Payday Loans in Drexel, North Carolina

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

Company nameAddressZip codePhone number
Self-Help CU 2146 Statesville Blvd, Salisbury, NC 28147 +1 (704) 637 - 6528
Cape Fear Farm Credit 4631 Main St, Shallotte, NC 28470 +1 (910) 754 - 6203
BB&T 410 E King St, Kings Mountain, NC 28086 +1 (704) 739 - 9573
Southern Bank 102 N Main St, Salemburg, NC 28385 +1 (910) 525 - 4149
SunTrust 276 Concord Pkwy S, Concord, NC 28027 +1 (704) 886 - 5508
Mariner Finance 352 S College Rd Suite 23, Wilmington, NC 28403 +1 (910) 791 - 7843
Cape Fear Lending Inc 7050 Market St, Wilmington, NC 28411 +1 (910) 319 - 7673
BB&T 508 Jake Alexander Blvd W, Salisbury, NC 28147 +1 (704) 212 - 2104
Woodforest National Bank 3310 NC-87, Sanford, NC 27332 +1 (919) 708 - 7078
SouthState Bank 106 W Main St, Rockwell, NC 28138 +1 (704) 279 - 7251

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Drexel, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Burlington, NC, Payday Loan for Cary, NC, No Credit Check Loans in Chapel Hill, NC, Short-term Loans in Charlotte, NC, Payday Loans in Concord, NC, Payday Loans in Durham, NC, Emergency 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 Drexel, NC.

Beautiful sights of Drexel, NC

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

28619

Are Payday Loans Legal In Drexel, 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

Drexel, NC payday loan calculator

Payday Loans in Drexel, North Carolina: Understanding the Prohibition

Payday loans are short-term loans that are typically due on the borrower’s next payday. These loans are popular among individuals who need quick access to cash but have poor credit or no other borrowing options.

However, payday loans are prohibited in North Carolina. In this article, we will explore why payday loans are illegal in Drexel, North Carolina, the potential risks of taking out a payday loan, and alternatives to consider if you’re in need of quick cash.

The Prohibition of Payday Loans in North Carolina

In 2001, North Carolina became the first state in the United States to prohibit payday loans through the North Carolina General Statutes Section 53-281 and Section 53-293. The North Carolina Attorney General’s Office, along with consumer advocates, believed that these loans were harmful to consumers and put them at high-risk of a debt trap.

Since then, payday lenders have been operating illegal storefront and online lending operations in the state, often targeting the poorest individuals who need cash the most.

The Risks of Payday Loans

If you’re considering taking out a payday loan, it’s important to understand the risks first.

  • High Interest Rates: Payday loans often come with extremely high-interest rates – up to 400% APR – making them costly for borrowers. This interest rate makes it incredibly easy to fall into a debt trap, where the borrower repeatedly rolls over the loan, incurring more interest and fees.
  • Short Repayment Terms: Payday loans typically have repayment terms that are due on the borrower’s next payday, which is typically within two weeks. This short repayment term can make it incredibly difficult for borrowers who are already struggling with financial difficulties to pay off the loan.
  • Target the Most Vulnerable: Payday lenders often target individuals who are already struggling financially, and who are most vulnerable to the debt trap. This is often the case for low-income earners, recent immigrants, and those with little access to credit.

These risks make it easy to fall into a debt trap, leading to spiraling financial issues.

Alternatives to Payday Loans

There are other options available to individuals in Drexel, North Carolina, who need quick cash but don’t want to take on the risks of payday loans.

  • Credit Union Loans: Credit unions typically offer personal loans with lower interest rates than payday loans. If you’re a member of a credit union, this could be a good option to explore.
  • Personal Loans: There are several online lenders who offer personal loans with lower interest rates than payday loans. However, be sure to read the terms and conditions carefully before taking out a loan to ensure you understand the repayment terms and any potential fees.
  • Credit Counseling: Credit counseling services are available for free or at a low-cost to individuals who are struggling with financial difficulties. These services can help you create a budget, negotiate with creditors, and better manage your finances.

Interesting Facts and Statistics about Payday Loans in Drexel, North Carolina

  • In 2019, there were an estimated 1.6 million payday loans issued in North Carolina, despite the prohibition.
  • The average annual interest rate on payday loans in North Carolina is 365%, according to the Center for Responsible Lending.
  • A 2016 study by the Consumer Financial Protection Bureau found that 80% of payday loans are rolled over or followed by another loan within 14 days.

Apply Now: Get Connected with Potential Lenders

At TheGuaranteedLoans, we provide a free online application service that connects consumers with potential lenders.

Our fast and easy application process allows you to quickly and easily request the funds you need, and we will work to match you with a lender that best fits your needs and financial situation. Please note that we are a connector service and do not provide direct lending services.

If you’re in need of quick cash and want to explore your options, fill out our online application today.

Conclusion:

Payday loans, while illegal in North Carolina, are still available through illegal storefront and online lenders. However, given the risks involved, it’s important to avoid payday loans and explore other options available to you.

By understanding the risks of payday loans, exploring alternative options, and working with a trusted connection service like TheGuaranteedLoans, you can avoid the debt trap and make better financial decisions.

F.A.Q.

Can a payday loan company garnish my wages in Drexel, North Carolina?

No, a payday loan company cannot garnish your wages in Drexel, North Carolina because these loans are illegal in the state.

Can a payday loan company repossess my property in Drexel, North Carolina?

No, a payday loan company cannot repossess your property in Drexel, North Carolina because these loans are illegal in the state.