Payday Loans in Siloam, North Carolina

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

Company nameAddressZip codePhone number
Outer Banks Motorsports 2004 S Croatan Hwy 4, Kill Devil Hills, NC 27948 +1 (252) 480 - 6344
ABNB 1664 Weeksville Rd, Elizabeth City, NC 27909 +1 (757) 523 - 5300
West Mountain Pawn 214 W Mountain St, Kernersville, NC 27284 +1 (336) 996 - 7296
Marine Federal Credit Union 1501 E Main St, Havelock, NC 28532 +1 (800) 225 - 3967
State Employees' Credit Union 1131 Slater Rd, Durham, NC 27703 +1 (919) 941 - 9120
Atlantic Union Bank 100 Moyock Commons Dr, Moyock, NC 27958 +1 (252) 435 - 6114
State Employees' Credit Union 1700 Liberty Dr, Thomasville, NC 27360 +1 (336) 476 - 2977
BB&T 100 Dana Rd, Hendersonville, NC 28792 +1 (828) 698 - 7142
Time Financing Service 5268 Hwy 70 W # B, Morehead City, NC 28557 +1 (252) 808 - 3070
Western Union C Food Lion, 7075 US-70 E Ste, Newport, NC 28570 +1 (252) 223 - 4401

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Siloam, NC, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in Rocky Mount, NC, Payday Loans in Salisbury, NC, Payday Loans in Wake Forest, NC, 24-Hour Loan in Wilmington, NC, No Credit Check Loans in Wilson, NC, Payday Loans in Winston-Salem, NC, Short-term Loans in Apex, NC and Payday Loan for 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 Siloam, NC.

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

27047

Are Payday Loans Legal In Siloam, 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

Siloam, NC payday loan calculator

Understanding Payday Loans in Siloam, North Carolina

Payday loans are a form of short-term lending that, in North Carolina, are prohibited under state law. These loans are typically small in value, and are intended to cover the borrower’s expenses until their next payday. In Siloam, North Carolina, individuals looking for short-term lending options may find themselves caught between a rock and a hard place as a result of these state-level restrictions.

The Prohibition on Payday Loans in North Carolina

In 2001, North Carolina became one of eighteen states to ban payday lending. The state implemented specific rules prohibiting lenders from making loans of $10,000 or less at annual interest rates greater than 36 percent. Furthermore, payday lending storefronts are banned, and online lenders are prohibited from operating in the state as well.

The state’s rationale behind the ban was to protect consumers from the predatory practices of payday lenders. In the past, these lenders had been known to charge excessive interest rates and engage in questionable collection practices.

Understanding Short-Term Lending in Siloam, North Carolina

Siloam, North Carolina is a small rural town with very limited access to traditional banks and credit unions. For residents of Siloam who may find themselves in need of short-term cash, payday loans may seem like a logical solution. However, the state-level ban makes it nearly impossible for residents of Siloam to acquire these types of loans.

Yet, residents of Siloam who are in need of quick cash options can still explore alternative solutions. Credit unions and traditional banks may offer short-term lending options. Alternatively, residents can look to other forms of short-term lending such as title loans or installment loans.

The Risks of Short-Term Lending

While short-term lending options can provide quick cash solutions, they often carry significant risks. In Siloam, where payday loans are banned, considering alternative options may be a way to help mitigate some of these risks.

For example, title loans require borrowers to use their car’s title as collateral for the loan. If the borrower fails to make loan payments, they risk losing their car. Installment loans may have lower interest rates than payday loans, but they still carry high fees and interest rates that can add up quickly.

Interesting Facts and Statistics about Payday Loans in Siloam, North Carolina

  • In North Carolina, payday lending was banned in 2001.
  • The average interest rate on payday loans nationwide is 391 percent.
  • Payday lenders in North Carolina have attempted to circumvent state law by partnering with out-of-state banks to make loans over the internet.
  • North Carolina’s ban on payday lending has saved consumers an estimated $457 million in fees annually.

Apply Now with TheGuaranteedLoans

Are you looking for short-term lending options in Siloam, North Carolina? TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application and we’ll take care of the rest.

Remember, TheGuaranteedLoans is a connector service, not a direct lender. We exist to facilitate your connection with a lender that may be able to meet your short-term lending needs. Our lenders have experience working with individuals in difficult financial situations and may be able to offer you a solution.

Start your application now and take the first step towards securing the cash you need.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Siloam, North Carolina?

No, because payday loans are illegal in Siloam, North Carolina, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Siloam, North Carolina?

Yes, the state of North Carolina has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.