Payday Loans in Rex, North Carolina

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

Company nameAddressZip codePhone number
Regional Financial Services 232 N Main St, Waynesville, NC 28786 +1 (828) 235 - 3035
First National Bank 80 Main St, Swanquarter, NC 27885 +1 (252) 926 - 3631
Time Financing Service 1362 N Norwood St, Wallace, NC 28466 +1 (910) 285 - 1160
Quick Cash Pawn of Tarboro 1406 Western Blvd, Tarboro, NC 27886 +1 (252) 641 - 8008
Mariner Finance 1510 E Dixie Dr a, Asheboro, NC 27203 +1 (336) 633 - 1690
BB&T 4501 Tynecastle Hwy Unit 15, Banner Elk, NC 28604 +1 (828) 898 - 9219
Nicholas Financial, Inc. 5215 Capital Blvd, Raleigh, NC 27616 +1 (919) 790 - 5771
Wilco Finance 2586 E Main St, Lincolnton, NC 28092 +1 (704) 735 - 8860
Yadkin Bank 2878 Caratoke Hwy, Currituck, NC 27929 +1 (252) 232 - 7700
Carolina Federal Credit Union 1200 E Church St, Cherryville, NC 28021 +1 (704) 435 - 0186

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rex, NC, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Chapel Hill, NC, 24-Hour Loan in Charlotte, NC, Payday Loans in Concord, NC, Online Loans in Durham, NC, Payday Loans in Fayetteville, NC, Payday Loans in Gastonia, NC, Online Loans in Goldsboro, NC and Payday Loans in Greensboro, 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 Rex, NC.

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

28378

Are Payday Loans Legal In Rex, 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

Rex, NC payday loan calculator

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

Payday loans are a type of short-term loan that typically come with high-interest rates and fees. These loans are designed to provide quick cash to individuals in need of immediate financial assistance.

In North Carolina, however, payday loans are prohibited by state law. The North Carolina Department of Justice states that payday loans are illegal in the state under the North Carolina Consumer Finance Act (N.C.G.S. § 53-173).

Why are Payday Loans Prohibited in North Carolina?

The main reason why payday loans are prohibited in North Carolina is to protect consumers from predatory lending practices. Payday loans often come with excessively high-interest rates and fees, making it difficult for borrowers to repay the loan and leading to a cycle of debt.

According to the Center for Responsible Lending, the average interest rate for a payday loan in North Carolina is 400%. This means that if a borrower needs to borrow $500, they would need to repay $575 in just two weeks.

In addition to high-interest rates and fees, payday lenders often require borrowers to provide post-dated checks or access to their bank accounts. This can lead to unauthorized withdrawals and overdraft fees, further exacerbating the borrower’s financial situation.

What are the Alternatives to Payday Loans in Rex, North Carolina?

While payday loans may seem like a quick and easy solution to financial difficulties, there are alternative options that can provide immediate relief without the risk of predatory lending.

  • Credit Counseling: Credit counseling services can help individuals create a budget, manage debt, and improve their credit score.
  • Personal Loans: Personal loans from banks or credit unions typically offer lower interest rates and longer repayment terms than payday loans.
  • Negotiate with Creditors: Contacting creditors to negotiate a payment plan or extension can often provide the time needed to get back on track financially.

Interesting Facts and Statistics about Payday Loans

  • In 2019, payday lenders took in over $1 billion in fees alone nationwide.
  • The average payday loan borrower takes out eight loans per year.
  • Payday lenders often target low-income and minority communities.
  • Studies show that payday lending leads to increased rates of bankruptcy.

Apply Now with TheGuaranteedLoans!

If you find yourself in need of immediate financial assistance, TheGuaranteedLoans can help connect you with potential lenders. As a loan connector service, we work with a network of trusted lenders who offer a variety of loan options. Fill out an application today and get connected with a lender who can help you get back on track financially.

Remember, payday loans may seem like a quick fix, but they often come with high-interest rates and fees that can lead to a cycle of debt. There are alternative options available that can provide immediate relief without the risk of predatory lending.

Conclusion

In North Carolina, payday loans are prohibited by state law to protect consumers from predatory lending practices. While they may seem like a quick and easy solution to financial difficulties, payday loans often come with high-interest rates and fees that can lead to a cycle of debt. Instead, individuals in need of immediate financial assistance should consider alternative options like credit counseling, personal loans, or negotiating with creditors. If you need help finding a loan, TheGuaranteedLoans can assist you with connecting with potential lenders.

F.A.Q.

Can I be sued for not paying back a payday loan in Rex, North Carolina?

Because payday loans are illegal in Rex, North Carolina, lenders cannot sue borrowers for not paying back the loan. However, borrowers may still be responsible for paying back any money they borrowed, even if the loan was illegal.

Can payday loan lenders garnish my wages in Rex, North Carolina?

No, payday loan lenders cannot garnish your wages in Rex, North Carolina because payday loans are illegal in the state.