Payday Loans in North Carolina

North Carolina Payday Loans

Online payday loans have become popular in the United States since they provide fast loans within a short period. Payday loans are also known as payroll loans, salary loans, or cash advance loans. Every state has its laws concerning payday loans. In North Carolina, payday loans are illegal. 

Payday loans are short-term and unsecured loans that people take during emergencies such as a car or home repair, medical bills, and personal day-to-day emergencies. They help consumers pay bills when they have no money and have no time to get a loan from the bank.

Payday loans ensure instant approval for cash. In addition, bad credit does not affect issuing of a payday loan. Some companies offer cash advances in a safe and secure, short application process.

The fastest and easiest way to apply for a payday loan is through an online application. You need to fill out the form, get instant approval, and receive money. Cash is directly deposited into your bank account. Before picking the appropriate money lender, it is essential to do quick research to establish whether it is a state-compliant and trustworthy company.

Popular Loan Packages in North Carolina

Payday Loans

The table below shows a breakdown of payday loans in North Carolina. 

Law status  Available 
MIN loan amount $100
MAX loan amount $1,000
MIN loan term 14 days 
MAX loan term 31 days 
MAX APR 36%
Additional fees Not limited 
NSF fee None 
Collateral or guarantor None, unsecured 
Number of simultaneous loans None
Cooling off period None 
Rollover none
Extension, repayment loan None 
Default penalties None 
Credit score requirements  Available for Bad Credit 

Installment Loans 

The table below shows a breakdown of installment loans in North Carolina.

Law status  Legal
MIN loan amount $1,000
MAX loan amount $5,000
MIN loan term Three months 
MAX loan term  36 months 
MIN APR 6.63%
Collateral or guarantor  None, unsecured 
Credit score requirements  Available for bad debt 

 

Personal Loans 

The table below shows a breakdown of personal loans in North Carolina. 

Law status Legal 
MIN loan amount  $1,000
MAX loan amount $35,000
MIN loan term Three months 
MAX loan term 60 months 
MIN APR 4.99%
Collateral guarantor  None, unsecured 
Credit score requirements  Available for bad debt

 

Comparison between payday loans, installment loans, and personal loans 

  • Personal loans have the lowest APR
  • In all loan categories, a credit score is not a requirement in issuing the loan.
  • You can receive the money within one business day for an online payday loan. 
  • A collateral or guarantor is not required when taking an online payday loan. 

Legality 

Payday loans are short-term loans that allow one to cover pressing matters that cannot wait for the next paycheck. Payday loans in North Carolina are illegal. The North Carolina consumer finance act regulates payday loans in North Carolina. It regulates the payday loan amount, payday interest rate, payday default penalties, online direct lenders, and payday loan collecting practices. Payday loans are unsecured. People apply for payday loans for various reasons such as a car or home repair, urgent bills, and unforeseen bills. Payday loans charge high interest, making them more costly than other types of credit. 

Alternatives to Payday Loans

There are many options for borrowers to get money without taking payday loans which include; 

  • Paycheck advance: companies may offer employees pay for the money they have worked for instead of waiting for a paycheck. A paycheck advance is not a loan. The money is deducted at the end of the month. 
  • Borrowing from family and friends- – is a  cheap and fast way to get a loan. They charge a low-interest rate, and you can repay within a time frame that both parties need to discuss and agree on. 
  • Credit counseling – these are agencies that help you budget to avoid debt. It tackles areas such as food, rent, and utility bills. 
  • Debt management – the creditor, offers a lower interest rate to the agency. The consumer is required to pay the agency in monthly installments. Debt management allows you to pay bills and reduce debt.
  • Community banks and credit unions –charge a lower rate than the rates charged on payday loans.
  • Churches and local charities –you may seek financial assistance from the church when you seem to have hit rock bottom financially. 

How It Works 

Online payday loan application is simple and easy to follow. North Carolina residents can apply for online payday loans any time of the day as it takes a few minutes, and you are required to answer a few questions online.

 You must have an identification ID to confirm you are a citizen of North Carolina, a bank account number, and a bank statement showing your recent pay. When approved, money is deposited in the bank account within one or two business days. Payment is due on the next payday, which is after two weeks. Borrowers may allow the lender to withdraw the money from their account. 

If the consumer cannot pay within two weeks, the lender rolls over the loan, increasing interest charges. 

Requirements 

To qualify for a payday loan in North Carolina: 

  • You must be 18 years
  • You must be a legal resident of North Carolina
  • You must have a stable income and a minimum income of $1,000 per month
  • You must not be bankrupt 

To apply for a payday loan, you will be required to submit: 

  • Social security number (SSN)
  • Government-issued identification document (ID)
  • Proof of income by providing a bank statement 
  • An active account 
  • Source of income
  • Provide work contact and email

 

An Example of a Loan Fee 

The annual percentage rate (APR) is calculated by dividing interest paid by the amount borrowed for payday rates. You multiply by 365, divide by the repayment period, and multiply by 100. 

For example, a Loan amount: of $ 100

Payday lenders usually charge 20% – 50% for $100 borrowed. 

When calculated on an annual percentage rate (APR), it could be 390% and above. 

 

FAQ

Can you get a payday loan online in North Carolina?

It is illegal for companies in North Carolina to offer payday loans to anyone. The government banned online payday loans to protect the citizens who were falling into bad debt due to the high interest charged by the payday loan companies. However, some companies give quick loans to those who need quick money. Such companies are affiliated with financial institutions outside North Carolina that give payday loans. Money lending businesses in  North Carolina that offer both long-term and short-term loans cannot charge more than 36% interest per annum as an annual percentage rate (APR). 

How can I borrow money instantly?

Online payday loans offer loans instantly. All you need to do is register online if you meet the requirements. If approved, money is sent directly into your bank account within one business day. In addition, online money lenders approve loans for those with bad credit or no credit. 

What is the easiest payday loan app?

The best payday money lending app is Money Mutual. The online application is quick and easy to follow and takes about five minutes to complete the process. This online platform links short-term lenders with borrowers, and one can get a loan of up to $5,000. It is safe and secure. Moreover, loans are transferred within one business day. Money mutual does not charge any service fee to offer its services. It works with reliable companies and individuals who offer emergency loans to borrowers who need quick money. 

Can you have two payday loans in North Carolina?

It depends on an individual’s circumstances and factors such as salary. However, you cannot have two payday loans concurrently. A second loan can be approved 24 hours after the first loan is covered.

Menu