Payday Loans in Chimney Rock, North Carolina

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

Company nameAddressZip codePhone number
United States Postal Service 206 Church St, Rhodhiss, NC 28667 +1 (800) 275 - 8777
SunTrust 950 N Harrison Ave, Cary, NC 27511 +1 (919) 230 - 6429
Western Union Friendly Check, 1550 Julian R Allsbrook Hwy Ste 1, Roanoke Rapids, NC 27870 +1 (252) 519 - 8907
First Bank - Wilmington - Monkey Junction, NC 5102 S College Rd, Wilmington, NC 28412 +1 (910) 452 - 3968
ABC Check Cashing 1221 University Dr, Durham, NC 27707 +1 (919) 493 - 4646
State Employees' Credit Union 6592 NC-73, Denver, NC 28037 +1 (704) 483 - 1290
Lendmark Financial Services LLC 960 S Main St b, Kernersville, NC 27284 +1 (336) 996 - 3281
Fast Bad Credit Loans 5855 Yadkin Rd, Fayetteville, NC 28303 +1 (910) 812 - 1608
Carter Bank & Trust 305 S Main St, Reidsville, NC 27320 +1 (336) 342 - 5625
First Citizens Bank 1570 N Main St, Marion, NC 28752 +1 (828) 652 - 7515

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Chimney Rock, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Greenville, NC, Payday Loan Companies in Hickory, NC, Quick Loan in High Point, NC, Emergency Loan in Holly Springs, NC, Payday Loans in Huntersville, NC, Payday Loans in Indian Trail, NC, Payday Loans in Jacksonville, NC and Same Day Loans in Kannapolis, 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 Chimney Rock, NC.

Beautiful sights of Chimney Rock, NC

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

28720, 28746

Are Payday Loans Legal In Chimney Rock, 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

Chimney Rock, NC payday loan calculator

Payday Loans in Chimney Rock, North Carolina: Understanding the Prohibition

When looking for a quick and convenient source of funds, many people in Chimney Rock, North Carolina, may consider payday loans. After all, these short-term loans offer an easy way to address unexpected expenses or bills that arise between pay periods. However, it is important to note that payday loans are prohibited in North Carolina.

While payday lenders may operate in other states, North Carolina has long recognized the potential financial harm that such loans can inflict on consumers. In fact, the state legislature passed the North Carolina Consumer Finance Act in 2001, which specifically prohibited payday lenders from operating within the state. This law applies to all types of payday lending, including online lenders that may claim to be based overseas or in other states.

But why are payday loans prohibited in North Carolina?

The Dangers of Payday Loans

At their core, payday loans are designed to be short-term loans that borrowers are expected to repay in full from their next paycheck. They are typically marketed as a quick and easy source of funds for those with poor or no credit, with lenders often touting the lack of credit checks or other forms of due diligence as a major benefit.

However, the reality is that payday loans can be incredibly dangerous for those who take them out. With extremely high interest rates and fees, many borrowers end up paying back far more than they ever borrowed in the first place. In fact, a 2016 report from the Consumer Financial Protection Bureau found that the average payday loan borrower paid $458 in fees and interest for a $350 loan.

Additionally, payday loans often come with short repayment periods – typically between two weeks and a month. For those living paycheck to paycheck, this can make it difficult or impossible to repay the loan and cover other necessary expenses such as rent, food, and healthcare.

Alternatives to Payday Loans

If you are in need of funds and do not have a credit card or emergency fund to rely on, it is important to explore alternative sources of financing rather than turning to payday loans.

  • Local Assistance Programs: Many state and local organizations offer grants or low-interest loans to help individuals and families in need cover unexpected expenses. Check with your local government or community center to learn about available programs in your area.
  • Credit Counseling: If you are struggling with debt or financial management, credit counseling can help you create a budget and develop a plan to address your current financial challenges.
  • Personal Loans: While it can be difficult to get approved for a personal loan with poor credit, it is not impossible. Consider working with a credit union or online lender that specializes in bad credit loans.

Interesting Facts and Statistics about Payday Loans in Chimney Rock, North Carolina

  • In 2019, the North Carolina Attorney General’s office received nearly 1,000 consumer complaints related to payday loans and other high-cost lending products.
  • The majority of payday loan borrowers in North Carolina are women and people of color, according to a 2013 report from the Center for Responsible Lending.
  • Research from the Pew Charitable Trusts has found that the average payday loan borrower takes out eight loans per year, spending an average of $520 in fees and interest for borrowing just $375.

Connect with Potential Lenders on TheGuaranteedLoans

Although payday loans are prohibited in North Carolina, there are still other lending options available for those in need of funds. At TheGuaranteedLoans, we connect borrowers with a nationwide network of lenders who may be willing to offer personal loans or other financing options.

While we are not direct lenders ourselves, our service can help you find the right lender for your unique financial situation. To get started, simply fill out our online application form to see what loan options may be available to you.

Remember, when it comes to borrowing money, it pays to do your research and explore all available options before making a decision.

F.A.Q.

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

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

Are there any exceptions to the payday loan prohibition in Chimney Rock, North Carolina?

No, there are no exceptions to the payday loan prohibition in Chimney Rock, North Carolina.