Payday Loans in Lynn, North Carolina

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

Company nameAddressZip codePhone number
ALCOVA Mortgage Weaverville, NC 22 N Main St, Weaverville, NC 28787 +1 (828) 552 - 8347
SunTrust 105 Avalon Dr, Salisbury, NC 28146 +1 (704) 212 - 2227
First Bank - Southern Pines, NC 205 SE Broad St, Southern Pines, NC 28387 +1 (910) 692 - 6222
Mariner Finance 1948 S Horner Blvd ste b, Sanford, NC 27330 +1 (919) 775 - 6067
Truliant Federal Credit Union 621 S Dekalb St, Shelby, NC 28150 +1 (800) 822 - 0382
United States Postal Service 115 E Main St, Fremont, NC 27830 +1 (800) 275 - 8777
First Citizens Bank 3650 Wendell Blvd, Wendell, NC 27591 +1 (919) 466 - 1300
United States Postal Service 34668 US-264, Engelhard, NC 27824 +1 (800) 275 - 8777
SunTrust 200 N Mangum St, Durham, NC 27701 +1 (919) 425 - 0989
First Horizon Bank 88 Hillsboro St, Pittsboro, NC 27312 +1 (919) 726 - 5048

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lynn, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Greenville, NC, Payday Loans in Hickory, NC, Guaranteed Loans in High Point, NC, Payday Loans in Holly Springs, NC, Payday Loans in Huntersville, NC, Payday Loans in Indian Trail, NC, Payday Loans in Jacksonville, NC and Short-term 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 Lynn, NC.

Are Payday Loans Legal In Lynn, 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

Lynn, NC payday loan calculator

Understanding Payday Loans in Lynn, North Carolina

Payday loans, an alluring option for fast cash, are short-term loans typically repaid on the borrower’s next payday. They are promoted as an easy solution for people who need quick access to cash, but they often come with a high cost and can lead to a cycle of debt. While payday loans may be legal in some states, they are prohibited in North Carolina.

The Prohibition of Payday Loans in North Carolina

In 2001, North Carolina lawmakers passed legislation, which allowed payday lenders to continue operating in the state until 2006. However, in 2005, the law was changed, and payday lending was prohibited by the North Carolina General Statutes at the end of 2006.

The decision to prohibit payday loans was based on studies that showed the high cost of such loans for consumers, including high-interest rates, and fees that often exceed the amount of the loan itself. In addition, payday loans often lead to a cycle of debt in which borrowers take out new loans to repay existing ones.

The Impact of Payday Loan Prohibition

Since the prohibition of payday loans in North Carolina, the state has seen a decrease in predatory lending practices and greater access to consumer protection mechanisms.

According to the North Carolina Commissioner of Banks, “North Carolina led the nation in 2006 by putting a stop to payday lending in the state, and we have seen no evidence in subsequent years of borrowers turning to illegal loans or other abusive credit products. In fact, North Carolina has emerged as a national leader in consumer protection and ending abusive lending practices that trap consumers in debt.”

Alternatives to Payday Loans in Lynn, North Carolina

While payday loans are not available in North Carolina, there are several alternatives that Lynn, North Carolina residents can use to access quick cash when they need it most.

  • Credit unions: Many credit unions offer small dollar loans that have lower interest rates than payday loans.
  • Personal loans: Local banks and credit unions offer personal loans that typically have a lower interest rate than payday loans, making them an ideal alternative for quick cash.
  • 401(k) loans: If you have a 401(k) plan, you may be able to take out a loan against your account balance without paying early withdrawal penalties or taxes.
  • Credit counseling: If you are struggling with debt, credit counseling can help you develop a budget and payment plan.

Interesting Facts About Payday Loans in North Carolina

  • In 2001, there were over 1300 payday loan outlets in North Carolina. By 2005, that number had dropped to 620, and by the end of 2006, payday lending storefronts had disappeared completely.
  • Since the prohibition of payday loans in North Carolina, borrowers have saved approximately $457 million in fees and interest payments.
  • The North Carolina General Assembly has declined various attempts by payday lenders to bring payday lending back into the state.
  • The prohibition of payday loans has led to a significant reduction in bankruptcies in North Carolina.

Apply Now for Fast Cash Alternatives Available in Lynn, North Carolina

At TheGuaranteedLoans, we understand that sometimes you need quick access to cash. While payday loans are not an option in Lynn, North Carolina, there are still other fast cash alternatives available to you.

Our online application process is easy and fast, and we are committed to connecting you with potential lenders that may be able to offer you a loan that suits your needs and financial situation. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and we will facilitate your connection with potential lenders. Apply now, and take the first step towards finding the fast cash alternative that suits your needs.

F.A.Q.

Can a payday loan company file a lawsuit against me in Lynn, North Carolina?

No, a payday loan company cannot file a lawsuit against you in Lynn, North Carolina because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Lynn, North Carolina?

Yes, there are federal laws that apply to payday loans in Lynn, North Carolina, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.