Payday Loans in Roaring River, North Carolina

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

Company nameAddressZip codePhone number
Lendmark Financial Services LLC 2652 Doctor M.L.K. Jr Blvd, New Bern, NC 28562 +1 (252) 649 - 0083
Southern Loans Inc 125 Whitfield St, Enfield, NC 27823 +1 (252) 445 - 2100
Benchmark Community Bank 1750 Graham Ave, Henderson, NC 27536 +1 (252) 436 - 0051
Express Finance Services Inc 2504 Raeford Rd, Fayetteville, NC 28305 +1 (910) 483 - 3450
First Citizens Bank 800 Sunset Blvd N, Sunset Beach, NC 28468 +1 (910) 575 - 9460
Century Finance 4229 Louisburg Rd 135, Raleigh, NC 27604 +1 (919) 790 - 7099
Nicholas Financial Inc 1451 Trade Mart Blvd D, Winston-Salem, NC 27127 +1 (336) 785 - 2203
BB&T 207 E Ash St, Goldsboro, NC 27530 +1 (919) 731 - 5800
Security Financial Services 1619 S JK Powell Blvd, Whiteville, NC 28472 +1 (910) 641 - 0189
First National Bank 945 Vandora Springs Rd, Garner, NC 27529 +1 (919) 662 - 7330

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Roaring River, NC

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

28669

Are Payday Loans Legal In Roaring River, 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

Roaring River, NC payday loan calculator

The Truth About Payday Loans in Roaring River, North Carolina

Payday loans are becoming more and more popular in various regions of the United States. They can be an attractive option for those who need quick cash and have no other options. However, payday loans come with high-interest rates and must be repaid quickly, which can put many borrowers in a hard situation. In Roaring River, North Carolina, taking out a payday loan is illegal, in general. This article will explain what payday loans are and why they are illegal in Roaring River.

What are Payday Loans?

Payday loans are short-term loans that are typically taken out for small amounts of cash. The loan amount is often due on the borrower’s next payday, hence the name “payday loan.” Borrowers usually don’t have to get a credit check to qualify for a payday loan, and they can usually get the money fast, often in hours or a day. To get one, they must prove a steady income.

The Risks of Payday Loans

Payday loans come with high-interest rates, higher than traditional loans. The rates can easily surpass 400%, and borrowers usually have only two weeks to pay back the loan. If they don’t pay it back by the deadline, the lender can charge a late fee or rollover the original loan, which means extending the loan term by adding additional fees and interest charges. Borrowers can end up trapped in a cycle of debt, where they keep borrowing money to pay off their prior loans.

Furthermore, payday loans are often linked to predatory lending practices. The lenders may target low-income people who may not have other options for getting credit and who are struggling to get by. Some payday lenders may advertise their loans as a way to help people build up their credit scores. But missed payments can wind up hurting the borrower’s credit rating in the long run.

Payday Loans in Roaring River, North Carolina

Roaring River is located in Wilkes County, North Carolina. In the state of North Carolina, payday loans are illegal. That means that a payday lender cannot legally lend money to someone in Roaring River, North Carolina, or throughout the entire state.

The North Carolina Attorney General’s office warns against payday loans, describing them as “small loans, with huge interest rates, that often trap borrowers in a spiral of debt.” The Attorney General’s office goes on to say that payday loans can be “far more expensive than initially advertised, in and of themselves, payday loans are a debt trap; they are not a solution to financial difficulties.”

Why are Payday Loans Prohibited in North Carolina?

North Carolina banned payday lenders in 2001 and renewed that decision in 2003. The North Carolina Commissioner of Banks, Joe Smith, explains why North Carolina is among the states that prohibit payday lending: “We understand that people need to borrow money at times, and financial instruments that are available to assist people in doing that…we don’t feel that payday loans are that product”. There are many lending options available to people who need financial assistance in North Carolina, including traditional bank loans, credit unions, and other types of credit.

Interesting Facts or Statistics about Payday Loans in Roaring River, North Carolina

  • Payday lending is illegal in North Carolina since 2001.
  • North Carolina is among 18 states that prohibit payday loans.
  • Lenders in North Carolina face a lawsuit if they try to issue high-interest payday loans to borrowers.
  • North Carolina prompted major banks, including Bank of America, Wells Fargo, Fifth Third Bank, and Regions Bank, to stop providing direct deposit advance services after the state’s prohibition of payday lending.
  • In 2001, lawmakers in North Carolina decided to let the state’s payday lending legislation expire.

Apply Now

While payday loans are illegal in Roaring River and North Carolina, we at TheGuaranteedLoans offer other lending options that can assist those who need financial help in obtaining short-term loans. We work with legitimate and licensed lenders who are willing to provide different types of lending options. We make it easy to get the loan you need with our fast, simple, online application process. To apply for a loan, visit our website today and fill out an application to be connected with one of the licensed lenders from our network.

Remember, we are a connector service and not a direct lender. We cannot guarantee loan approval or loan terms and will be working to connect you with potential lenders that can assist you.

Conclusion

While payday loans may seem like a quick and easy solution to financial difficulties, they can rapidly become a burden and lead to deeper financial troubles. In Roaring River, North Carolina, payday loans are illegal in general. Consumers in need of short-term cash should consider viable alternatives and seek financial assistance from licensed lenders. In the end, responsible credit use is the best way to stay financially secure and stay away from the debt traps of payday loans.

F.A.Q.

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

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

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