Payday Loans in East Spencer, North Carolina

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

Company nameAddressZip codePhone number
Woodforest National Bank 2525 US-70, Hickory, NC 28602 +1 (828) 324 - 4710
American Lenders Services Co 320 Ennis St, High Point, NC 27260 +1 (336) 905 - 8630
Fort Sill National Bank Walmart SuperCenter 2406, W Roosevelt Blvd, Monroe, NC 28110
SunTrust 1908 Old Charlotte Hwy, Monroe, NC 28110 +1 (704) 218 - 5200
SunTrust Bank 1625 N Center St, Hickory, NC 28601 +1 (828) 639 - 6068
Bank of America with Drive-thru ATM 5070 Southport-Supply Rd SE, Southport, NC 28461 +1 (910) 457 - 0371
First Citizens Bank 101 Atlantic Beach Causeway, Atlantic Beach, NC 28512 +1 (252) 808 - 4030
State Employees' Credit Union 938 US-64 264, Manteo, NC 27954 +1 (252) 473 - 1292
BB&T 267 2nd St, Ellerbe, NC 28338 +1 (910) 652 - 3181
United Community Bank 132 Rodney Orr Bypass, Robbinsville, NC 28771 +1 (828) 479 - 3037

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in East Spencer, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Concord, NC, Payday Loans in Durham, NC, Same Day Loans in Fayetteville, NC, Payday Loans in Gastonia, NC, Guaranteed Loans in Goldsboro, NC, Payday Loans in Greensboro, NC, Payday Loans in Greenville, NC and Payday Loans in Hickory, 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 East Spencer, NC.

Beautiful sights of East Spencer, NC

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

28039

Are Payday Loans Legal In East Spencer, 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

East Spencer, NC payday loan calculator

Payday Loans in East Spencer, North Carolina: What You Need to Know

Payday loans, also known as cash advances, are a type of short-term loan that is typically due on the borrower’s next payday. They are often used by consumers who need quick access to cash to cover unexpected expenses or emergencies.

However, in North Carolina, payday loans are prohibited by law. The North Carolina Commissioner of Banks has issued a statement reminding consumers that payday lending is illegal in the state, and that any lenders offering these types of loans are operating outside of the law.

Why are Payday Loans Prohibited in North Carolina?

The North Carolina General Assembly enacted legislation in 2001 that made payday lending illegal in the state. The law specifically targeted payday lenders by imposing a cap on the interest rates that could be charged on payday loans. Under the law, lenders were not allowed to charge interest rates exceeding 36% APR, significantly lower than payday lenders in other states.

In addition to capping interest rates on payday loans, the law also made it illegal for lenders to offer loans to consumers who already had outstanding payday loans. This was intended to prevent consumers from getting trapped in a cycle of debt.

What are the Alternatives to Payday Loans in East Spencer, North Carolina?

While payday loans are prohibited in North Carolina, there are still options for consumers who need access to quick cash. Some alternative options include:

  • Personal Loans: A personal loan is a type of unsecured loan that is often used to finance unexpected expenses. Personal loans typically have lower interest rates than payday loans.
  • Credit Cards: Credit cards can offer a source of quick cash in an emergency. However, it is important to use credit cards responsibly and to pay off the balance in full each month to avoid accruing high interest charges.
  • Community Assistance Programs: Many communities offer assistance programs to help individuals in need. These programs may include emergency cash assistance, food and shelter programs, and short-term loans.

It is important for consumers to explore all of their options before considering a payday loan. These loans can be extremely expensive and may lead to a cycle of debt that can be difficult to escape.

Interesting Facts About Payday Loans in East Spencer, North Carolina

  • According to the Center for Responsible Lending, the average interest rate on a payday loan in North Carolina would be 365% APR.
  • In 2019, North Carolina Attorney General Josh Stein reached a settlement with a payday lender that had been illegally operating in the state. The lender was required to provide refunds to consumers and to stop doing business in North Carolina.
  • Payday lending remains illegal in North Carolina, but some lenders continue to offer loans online. Consumers should be cautious when considering online payday loans, as these lenders may be operating outside of the law and may charge exorbitant interest rates and fees.

Apply Now with TheGuaranteedLoans

If you find yourself in need of quick cash in East Spencer, North Carolina, TheGuaranteedLoans can help connect you with potential lenders. However, it is important to note that TheGuaranteedLoans is not a direct lender and we do not make loan decisions. Our service is designed to connect consumers with lenders who can provide the funds they need.

When you apply with TheGuaranteedLoans, we will request some basic information about your income and employment status. If a lender is interested in offering you a loan, they will contact you directly with more information about your loan options and the terms of the loan.

It is important to remember that payday loans are prohibited in North Carolina. If you are considering a payday loan, it is important to be aware of the risks and to explore alternative options first. If you do decide to apply for a loan, be sure to read the terms and conditions carefully and to borrow only what you can afford to repay.

F.A.Q.

Are payday loans legal in East Spencer, North Carolina?

No, payday loans are prohibited in East Spencer, North Carolina.

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

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