Payday Loans in Harrells, North Carolina

Payday Loans in Harrells, North Carolina

Payday loans are a type of short-term loan that typically come with high interest rates and fees. These loans often target individuals who need cash quickly and have limited credit options. However, payday loans are illegal in North Carolina.

What are Payday Loans?

Payday loans are loans that are meant to be repaid on the borrower’s next payday. These loans typically have high interest rates and fees, making them an expensive option for borrowers. In general, payday loans should be considered a last resort option for those who need cash quickly and have no other options for borrowing.

In North Carolina, payday loans are illegal. The North Carolina General Statutes, Section 53-281 and the North Carolina Consumer Finance Act, Section 53-173 make it illegal to participate in payday lending in the state.

Why are Payday Loans Illegal in North Carolina?

Payday loans are illegal in North Carolina because they have been found to be predatory and harmful to consumers. The high interest rates and fees associated with payday loans can trap borrowers in a cycle of debt, ultimately making it harder for them to get out of debt in the long term.

North Carolina Attorney General Josh Stein has been a vocal opponent of payday lending in the state, stating that “payday lending is nothing more than modern day usury” and calling on lawmakers to ban the practice.

Facts and Statistics

• North Carolina has been working to crack down on payday lending since 2001, when the state became the first in the country to enact a law limiting interest rates on small loans.
• In 2006, the North Carolina Attorney General’s office was successful in shutting down one of the largest payday lending operations in the state.
• According to a 2018 report from the Center for Responsible Lending, the average payday loan borrower in North Carolina pays an interest rate of 365% on their loans.

Connect with Potential Lenders

While payday loans are illegal in North Carolina, there may be other options available to those who need cash quickly. TheGuaranteedLoans is a connector service that can help connect borrowers with potential lenders who may be able to provide alternative borrowing options.

It’s important to note that TheGuaranteedLoans is not a direct lender and does not make lending decisions. Rather, we facilitate the application process by connecting borrowers with potential lenders. If you’re in need of a loan, visit TheGuaranteedLoans website and fill out our online application today.