Payday Loans in Cumberland, North Carolina

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

Company nameAddressZip codePhone number
Raymond James 19 White Pine Dr, Clayton, NC 27527 +1 (734) 930 - 0555
Adams Place 1208 W Academy St, Fuquay Varina, NC 27526 +1 (919) 557 - 6114
ElecTel Cooperative Federal Credit Union 2500 NC-86, Hillsborough, NC 27278 +1 (800) 849 - 5600
First Citizens Bank 301 W Broad St, Elizabethtown, NC 28337 +1 (910) 862 - 4027
Statesville Jewelry & Loan Co 110 S Center St, Statesville, NC 28677 +1 (704) 873 - 7948
First Citizens Bank 105 Aviemore Dr A, Pinehurst, NC 28374 +1 (910) 215 - 5661
Southern Bank 422 N Main St, Tarboro, NC 27886 +1 (252) 823 - 2184
State Employees' Credit Union 404 Old Honeycutt Rd, Fuquay-Varina, NC 27526 +1 (919) 552 - 1776
United Community Bank 102 E Main St, Clayton, NC 27520 +1 (919) 553 - 2323
Greensboro Lending 2712 Tavern Ct, Jamestown, NC 27282 +1 (336) 329 - 6020

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cumberland, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Burlington, NC, Bad Credit Loans in Cary, NC, Online Loans in Chapel Hill, NC, Payday Loan for Charlotte, NC, Payday Loans in Concord, NC, Payday Loans in Durham, NC, Quick Loan in Fayetteville, NC and Payday Loans in Gastonia, 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 Cumberland, NC.

Beautiful sights of Cumberland, NC

Are Payday Loans Legal In Cumberland, 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

Cumberland, NC payday loan calculator

Payday Loans in Cumberland, North Carolina: Understanding the Prohibition

Payday loans can be a useful financial tool for those who need quick access to cash. However, in Cumberland, North Carolina, payday loans are prohibited. This means that lenders are not allowed to offer these types of loans to residents of the state.

In this article, we’ll explore why payday loans are prohibited in Cumberland, North Carolina, and what alternatives residents have if they need access to quick cash.

Why are Payday Loans Prohibited in Cumberland, North Carolina?

North Carolina has a long history of protecting its residents from predatory lending practices. In 2001, the state became the first in the nation to enact legislation to ban payday lending. This was done to protect consumers from the cycle of debt that often comes with payday loans.

The state’s General Assembly agreed on the need to cap the annual interest rate for payday loans at 36%, a figure significantly lower than some of the rates charged by payday lenders in other states. Without these caps, payday loans can often trap borrowers in a cycle of debt, where they repeatedly borrow money to pay off previous loans and fees.

Payday lenders fought back against the legislation, but ultimately the law proved to be effective in protecting North Carolina’s consumers. Today, payday loans are illegal in North Carolina, including Cumberland.

Alternatives to Payday Loans in Cumberland, North Carolina

Just because payday loans are illegal in Cumberland, North Carolina, does not mean that residents do not have access to other financial options. Here are some alternative options:

  • Personal Loans: Personal loans can be a good option for those who need quick access to cash. These loans typically have lower interest rates than credit cards and can be a more affordable way to get the money you need.
  • Credit Cards: In some cases, using a credit card to make a purchase or pay a bill may be a better option than taking out a payday loan. While credit cards often have higher interest rates than personal loans, they do offer more flexibility when it comes to repayment.
  • Local Assistance Programs: There are a variety of local assistance programs in Cumberland, North Carolina, that can help residents with financial difficulties. These programs may include rent assistance, utility assistance, and food assistance, as well as low-cost healthcare services.
  • 401(k) Loans: If you have a 401(k) or other retirement savings account, you may be able to borrow from it in the event of an emergency. These loans typically have lower interest rates than payday loans and can be repaid over a longer period of time.

Interesting Facts About Payday Loans in Cumberland, North Carolina

While payday loans may be illegal in Cumberland, North Carolina, they are still prevalent in many other states. Here are some interesting facts about payday loans in the United States:

  • Payday loans are legal in 32 states.
  • The average APR for a payday loan in the United States is 400%.
  • The payday loan industry is estimated to be worth over $38 billion.
  • 85% of payday loan borrowers take out multiple loans in a year.

Apply Now

If you need access to quick cash, TheGuaranteedLoans can help connect you with potential lenders who specialize in personal loans. Our service is free and we do not require any collateral. To apply, simply fill out our online form and we’ll connect you with a lender who can help.

It’s important to note that TheGuaranteedLoans is a connector service, not a direct lender. We do not make credit decisions or determine interest rates. Instead, we work with a network of trusted lenders to facilitate connections between borrowers and potential lenders.

Conclusion

Payday loans may be prohibited in Cumberland, North Carolina, but that doesn’t mean residents don’t have access to other financial options. Understanding the risks associated with payday loans and exploring alternative options can help you make informed financial decisions that will benefit you in the long run.

At TheGuaranteedLoans, we believe that everyone deserves access to fair and affordable financial solutions. If you’re in need of quick cash, we’re here to help. Apply with us today and let us connect you with potential lenders who can help you get the money you need.

F.A.Q.

Are payday loans legal in Cumberland, North Carolina?

No, payday loans are prohibited in Cumberland, North Carolina.

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

Some options for short-term financial assistance in Cumberland, North Carolina include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.