North Carolina Short-term Loan Terms and Rules in 2025

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Short-term Loans Terms in North Carolina

Legal Status Illegal
Interest Rate (APR) 36% small loan cap

Top Personal Loan Lenders in North Carolina

Lender
User Ratings
Branches
Cities
Category
Cardinal Financial
User Raiting:
5.00
Branches: 6
Cities: 3
Category: Financial institution
Homestar
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Financial institution
Finance of America Mortgage
User Raiting:
5.00
Branches: 3
Cities: 2
Category: Financial institution
CMG Financial
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Financial institution
NFM Lending
User Raiting:
5.00
Branches: 6
Cities: 5
Category: Financial institution
Nations Lending
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Financial institution
Stifel
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Financial institution
AnnieMac Home Mortgage
User Raiting:
5.00
Branches: 2
Cities: 1
Category: Financial institution
Gateway First Bank
User Raiting:
5.00
Branches: 2
Cities: 1
Category: Financial institution
Fairway
User Raiting:
5.00
Branches: 17
Cities: 9
Category: Financial institution
New American Funding
User Raiting:
4.95
Branches: 14
Cities: 2
Category: Financial institution
Homestead Funding Corp
User Raiting:
4.90
Branches: 5
Cities: 3
Category: Financial institution
Movement Mortgage
User Raiting:
4.88
Branches: 68
Cities: 30
Category: Financial institution
Envoy Mortgage
User Raiting:
4.80
Branches: 3
Cities: 3
Category: Loan agency
Guild Mortgage
User Raiting:
4.73
Branches: 10
Cities: 7
Category: Financial institution
ACE Cash Express
User Raiting:
4.72
Branches: 8
Cities: 7
Category: Check cash
Mutual of Omaha Mortgage
User Raiting:
4.70
Branches: 3
Cities: 3
Category: Financial institution
Mariner Finance
User Raiting:
4.59
Branches: 24
Cities: 23
Category: Loan agency
First Bank
User Raiting:
4.41
Branches: 41
Cities: 33
Category: Bank
Guaranteed Rate
User Raiting:
4.33
Branches: 36
Cities: 14
Category: Financial institution
OneMain Financial
User Raiting:
4.30
Branches: 55
Cities: 48
Category: Loan agency
First Community Bank
User Raiting:
4.30
Branches: 3
Cities: 3
Category: Bank
United Community Bank
User Raiting:
4.19
Branches: 11
Cities: 11
Category: Bank
Woodforest National Bank
User Raiting:
4.15
Branches: 2
Cities: 2
Category: Bank
State Employees' Credit Union
User Raiting:
4.13
Branches: 252
Cities: 164
Category: Credit union
Silverton Mortgage
User Raiting:
4.06
Branches: 19
Cities: 5
Category: Financial institution
Caliber Home Loans
User Raiting:
4.00
Branches: 5
Cities: 4
Category: Loan agency
Navy Federal Credit Union
User Raiting:
4.00
Branches: 7
Cities: 7
Category: Credit union
Regional Finance
User Raiting:
3.94
Branches: 31
Cities: 25
Category: Loan agency
Bank OZK
User Raiting:
3.93
Branches: 24
Cities: 19
Category: Bank
Lendmark Financial Services
User Raiting:
3.80
Branches: 29
Cities: 29
Category: Loan agency
Atlantic Union Bank
User Raiting:
3.80
Branches: 2
Cities: 2
Category: Bank
Peoples Bank
User Raiting:
3.76
Branches: 9
Cities: 8
Category: Financial institution
Union Bank
User Raiting:
3.75
Branches: 3
Cities: 3
Category: Bank
Union Home Mortgage
User Raiting:
3.72
Branches: 12
Cities: 11
Category: Financial institution
United Bank
User Raiting:
3.71
Branches: 18
Cities: 17
Category: Bank
SouthState Bank
User Raiting:
3.59
Branches: 17
Cities: 14
Category: Bank
First Citizens Bank
User Raiting:
3.57
Branches: 118
Cities: 91
Category: Financial institution
First National Bank
User Raiting:
3.51
Branches: 40
Cities: 37
Category: Bank
Regions Bank
User Raiting:
3.45
Branches: 4
Cities: 4
Category: Financial institution
TD Bank
User Raiting:
3.40
Branches: 3
Cities: 3
Category: Bank
U.S. Bank
User Raiting:
3.40
Branches: 9
Cities: 6
Category: Bank
First Horizon
User Raiting:
3.36
Branches: 51
Cities: 33
Category: Financial institution
JPMorgan Chase
User Raiting:
3.35
Branches: 2
Cities: 2
Category: Bank
PNC
User Raiting:
3.30
Branches: 36
Cities: 33
Category: Financial institution
CrossCountry Mortgage (CCM)
User Raiting:
3.00
Branches: 2
Cities: 2
Category: Financial institution
Wells Fargo
User Raiting:
2.97
Branches: 54
Cities: 49
Category: Financial institution
Truist
User Raiting:
2.69
Branches: 107
Cities: 59
Category: Bank
Bank of America
User Raiting:
2.57
Branches: 62
Cities: 32
Category: Financial institution
loanDepot
User Raiting:
2.45
Branches: 2
Cities: 2
Category: Financial institution
Citizens Bank
User Raiting:
2.00
Branches: 13
Cities: 7
Category: Financial institution
Advance Financial
User Raiting:
2.00
Branches: 7
Cities: 6
Category: Bank
Flagstar
User Raiting:
1.00
Branches: 5
Cities: 3
Category: Financial institution
Homebridge
User Raiting:
1.00
Branches: 2
Cities: 2
Category: Financial institution

North Carolina Short-term Loan Regulations

In North Carolina, payday lending is essentially prohibited, as the state has stringent laws regarding small loans. The North Carolina Consumer Finance Act, which governs small loan businesses, caps interest rates on small loans. This cap makes traditional payday lending, with its high-interest rates and short-term loan structures, unprofitable within the state.

