503 Walker St, Roxboro, NC 27573
BB&T 2632 Sunset Ave, Rocky Mount, NC 27804 +1 (252) 443 - 5026
ACE Cash Express 3310 Wilkinson Blvd, Charlotte, NC 28208 +1 (704) 399 - 3774
Abernethy Chevrolet Buick Gmc 1445 E Main St, Lincolnton, NC 28092 +1 (704) 735 - 0401
Atlantic Union Bank 100 Moyock Commons Dr, Moyock, NC 27958 +1 (252) 435 - 6114
Friendly Check Cashing 2802 Owen Dr, Fayetteville, NC 28306 +1 (910) 433 - 2168

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Balsam, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Mooresville, NC, Payday Loans in Raleigh, NC, Same Day Loans in Rocky Mount, NC, Payday Loan Without a Credit Check in Salisbury, NC, Bad Credit Loans in Wake Forest, NC, Payday Loans in Wilmington, NC, Payday Loans in Wilson, NC and Payday Loans in Winston-Salem, 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, NC.

Beautiful sights of Balsam, NC

Are Payday Loans Legal In Balsam, 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, NC payday loan calculator

Payday loans in Balsam, North Carolina: What You Need to Know

Payday loans are a type of short-term loan that is designed to assist borrowers to cover expenses until their next paycheck. Regardless of their convenient and fast nature, payday loans have been banned in North Carolina since 2001. This article is for residents of Balsam, North Carolina, who require assistance with managing their finances and finding alternatives to payday loans.

The Ban on Payday Loans in North Carolina

The North Carolina General Statutes 53-281 and the North Carolina Attorney General prohibit payday lenders from operating within state lines. This has been in effect since 2001 when the North Carolina General Assembly passed a law that made it illegal to charge over 36% interest on small loans.

A payday loan is a debt trap since it carries a high-interest rate and a short repayment period. Borrowers get stuck in a cycle of debt because they can’t repay the principal and fees on time. They then have to pay more interest and fees, leading to more debt. This practice has been outlawed in North Carolina, and payday lenders have had to close down their operations or transition their businesses to follow North Carolina’s lending laws.

Alternatives to Payday Loans in Balsam, North Carolina

If you live in Balsam, North Carolina, and have a sudden financial crisis, there are alternatives to payday loans. These include:

  • Credit counseling services: If you are in debt and don’t know where to turn, you can access credit counseling services to help you manage your finances and develop a plan to pay down your debt.
  • Personal loans: You can borrow from a traditional financial institution such as a local bank or credit union to cover your expenses. Personal loans have longer repayment periods and lower interest rates compared to payday loans.
  • Credit cards: Credit cards can provide you with quick access to funds. However, you need to be careful when using credit cards since they can easily spiral into debt, which can be challenging to pay off.
  • Friends and family: If you have a close network of friends and family members, you can consider borrowing from them temporarily until you get back on your feet.

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

  • North Carolina is not alone in its ban on payday loans. Other states like Georgia, Arkansas, and New York have also outlawed payday loans.
  • In 2016, the Center for Responsible Lending released a report that revealed the average payday loan borrower in North Carolina took out 11 loans in a year, with an average loan amount of $363. This implies that most borrowers get trapped in a cycle of debt that takes them months or years to break free from.
  • North Carolina’s ban on payday loans has saved consumers over $450 million in loan fees since its enactment.

Apply Now

At TheGuaranteedLoans, we help match borrowers in need of funds with reputable lenders across the United States. While payday loans may be illegal in North Carolina, we can still connect you with lenders who offer alternative loans like personal loans and installment loans.

To get started with your loan application, fill out our online form, and we will match you with suitable lenders based on your financial needs and profile. Remember, we are not a direct lender, but instead, we connect borrowers with lenders that provide loans that meet their needs.

Apply now and get connected with reliable lenders who offer loans that won’t leave you stuck in a cycle of debt.

F.A.Q.

What are the alternatives to payday loans in Balsam, North Carolina?

Consumers in Balsam, North Carolina can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Balsam, North Carolina?

Payday loans are prohibited in Balsam, North Carolina due to their high interest rates and fees, which can trap consumers in a cycle of debt.