Payday Loans in Knotts Island, North Carolina

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

Company nameAddressZip codePhone number
ACE Cash Express 1529 W Innes St, Salisbury, NC 28144 +1 (704) 639 - 0700
State Employees' Credit Union 1790 Dickerson Blvd, Monroe, NC 28110 +1 (704) 283 - 1541
First Bank - Richfield, NC 135 NC-49, Richfield, NC 28137 +1 (704) 463 - 7383
BB&T 6612 Knightdale Blvd, Knightdale, NC 27545 +1 (919) 266 - 6800
SunTrust Bank 208 North Arendell Avenue, Zebulon, NC 27597 +1 (919) 421 - 6020
SunTrust Bank 9920 Poplar Tent Rd, Concord, NC 28026 +1 (704) 706 - 6077
Four Oaks Bank 111 N Main St, Four Oaks, NC 27524 +1 (919) 963 - 2177
Creekside Finance, Inc. 1447A Mt Jefferson Rd, West Jefferson, NC 28694 +1 (336) 246 - 2000
Lendmark Financial Services LLC 181 Commercial Dr, Forest City, NC 28043 +1 (828) 245 - 4203
Lendmark Financial Services LLC 781 Washington St, Washington, NC 27889 +1 (252) 948 - 3780

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Knotts Island, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Mooresville, NC, 24-Hour Loan in Raleigh, NC, Payday Loans in Rocky Mount, NC, Payday Loans in Salisbury, NC, No Credit Check Loans in Wake Forest, NC, Payday Loans in Wilmington, NC, Payday Loans in Wilson, NC and 24-Hour Loan in Winston-Salem, 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 Knotts Island, NC.

Beautiful sights of Knotts Island, NC

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

27950

Are Payday Loans Legal In Knotts Island, 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

Knotts Island, NC payday loan calculator

Everything You Need to Know About Payday Loans in Knotts Island, North Carolina

When it comes to borrowing money, payday loans are a popular option for individuals who need cash quickly. However, if you live in Knotts Island, North Carolina, you should know that payday loans are illegal in the state. In this article, we will provide a comprehensive overview of payday loans, their risks, and alternatives available to Knotts Island residents who need financial assistance.

What are Payday Loans?

A payday loan is a short-term loan that is typically due on the borrower’s next payday. These loans are often marketed as a way to cover unexpected expenses or bridge the gap between paychecks. In order to obtain a payday loan, the borrower must provide proof of income, a valid ID, and a post-dated check or electronic access to their bank account.

Although payday loans are a convenient way to access funds quickly, they often come with high interest rates and fees that can make it difficult for borrowers to repay the loan on time. This can lead to a cycle of debt that can be difficult to break free from.

Why are Payday Loans Prohibited in North Carolina?

In 2001, North Carolina became the first state to prohibit payday lending. The state passed a law that capped interest rates on loans at 36% APR and banned loans with a term of 30 days or less. This law was aimed at protecting consumers from the high interest rates and fees that are often associated with payday loans.

Since the passing of this law, payday lenders have been unable to operate in North Carolina. However, this has not stopped some lenders from trying to find loopholes in the law and offer payday loans to residents.

What are the Risks of Payday Loans?

Payday loans can be very risky for borrowers, especially those who are unable to repay the loan on time. The high interest rates and fees associated with these loans can quickly add up, making it difficult for borrowers to pay off the loan and cover their other expenses.

If a borrower is unable to repay the loan on time, they may be subject to additional fees and interest charges. This can lead to a cycle of debt that can be difficult to break free from.

Alternatives to Payday Loans

Although payday loans are not available in North Carolina, there are still other options available to Knotts Island residents who need financial assistance. Some alternatives to payday loans include:

  • Credit union loans: Many credit unions offer low-interest loans to their members.
  • Personal loans: Banks and other financial institutions offer personal loans that may have lower interest rates than payday loans.
  • Credit counseling: A credit counselor can help individuals create a budget and develop a plan to pay off their debts.
  • Savings: Building up an emergency savings fund can help individuals cover unexpected expenses without relying on payday loans.

Facts and Statistics About Payday Loans in Knotts Island, North Carolina

Even though payday loans are illegal in North Carolina, there are still some lenders who try to skirt the law and offer these loans to residents. According to a report by the Center for Responsible Lending, between 2005 and 2010, payday lenders in North Carolina made more than $450 million in loans to consumers.

However, this does not mean that residents of Knotts Island should consider taking out a payday loan. These loans come with high interest rates and fees that can quickly add up and lead to a cycle of debt. By exploring alternative options, individuals can get the financial assistance they need without putting themselves at risk.

Apply Now

Are you in need of financial assistance? TheGuaranteedLoans can help. We are a connector service that works with a network of potential lenders to help match borrowers with the best loan options for their needs. To get started, simply fill out our online application and we will get back to you with loan options that may be available. Please note that we are not a direct lender.

If you live in Knotts Island, North Carolina, remember that payday loans are illegal in the state. By exploring alternative options, you can get the financial assistance you need without putting yourself at risk. Contact TheGuaranteedLoans today to learn more.

F.A.Q.

Can I be arrested for taking out a payday loan in Knotts Island, North Carolina?

It is unlikely that a borrower would be arrested for taking out a payday loan in Knotts Island, North Carolina, as the focus of enforcement efforts is typically on the lenders, rather than the borrowers. However, borrowers who knowingly engage in illegal activities, such as providing false information to a lender or participating in a loan scheme, may face criminal charges.

Are there any other resources available to help me avoid predatory lending in Knotts Island, North Carolina?

Yes, there are several resources available to help consumers avoid predatory lending in Knotts Island, North Carolina, including the state's Consumer Financial Protection Bureau, the North Carolina State Banking Department, and the North Carolina City Department of Consumer Affairs.