Payday Loans in Bonlee, North Carolina

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

Company nameAddressZip codePhone number
United Federal Credit Union - Asheville 1441 Patton Ave, Asheville, NC 28806 +1 (888) 982 - 1400
Wells Fargo Bank 101 S Market St, Washington, NC 27889 +1 (252) 974 - 1511
Navy Federal Credit Union 2830 Piney Green Rd, Midway Park, NC 28544 +1 (888) 842 - 6328
First Horizon Bank 8231 Magnolia Estates Dr, Cornelius, NC 28031 +1 (704) 439 - 1500
Approved Cash 55 Orange St, Fair Bluff, NC 28439 +1 (910) 248 - 3222
First Horizon Bank 102 E Washington St, Mebane, NC 27302 +1 (919) 563 - 5931
Professional Financial Services 1321 Westbrook Plaza Dr 100, Winston-Salem, NC 27103 +1 (336) 777 - 1203
Payday Jewelry Music & Pawn 1700 W Vernon Ave, Kinston, NC 28504 +1 (252) 686 - 0935
First Community Bank 5519 Mountain View Rd, Hays, NC 28635 +1 (336) 696 - 2265
First Bank - Asheville West, NC 1012 Patton Ave, Asheville, NC 28806 +1 (828) 254 - 1778

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bonlee, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in High Point, NC, No Credit Check Loans in Holly Springs, NC, Payday Loans in Huntersville, NC, Payday Loans in Indian Trail, NC, Payday Loans in Jacksonville, NC, 24-Hour Loan in Kannapolis, NC, Payday Loan Without a Credit Check in Matthews, NC and Payday Loans in Monroe, 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 Bonlee, NC.

Are Payday Loans Legal In Bonlee, 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

Bonlee, NC payday loan calculator

Understanding Payday Loans in Bonlee, North Carolina

Payday loans are short-term cash loans that borrowers take out to cover unforeseen expenses until their next payday. In most cases, these loans come with very high-interest rates and fees, and can trap borrowers in a cycle of debt that can be difficult to escape.

In North Carolina, payday loans are prohibited by law. However, that doesn’t stop some borrowers from turning to alternative lending options, such as installment loans or car title loans, to meet their financial needs. In this article, we will explore the situation with payday loans in Bonlee, North Carolina, and what alternatives borrowers may consider.

Why are payday loans prohibited in North Carolina?

Various studies have shown that payday loans can have a negative impact on consumers. In North Carolina, lawmakers and consumer advocates recognized these risks and acted to protect residents. In 2006, the North Carolina General Assembly passed the North Carolina Consumer Finance Act, which made it illegal for payday lenders to operate in the state.

The law was a response to the predatory lending practices of payday lenders, who often charge high fees and interest rates that can be as high as 300% APR. Payday lenders also frequently target vulnerable low-income borrowers and trap them in a cycle of debt.

Alternatives to Payday Loans in Bonlee, North Carolina

Despite the prohibition, some people may still have a need for short-term loans. Fortunately, there are alternatives available to residents of Bonlee and throughout North Carolina.

Credit Unions

Credit unions are nonprofit financial institutions that offer loans and other financial services to their members. They are often more willing to work with borrowers who have less-than-perfect credit or limited income. Credit union loans may have lower interest rates and fees than payday loans.

Installment Loans

Installment loans are longer-term loans that are repaid in regular installments, typically over a period of months or years. These loans may have lower interest rates and fees than payday loans, and they allow borrowers to make smaller, more manageable payments.

Personal Loans

Personal loans are loans that are offered by banks, credit unions, and online lenders. These loans can be used for a variety of purposes, and they may offer more favorable terms and interest rates than payday loans. However, personal loans typically require a credit check, so borrowers with poor credit may have trouble qualifying.

Emergency Assistance Programs

Some local and national nonprofits offer emergency assistance programs that can provide financial aid to individuals and families in need. These programs may offer grants, low-interest loans, or other forms of assistance to help people cover unforeseen expenses, such as medical bills or housing costs.

Interesting Facts About Payday Loans in Bonlee, North Carolina

  • In 2001, more than 1,000 payday lenders operated in North Carolina.
  • The average payday loan in North Carolina was $350 in 2004.
  • A 2011 study found that payday borrowers in North Carolina paid an estimated $457 million in fees and interest over a five-year period.
  • The North Carolina Attorney General’s office has received more than 1,100 complaints about payday loans since 2005.
  • In 2016, payday lenders tried to circumvent the state’s ban by offering loans over the internet. However, state officials shut down the online lenders and fined them millions of dollars.

Apply Now

TheGuaranteedLoans is here to help you find a lender who can meet your financial needs. We are a connector service that works with a network of reputable lenders, and we strive to make the borrowing process as easy and stress-free as possible.

To get started, simply fill out our online application form and submit it for review. We will then match you with a lender who can provide the funds you need, based on your financial situation and credit score. Our service is free and there is no obligation to accept any offers you receive.

Please note that TheGuaranteedLoans is not a direct lender, and we do not make lending decisions. Instead, we facilitate your connection with potential lenders who can provide the funds you need. If you have any questions about our services or the borrowing process, please feel free to contact us.

Conclusion

Payday loans are prohibited in North Carolina, but alternative lending options are available to borrowers in Bonlee and throughout the state. If you are in need of short-term cash, consider exploring options such as credit union loans, installment loans, or emergency assistance programs. And if you decide to apply for a loan, use TheGuaranteedLoans to connect with a lender who can provide the funds you need at reasonable terms and rates.

F.A.Q.

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

It is illegal for lenders to offer payday loans in Bonlee, North Carolina, so borrowers cannot be charged with a crime for taking out a payday loan. However, lenders may face criminal charges for engaging in illegal lending practices.

What should I do if I have already taken out a payday loan in Bonlee, North Carolina?

If you have already taken out a payday loan in Bonlee, North Carolina, you should contact the lender to try to negotiate a repayment plan. If the lender is unwilling to work with you, you may want to seek out alternative forms of financing or seek legal advice.