Payday Loans in Smyrna, North Carolina

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

Company nameAddressZip codePhone number
Jackson Hewitt Tax Service 205 Winston Rd, Jonesville, NC 28642 +1 (336) 526 - 2030
SunTrust 2101 Clark Ave, Raleigh, NC 27605 +1 (919) 500 - 4282
Coastal Finance Co 130 E Peedin Rd, Smithfield, NC 27577 +1 (919) 989 - 3114
Woodforest National Bank 250 Turner St, Aberdeen, NC 28315 +1 (910) 692 - 2340
First National Bank 13860 E Independence Blvd, Indian Trail, NC 28079 +1 (704) 821 - 1014
PNC Bank 505 S Main St, Laurinburg, NC 28352 +1 (910) 277 - 3650
Mariner Finance 1113 Silas Creek Pkwy B, Winston-Salem, NC 27127 +1 (336) 723 - 7078
SunTrust 700 W King St, Kings Mountain, NC 28086 +1 (704) 259 - 5220
First Citizens Bank 701 Tsali Blvd, Cherokee, NC 28719 +1 (828) 497 - 2041
First Bank - Shallotte, NC 347 Whiteville Rd NW, Shallotte, NC 28470 +1 (910) 754 - 5250

Payday Loan Companies in Nearby Cities

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

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

28579

Are Payday Loans Legal In Smyrna, 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

Smyrna, NC payday loan calculator

Payday loans are a type of short-term loan that typically must be repaid within two weeks of receiving the funds. These loans are often marketed to people who are in need of quick cash to cover unexpected expenses, such as medical bills or car repairs, and are unable to get traditional bank loans due to poor credit or other financial issues. However, payday loans can be incredibly expensive and come with a high risk of falling into a cycle of debt.

In Smyrna, North Carolina, payday loans are actually prohibited by state law. North Carolina General Statutes 53-281 and the North Carolina Consumer Finance Act (N.C.G.S. 53) make it illegal for any lender to make a cash advance loan, including a payday loan, in the state of North Carolina. This means that individuals in Smyrna who are in need of short-term cash solutions must explore other options, such as personal loans, credit cards, or borrowing from friends or family.

Why are payday loans prohibited in North Carolina?

The North Carolina Attorney General’s office has stated that payday lending is illegal in North Carolina because the high interest rates charged by payday lenders “constitute a danger to the welfare and well-being of the citizens of the state.”

The state has been actively fighting against predatory lending practices since the late 1990s, when it implemented a cap on interest rates for small consumer loans at a maximum of 30 percent. However, many payday lenders were able to circumvent this law by partnering with out-of-state banks to provide loans with interest rates well above the legal limit. As a result, North Carolina passed legislation in 2001 that specifically banned payday lending in the state, effectively shutting down any attempts to continue these practices.

What are the consequences of taking out a payday loan?

Payday loans can be extremely costly for borrowers, with interest rates that can reach upwards of 400 percent APR. Many people who take out payday loans end up being unable to pay back the loan within the two-week timeframe and are forced to roll the loan over, which incurs additional fees and interest charges. This can lead to a dangerous cycle of debt that can be difficult to escape.

According to a report by the Center for Responsible Lending, the average payday loan borrower in North Carolina pays over $450 in fees and interest charges alone on a $300 loan. This is due to the fact that payday lenders often charge fees that can range from $10 to $30 per $100 borrowed, and the short repayment terms mean that borrowers must pay back the full amount of the loan plus fees and interest all at once.

What alternatives are available for those in need of short-term cash solutions in Smyrna?

While payday loans are not an option in Smyrna, there are other ways to access short-term cash if you are in need of financial assistance. Some options include:

  • Personal loans: Many banks and credit unions offer personal loans that can be used for a variety of purposes, including emergencies.
  • Credit cards: If you have a credit card with available credit, you can use it to pay for unexpected expenses.
  • Borrowing from friends or family: If you have a support system in place, you may be able to borrow money from loved ones to cover unexpected bills.

It’s important to carefully consider your options and to only take out loans that you can afford to repay. If you are struggling with debt or are in need of financial guidance, there are many free resources available, such as credit counseling services or financial wellness programs.

Interesting Facts and Statistics about Payday loans in Smyrna, North Carolina:

  • Payday lending has been illegal in North Carolina since 2001.
  • The North Carolina Attorney General’s office has recovered over $30 million from payday lenders who have attempted to operate in the state illegally.
  • A 2012 study by the Pew Charitable Trusts found that the average payday loan borrower takes out eight loans per year and spends over $500 in fees on a $375 loan.
  • North Carolina is one of 16 states and the District of Columbia that has banned payday lending.

Apply Now:

Although payday loans are not available in Smyrna, TheGuaranteedLoans offers a variety of other loan options that can help you access the funds you need. Our online loan application process is fast and easy, and we work with a network of trusted lenders to help connect you with the best loan options for your needs. It’s important to remember that TheGuaranteedLoans is a connector service, not a direct lender, and we will facilitate your connection with potential lenders. Click here to fill out our online application and get started today.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in Smyrna, North Carolina?

No, taking out an illegal payday loan in Smyrna, North Carolina is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in Smyrna, North Carolina?

No, you cannot be sued for not paying back an illegal payday loan in Smyrna, North Carolina.