Payday Loans in Morven, North Carolina

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

Company nameAddressZip codePhone number
Financial Center 1220 Rockingham Rd E, Rockingham, NC 28379 +1 (910) 817 - 9687
Green Cap Financial 2630 Ramada Rd, Burlington, NC 27215 +1 (336) 329 - 7190
Marine Federal Credit Union 300 Freedom Way, Midway Park, NC 28544 +1 (800) 225 - 3967
SunTrust Mortgage 4600 US-220, Summerfield, NC 27358 +1 (336) 643 - 0649
Mooresville Jewelry & Loan 597 N Main St, Mooresville, NC 28115 +1 (704) 663 - 2599
Smart Pawn & Jewelry 7025 South Blvd, Charlotte, NC 28217 +1 (704) 554 - 0824
Duke Credit Union 2200 W Main St L100, Durham, NC 27705 +1 (919) 684 - 6704
Raymond James Financial Services 37 W Mills St, Columbus, NC 28722 +1 (828) 894 - 5000
Western Union C Food Lion, 7075 US-70 E Ste, Newport, NC 28570 +1 (252) 223 - 4401
BB&T 2629 Lewisville Clemmons Rd, Clemmons, NC 27012 +1 (336) 766 - 7573

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Morven, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Fayetteville, NC, Short-term Loans in Gastonia, NC, Payday Loans in Goldsboro, NC, Guaranteed Loans in Greensboro, NC, Payday Loans in Greenville, NC, Payday Loans in Hickory, NC, Emergency Loan in High Point, NC and Payday Loans in Holly Springs, 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 Morven, NC.

Beautiful sights of Morven, NC

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

28119

Are Payday Loans Legal In Morven, 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

Morven, NC payday loan calculator

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

Payday loans are a type of short-term loan where borrowers can access fast cash to cover unexpected expenses or emergencies. However, in North Carolina, payday loans are prohibited by law. This article explores the payday loan landscape in Morven, North Carolina, the laws governing payday loans in the state, and alternative options for those in need of financial assistance.

The Prohibition of Payday Loans in North Carolina

North Carolina is one of the 18 states and the District of Columbia that prohibits payday lending. In 2001, the state adopted the North Carolina Consumer Finance Act, which made it illegal for payday lenders to operate storefronts or offer payday loans to North Carolina residents. This law also applies to online payday lenders that attempt to offer loans to North Carolina residents.

The reason for the prohibition of payday loans in North Carolina is due to the high-interest rates and fees associated with these types of loans, which can trap borrowers in a cycle of debt. In fact, the Pew Charitable Trusts reports that the average payday loan borrower in the United States takes out eight loans per year, each one with an average term of 18.5 days and an average annual percentage rate (APR) of 391%. In North Carolina, the average APR for payday loans was as high as 456% before the state’s ban on payday lending.

Alternatives to Payday Loans in Morven, North Carolina

While payday loans are prohibited in North Carolina, there are still alternative options for those in need of financial assistance. Here are some alternatives to payday loans:

  • Personal Loans: Personal loans are a type of unsecured loan that can be used for a variety of purposes, including unexpected expenses and emergencies. While the interest rates may be higher than secured loans, they are typically much lower than payday loans. Personal loans can be obtained from banks, credit unions, and online lenders.
  • Credit Cards: If you have a credit card, you can use it to cover unexpected expenses or emergencies. While some credit cards have high interest rates, others offer 0% introductory rates for a certain period of time. Just be sure to pay off the balance before the introductory rate expires.
  • Credit Counseling: If you are struggling with debt, credit counseling can help you develop a plan to manage your finances and pay off your debt. Credit counseling agencies can negotiate with your creditors to reduce interest rates and fees, and help you set up a payment plan that fits your budget.
  • Government Assistance: The government offers various forms of assistance for those in need, including food stamps, Medicaid, and housing assistance. Contact your local government agency to see if you qualify for any assistance programs.

Interesting Facts and Statistics about Payday Loans in Morven, North Carolina:

  • Payday loans are prohibited in North Carolina since 2001, and the law is still in effect today.
  • In 2019, the Consumer Financial Protection Bureau (CFPB) proposed to roll back payday loan regulations, which could have led to higher interest rates and fees for borrowers.
  • In 2020, the CFPB announced a settlement with a payday lender that had violated the Military Lending Act, which provides protections for military members and their families.
  • A study by the Center for Responsible Lending found that payday lenders in North Carolina were charging an average APR of 314% before the state’s ban on payday lending.

Apply Now

While payday loans are prohibited in North Carolina, TheGuaranteedLoans can help connect you with potential lenders for other types of loans, including personal loans and installment loans. Simply fill out our online application form, and we will match you with lenders that fit your financial needs. TheGuaranteedLoans is not a direct lender, but rather a connector service that helps borrowers find loans from third-party lenders. Apply now to get started!

F.A.Q.

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

It is unlikely that a borrower would be arrested for taking out a payday loan in Morven, 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 Morven, North Carolina?

Yes, there are several resources available to help consumers avoid predatory lending in Morven, 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.