Payday Loans in Council, North Carolina

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

Company nameAddressZip codePhone number
BB&T Mortgage 107 Main St, Columbia, NC 27925 +1 (252) 796 - 1890
Car Now Acceptance Co 975 NC-66, Kernersville, NC 27284 +1 (336) 423 - 5077
Federal Financial Services 2005 S Cannon Blvd, Kannapolis, NC 28083 +1 (704) 963 - 9660
Southern Bank 612 Washington St, Plymouth, NC 27962 +1 (252) 793 - 1115
HCC Loans / Home Credit Corporation - Asheville, NC 943 Haywood Rd, Asheville, NC 28806 +1 (828) 253 - 8400
State Employees' Credit Union 1116 Jenkins Rd, Wake Forest, NC 27587 +1 (919) 562 - 7222
Friendly Check 52 111 N Main St, Tarboro, NC 27886 +1 (252) 774 - 9022
National Finance Company 405 W Vernon Ave, Kinston, NC 28501 +1 (252) 523 - 8107
First Citizens Bank 200 E Ash St, Goldsboro, NC 27530 +1 (919) 705 - 2260
Friendly Check Cashing 1910 Julian R Allsbrook Hwy, Roanoke Rapids, NC 27870 +1 (252) 308 - 6785

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Council, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Greenville, NC, Quick Loan in Hickory, NC, Bad Credit Loans in High Point, NC, Payday Loans in Holly Springs, NC, 24-Hour Loan in Huntersville, NC, Bad Credit Loans in Indian Trail, NC, Bad Credit Loans in Jacksonville, NC and Payday 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 Council, NC.

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

28434

Are Payday Loans Legal In Council, 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

Council, NC payday loan calculator

In any financial emergency, people often turn to payday loans to cover their expenses. However, payday loans are prohibited in North Carolina, including Council, NC.

Why are payday loans prohibited in North Carolina?

In North Carolina, the state government believes that payday loans are a predatory lending practice that preys on the vulnerable and financially unstable. The APR (annual percentage rate) of payday loans can go up to 400%, which is considered extreme and unreasonable.

In the hopes of protecting its citizens from this crushing debt trap, North Carolina established a law in 2001 that set a 36% APR limit on consumer loans. This limit forces payday loan lenders and other predatory lenders out of the state.

What is a payday loan?

For those unfamiliar with payday loans, it is a type of short-term loan that is designed to help individuals cover their expenses until their next paycheck. The loan amount is typically a few hundred dollars, and it must be repaid on the borrower’s next payday.

The problem with payday loans is that they come with an exorbitantly high-interest rate. People who take out payday loans often find themselves trapped in a cycle of debt, where they continue to borrow money and pay high fees to the lender, causing them to sink further into debt.

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

Although payday loans are not an option, there are alternatives available to residents of Council, North Carolina. These alternatives include:

  • Personal loans: A personal loan is a loan that can be used for almost anything, including unexpected expenses. The APR for personal loans is significantly lower than the APR for payday loans.
  • Credit unions: Credit unions are non-profit organizations that offer low-interest loans to their members. These loans are often more accessible than traditional bank loans.
  • Credit counseling: If your financial situation is causing you stress, credit counseling services can offer guidance and support on managing your debt.

Interesting Facts and Statistics About Payday Loans in Council, North Carolina

  • In 2018, the total payday lending fees in North Carolina were $457 million, with the average APR being 365%.
  • North Carolina’s law banning payday loans has been successful in protecting its citizens from predatory lending practices, saving them an estimated $457 million in fees annually.
  • 85% of borrowers who take out payday loans are unable to repay their loan on time, leading them to borrow again and incur more fees.

Apply Now

While payday loans are illegal in Council, North Carolina, TheGuaranteedLoans offers a connection service for individuals seeking alternative loan options, such as personal loans. As a connector service, we work with a network of lenders to connect you with potential loan options. Simply fill out our online application, and we will match you with lenders who can meet your specific needs.

Remember, taking out a loan is a big decision that should not be taken lightly. If you are struggling financially, reach out to a credit counselor or financial expert to help guide you towards a sustainable financial future.

F.A.Q.

What should I do if a payday loan lender is threatening me with legal action in Council, North Carolina?

If a payday loan lender is threatening you with legal action in Council, North Carolina, you should contact the North Carolina State Department of Financial Services to report the lender's actions. The department may be able to help you resolve the issue and protect your rights.

Is it possible to get a payday loan from a lender in another state and use it in Council, North Carolina?

No, it is not possible to get a payday loan from a lender in another state and use it in Council, North Carolina. Payday loans are illegal in Council, North Carolina, regardless of where the lender is located.