Payday Loans in Penrose, North Carolina

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

Company nameAddressZip codePhone number
Green Cap Financial Inc 321 E Arlington Blvd, Greenville, NC 27858 +1 (252) 558 - 0258
SunTrust 106 N State St, Lexington, NC 27292 +1 (336) 867 - 6046
Select Bank & Trust 416 S Hughes Blvd, Elizabeth City, NC 27909 +1 (252) 337 - 9070
ACE Cash Express 4402 Market St, Wilmington, NC 28403 +1 (910) 762 - 2274
NORTH STATE ACCEPTANCE 1261 D HWY 66 S, Kernersville, NC 27284 +1 (336) 993 - 8155
Raymond James 119 Allen Dr, New Bern, NC 28562 +1 (252) 635 - 2875
Mariner Finance 352 S College Rd Suite 23, Wilmington, NC 28403 +1 (910) 791 - 7843
Southern Bank 6174 Main St, Bailey, NC 27807 +1 (252) 235 - 4071
Raleigh Durham Check Cashers 1504 Broad St, Durham, NC 27705 +1 (919) 313 - 0360
Raymond James Financial Services 425 N 4th Ave, Kure Beach, NC 28449 +1 (910) 458 - 2699

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Penrose, NC, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Huntersville, NC, Payday Loans in Indian Trail, NC, Guaranteed Loans in Jacksonville, NC, Payday Loans in Kannapolis, NC, No Credit Check Loans in Matthews, NC, Payday Loans in Monroe, NC, Payday Loans in Mooresville, NC and Payday Loans in Raleigh, 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 Penrose, NC.

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

28766, 28768

Are Payday Loans Legal In Penrose, 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

Penrose, NC payday loan calculator

Payday loans are a type of short-term loan that often targets low-income borrowers who require quick access to cash. These loans typically have high-interest rates and can result in a vicious cycle of debt. In some states, such as North Carolina, payday loans are prohibited. In this article, we will discuss payday loans in Penrose, North Carolina, and provide information on alternative options.

Why Are Payday Loans Prohibited in North Carolina?

Payday loans are banned in North Carolina due to the state’s predatory lending laws. In 2001, the North Carolina General Assembly passed the North Carolina Check Cashing Act, which prohibited payday lending. The law states that any lender who charges more than 36% APR on a loan is in violation of the law, effectively banning payday lending in the state.

Alternative Options for Borrowers in Penrose

While payday loans are not an option for borrowers in Penrose, there are alternative options available:

  • Credit Counseling: Credit counseling services can help borrowers manage their debt and create a plan to pay off their outstanding loans. These services can be found through local community organizations and online.
  • Emergency Assistance Programs: Many local and state organizations offer emergency assistance programs for low-income families in need of financial support. These programs can provide food, shelter, and financial assistance to help with bills and other expenses.
  • Personal Loans: Local credit unions and banks may offer personal loans with lower interest rates than payday loans. These loans typically have longer repayment terms and may require collateral or a co-signer.

Facts and Statistics About Payday Loans in Penrose, North Carolina

While payday loans are prohibited in North Carolina, it is still important to understand the impact of payday lending on low-income communities:

  • Payday loan debt in the U.S. exceeds $9 billion per year.
  • Payday lenders target low-income communities. Studies have shown that payday lenders are more likely to set up shop in low-income areas where residents are more likely to be in financial distress.
  • The average payday loan borrower takes out 8 loans per year. This cycle of debt can be incredibly difficult to break once a borrower has fallen into it.
  • Payday loans can have an APR as high as 400%. This high-interest rate can make it nearly impossible for borrowers to pay back their loans on time.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, and can help you find the right lending option for your needs. Fill out an application on our website today and take the first step toward financial stability.

While payday loans may be prohibited in North Carolina, there are alternative options available. Contact TheGuaranteedLoans today to explore your lending options and take control of your finances.

F.A.Q.

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

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

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