Payday Loans in Mount Pleasant, North Carolina

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

Company nameAddressZip codePhone number
Wells Fargo Bank 146 Western Blvd, Jacksonville, NC 28546 +1 (910) 353 - 0068
SunTrust Bank 1175 University Dr, Burlington, NC 27215 +1 (336) 438 - 3717
Union Bank 119 W Railroad St, La Grange, NC 28551 +1 (252) 566 - 5600
Wells Fargo Bank 5209 Sunset Lake Rd, Holly Springs, NC 27540 +1 (919) 387 - 6826
Welcome Finance Co Inc 1405 Freeway Dr, Reidsville, NC 27320 +1 (336) 342 - 3434
First Citizens Bank 103 N Pine St, Spring Hope, NC 27882 +1 (252) 478 - 3161
BB&T 101 E Main St, Yadkinville, NC 27055 +1 (336) 679 - 8411
Friendly Check Cashing 332 N Spence Ave, Goldsboro, NC 27534 +1 (919) 759 - 9200
Southern Bank 3938 S Hathaway Blvd, Elm City, NC 27822 +1 (252) 977 - 9855
First National Bank 204 Scuppernong Rd, Columbia, NC 27925 +1 (252) 796 - 8231

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mount Pleasant, NC, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Wake Forest, NC, Short-term Loans in Wilmington, NC, Guaranteed Loans in Wilson, NC, Short-term Loans in Winston-Salem, NC, Bad Credit Loans in Apex, NC, Payday Loans in Asheville, NC, Guaranteed Loans in Burlington, NC and Bad Credit Loans in Cary, 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 Mount Pleasant, NC.

Beautiful sights of Mount Pleasant, NC

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

28124

Are Payday Loans Legal In Mount Pleasant, 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

Mount Pleasant, NC payday loan calculator

Payday loans are a short-term lending solution that can help cover unexpected expenses or emergencies until your next paycheck arrives. In North Carolina, however, payday loans are prohibited under state law. In this article, we will discuss payday loans in Mount Pleasant, North Carolina, and the impact of the state’s regulatory laws on borrowers and lenders.

What are payday loans?

Payday loans are small-dollar loans that provide quick access to cash for people who need it the most. Typically, borrowers of payday loans are low-income individuals who are in dire need of cash to pay off their bills or other expenses. Most payday loan providers require a postdated check or bank account information as collateral, which is then used to withdraw the loan amount plus interest and fees on the due date.

However, payday loans are considered predatory due to their staggering interest rates and short repayment periods. In some cases, borrowers end up rollover their loans due to their inability to repay, leading to even higher interest rates that put them in a cycle of debt that is difficult to escape.

Payday loans in Mount Pleasant, North Carolina

North Carolina has strict laws against payday lending. In fact, payday loans are illegal in the state, under the North Carolina General Statutes § 53-281 and the North Carolina Consumer Finance Act § 53-173.

Under these laws, payday lending is considered a criminal offense, and lenders who engage in these practices can face legal action and penalties, including fines, license revocation, and imprisonment.

Therefore, residents of Mount Pleasant, North Carolina, should avoid using payday loan services in the area, as it is against the law and can lead to severe financial consequences.

Impact of payday loan regulations on borrowers and lenders

The strict laws against payday lending in North Carolina are intended to protect consumers from predatory lending practices that can trap them in debt. By prohibiting payday loans within the state, lawmakers hope to promote financial stability and consumer protection.

However, the prohibitive laws are not without their drawbacks. For one thing, some borrowers find themselves in dire situations where they need access to quick cash, and payday loans would have been a viable option.

Furthermore, the ban on payday lending has created a need for alternative lending solutions that may still impose high-interest rates and exorbitant fees on borrowers. These lenders may still offer short-term, small-dollar loans under different names, such as car title loans or installment loans, that may be just as predatory as payday loans.

Interesting facts or statistics about payday loans in Mount Pleasant, North Carolina

  • Payday lending has been illegal in North Carolina since 2001.
  • In 2006, the state Attorney General sued Advance America, a payday loan company, for violating state usury laws.
  • Despite the ban, payday lending continues to flourish in states where it is legal, especially to states that neighbor North Carolina.
  • Predatory lending practices disproportionately impact low-income borrowers.
  • According to Pew Charitable Trust, the average APR for payday loans is 391%, while the average cost of a $500 payday loan is $15 per $100 borrowed. This means borrowers pay $75 in fees to borrow $500 for two weeks.

TheGuaranteedLoans connector service: connecting you with potential lenders

While payday loans are prohibited in North Carolina, TheGuaranteedLoans offers borrowers in Mount Pleasant, North Carolina, a service that connects them with potential lenders who offer other types of small-dollar, short-term loans that may be more suitable for their needs and financial situation.

As a connector service, TheGuaranteedLoans works with a network of lenders offering personal loans, car title loans, and installment loans that may help borrowers in a financial bind. These lenders are licensed and regulated by the appropriate state and federal authorities, so borrowers can access legitimate lending solutions without legal risks.

If you are in Mount Pleasant, North Carolina, and need access to quick cash, we encourage you to fill out our online application form. Our platform is easy to use and secure, and we never charge you a fee for our services. Remember, we are not a direct lender, and we do not make credit decisions, but we work with lenders who may be able to help you.

Conclusion

Payday loans are prohibited in North Carolina, and this includes Mount Pleasant. The state has strict regulations against predatory lending practices, which protect consumers from exorbitant interest rates and fees. While some borrowers may find it challenging to access quick cash during emergency situations, TheGuaranteedLoans connector service connects residents of Mount Pleasant and other North Carolina communities with potential lenders who offer other types of legitimate lending solutions.

F.A.Q.

What are the alternatives to payday loans in Mount Pleasant, North Carolina?

Consumers in Mount Pleasant, North Carolina can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Mount Pleasant, North Carolina?

Payday loans are prohibited in Mount Pleasant, North Carolina due to their high interest rates and fees, which can trap consumers in a cycle of debt.