North Carolina Payday Loans
Since 2001, cash advances have been prohibited in North Carolina. Prior to that, there was a statute that permitted them but it expired without the legislature moving forward to renew or extend it. In addition to the ban, the North Carolina Consumer Finance Act has stipulations that make it impossible for payday lenders to stay in business. Since the small loan interest rate cap is 36 percent annually, payday lenders cannot operate effectively. Cash advances are designed to provide short-term relief to consumers but in order to make the funds available to a wide range of customers, these businesses generally charge over 300 percent APR.
No maximum loan amount is specified as payday lenders cannot operate in North Carolina.
Length of Loan
There are no laws for loan terms since cash advance companies cannot operate in the state.
No statutes exist regarding the extension or rollover of payday loans.
The small business loan cap is set at 36 percent annually. In addition, cash advance lenders can institute a 15 percent fee on a maximum principal amount of $300.
The laws of North Carolina do not address APR or fee schedules for cash advance companies.
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