Payday Loans in Cofield, North Carolina

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

Company nameAddressZip codePhone number
Sandy Ridge Homes Holding Corp. 326 Bowman Rd, Candor, NC 27229 +1 (910) 974 - 6000
BB&T 4320 S 17th St, Wilmington, NC 28412 +1 (910) 392 - 2265
BB&T 107 W Broad St, Dunn, NC 28334 +1 (910) 891 - 2200
First Bank - Broadway, NC 229 N Main St, Broadway, NC 27505 +1 (919) 258 - 5230
State Employees' Credit Union 24 Credit Union Way, Clyde, NC 28721 +1 (828) 452 - 3570
Friendly Check Cashing 332 N Spence Ave, Goldsboro, NC 27534 +1 (919) 759 - 9200
State Employees' Credit Union 161 Old Farm Rd S, Roanoke Rapids, NC 27870 +1 (252) 537 - 0019
First Citizens Bank 110 N Greene St, Snow Hill, NC 28580 +1 (252) 747 - 5838
Tico Credit Co 1834 Startown Rd, Hickory, NC 28602 +1 (828) 324 - 8900
United Community Bank 406 E Main St, Wallace, NC 28466 +1 (910) 285 - 9300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cofield, NC, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Greenville, NC, Payday Loan for Hickory, NC, Bad Credit Loans in High Point, NC, Payday Loans in Holly Springs, NC, Payday Loans in Huntersville, NC, Emergency Loan in Indian Trail, NC, Same Day Loans in Jacksonville, NC and Emergency Loan 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 Cofield, NC.

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

27922

Are Payday Loans Legal In Cofield, 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

Cofield, NC payday loan calculator

Payday Loans in Cofield, North Carolina: Understanding the Law

If you’re considering taking out a payday loan in Cofield, North Carolina, it’s important to note that these types of loans are actually prohibited in the state. While payday loans may seem like a quick and easy solution to financial struggles, the high interest rates and fees associated with these loans can put borrowers in even more dire financial situations.

Payday loans typically involve small amounts of money, usually less than $500, and must be repaid by the borrower’s next payday. However, lenders often charge exorbitant interest rates, with some payday loan fees equivalent to 400% APR or more. This makes it nearly impossible for many borrowers to repay the loan on time, leading to a cycle of debt that can be difficult to escape.

Why Are Payday Loans Prohibited in North Carolina?

In 2001, the North Carolina General Assembly voted to ban payday lending in the state, citing concerns over the high fees and predatory lending practices associated with these loans. The law took effect in 2006, and since then, payday lending has been illegal in North Carolina. However, that doesn’t mean that borrowers aren’t tempted to take out these types of loans.

Some lenders may try to get around the law by offering loans online or through other means, but any lending activity that falls within the definition of a payday loan is illegal under North Carolina law. If you’re struggling to make ends meet, there are other options available to you that can help you avoid the high interest rates and fees associated with payday loans.

Alternatives to Payday Loans in Cofield, North Carolina

If you’re in need of quick cash in Cofield, North Carolina, there are several alternatives to payday loans that can help you meet your immediate financial needs. Here are a few options to consider:

1. Personal Loans

Personal loans are available from a variety of lenders, including banks, credit unions, and online lenders. These loans typically have lower interest rates and longer repayment terms than payday loans, making them a more affordable and manageable option for borrowers.

2. Credit Cards

If you have a credit card, you may be able to use it to cover your expenses in a pinch. While credit card interest rates can be high, they’re still typically lower than the rates charged by payday lenders. Just be sure to make your payments on time to avoid high fees and penalties.

3. Local Assistance Programs

Cofield, North Carolina offers several local assistance programs that can help low-income residents cover their expenses. These programs may include rent and utility assistance, food assistance, and other forms of support.

4. Emergency Savings

One of the best ways to avoid the need for payday loans is to build up an emergency fund. Even if you can only save a little bit each month, having a cushion of savings can help you avoid the need for high-interest loans in the future.

Interesting Facts About Payday Loans in Cofield, North Carolina

– In 2019, the North Carolina Attorney General’s office received 303 complaints related to payday lending and debt collection.
– North Carolina is one of 16 states that has banned payday lending.
– The average payday borrower takes out eight loans a year, with an average loan size of $375.
– Payday lending costs North Carolina families more than $457 million per year in fees and interest.

Apply Now and Connect with Lenders in Cofield, North Carolina

If you’re in need of financial assistance in Cofield, North Carolina, TheGuaranteedLoans can help you connect with potential lenders. While we’re not a direct lender, we can help you find a loan that meets your needs and budget. Simply fill out our online application form to get started, and we’ll do the rest. Remember, payday loans are illegal in North Carolina, so be sure to explore all of your options before taking out any type of loan.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Cofield, North Carolina?

No, because payday loans are illegal in Cofield, North Carolina, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Cofield, North Carolina?

Yes, the state of North Carolina has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.