Payday Loans in Mooresville, North Carolina: Not Available
If you’re looking for a payday loan in Mooresville, North Carolina, you’ll need to look elsewhere. Payday loans are currently prohibited in the Tar Heel State, so nobody in Mooresville can legally provide a payday loan. Payday loans are not the only type of loan you can get in North Carolina, however. Other loan options, including title loans and installment loans, are still available. Read on to learn more and decide if one of these other types of loans might be the right fit for you.
What Are Payday Loans and Why Are They Prohibited in North Carolina?
Payday loans are short-term loans typically given in amounts of $500 or less. They are usually expected to be paid back in full on the borrower’s next payday. Payday loans charge very high interest rates, sometimes amounting to 400-500% APR. They are designed to be used in emergency situations when other forms of credit are not available, but these high interest rates can quickly trap people in a cycle of debt. Payday loans have been criticized for taking advantage of vulnerable people, so the state of North Carolina has chosen to prohibit these loans statewide.
Alternatives to Payday Loans in Mooresville, NC
Title Loans: Title loans are secured loans that use a vehicle’s title as collateral. This means that the vehicle itself is used as guaranteeing that the loan will be repaid. Title loans in North Carolina must be regulated under the North Carolina Short-term Lender Act, and the borrower cannot borrow more than $10,000 or the vehicle’s value, whichever is less. Title loans in North Carolina are limited to an APR of 30%.
Installment Loans: Installment loans are paid back in equal monthly amounts over a set period of time. Installment loans in North Carolina must also be regulated under the North Carolina Short-term Lender Act, and the maximum loan amount is $2,500. The maximum repayment period is two years, and the APR is limited to 30%.
Personal Loans: Personal loans can be secured or unsecured. Secured personal loans use an asset as collateral, whereas unsecured personal loans do not. The maximum loan amount for unsecured personal loans in North Carolina is $10,000, with a loan term of one to three years, and the maximum APR is 30%.
Applying for a Loan in Mooresville, NC
If you decide that a title loan, installment loan, or personal loan is the right fit for your borrowing needs, you can start the application process online at TheGuaranteedLoans. We are not a lender, but we can connect you with lenders in your area that may be able to provide you with the loan you need. Simply fill out our short application and we will match you with a lender that is right for you.
Frequently Asked Questions
- Are payday loans available in North Carolina? – No, payday loans are currently prohibited in North Carolina.
- What types of loans are available in North Carolina? – Title loans, installment loans, and personal loans are all available in North Carolina.
- What is the maximum loan amount for unsecured personal loans in North Carolina? – The maximum loan amount for unsecured personal loans in North Carolina is $10,000.
- Can I apply for a loan online? – Yes, you can apply for a loan online at TheGuaranteedLoans. We will connect you with the right lender for your needs.
Apply Now
If you’re looking for a loan in Mooresville, North Carolina, TheGuaranteedLoans can help. We are not a lender, but we can connect you with lenders in your area that may be able to provide you with the loan you need. Simply fill out our short application and we will match you with a lender that is right for you.