Specifically, the law caps the interest rate at 36% annually for consumer loans. This rate is significantly lower than the typical rates charged by payday lenders in other states. As a result, there are no payday loan storefronts in North Carolina. The state had experimented with allowing payday lending in the late 1990s and early 2000s but decided to let the authorizing law expire after concerns about predatory lending practices.

Additionally, payday lenders in North Carolina, as in all states, must comply with federal regulations, including the Truth in Lending Act, which requires lenders to disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, regulating how debts are collected and prohibiting abusive, deceptive, and unfair collection practices.

What Are the Alternatives for Short-term Loans in North Carolina?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In North Carolina, guaranteed installment loans offer structured repayment plans, ideal for those needing predictable monthly payments. Unlike payday loans, these require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for North Carolinians looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in North Carolina provide immediate funding using a vehicle as collateral. Different from cash advances, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For North Carolina residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from short-term loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in North Carolina is designed to combine multiple debts into a single loan. Unlike payday lending, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for North Carolinians looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in North Carolina, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In North Carolina, cash loans with no credit cater to individuals without a strong credit history. Unlike short-term loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in North Carolina offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from payday loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in North Carolina connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from cash advances by offering potentially lower interest rates and more flexible terms, appealing to those in North Carolina seeking alternative lending options outside of conventional banking systems.

Basic Information about North Carolina State

Metrics
Value
State Capital
Raleigh
Population
Approximately 10.5 million (as of 2021)
Location
North Carolina is located in the southeastern part of the United States, known for its diverse geography, including mountains, beaches, and vibrant cities.
Largest City by Population
Charlotte
Biggest National Parks
Great Smoky Mountains National Park (partly in North Carolina), Cape Hatteras National Seashore, Uwharrie National Forest

Submit a Complaint Against a Lender in North Carolina

If you need to submit a complaint against a payday lender in North Carolina, the primary regulatory body is the North Carolina Commissioner of Banks. They ensure compliance with state laws governing payday loans. You can reach them at:

  • North Carolina Office of the Commissioner of Banks, 316 W. Edenton Street, Raleigh, NC 27603
  • (919) 733-3016
Submit a Complaint

FAQ

Are Payday Loans Legal in North Carolina?

No, payday loans are not legal in North Carolina. The state has stringent laws and regulations in place that effectively ban payday lending to protect consumers from predatory practices and high interest rates. These regulations are designed to safeguard the financial well-being of North Carolina residents.

Why are Payday Loans Prohibited?

Payday loans are prohibited in North Carolina due to concerns about the harm they can cause to borrowers. The high-cost structure of payday loans can lead individuals into cycles of debt, making it challenging to achieve financial stability. The state government has implemented these laws to prevent payday lenders from exploiting vulnerable consumers.

What Alternatives Are Available for Short-Term Financial Needs?

North Carolina offers various alternatives for individuals facing short-term financial needs. These alternatives prioritize responsible lending practices and borrower protection. Residents can explore traditional bank loans, credit unions, personal installment loans, and assistance programs provided by nonprofit organizations and government agencies.

Can Out-of-State Lenders Offer Payday Loans?

No, out-of-state payday lenders are not allowed to offer payday loans to residents in North Carolina. The state's regulations extend beyond its borders to ensure that borrowers are protected from predatory lending practices, regardless of the lender's location.

What Should I Do If I Have an Existing Payday Loan in North Carolina?

If you have an existing payday loan, it's important to know that it is not legally enforceable in North Carolina. The state's laws render such loans void. If you're facing challenges related to an existing payday loan, you can seek guidance from the North Carolina Attorney General's Office. They can provide assistance and resources to help resolve any issues associated with the loan.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders, it's essential to report these issues. You can report them to the North Carolina Attorney General's Office. Your report can contribute to investigations and efforts to curb predatory lending practices in the state, protecting other consumers from similar experiences. Your actions can make a difference in promoting fair and responsible lending practices in North Carolina.

North Carolina Short-term Loans Near Me

Aberdeen Advance Ahoskie Albemarle Andrews Angier Apex Archdale Arden Asheboro Asheville Askewville Atlantic Beach Aurora Avon Ayden Bailey Bakersville Balsam Grove Banner Elk Barco Bayboro Beach Beaufort Belhaven Belmont Belville Bennett Benson Bermuda Run Bessemer City Beulaville Biscoe Black Mountain Bladenboro Blowing Rock Bolivia Boone Bostic Bragg Brevard Broadway Browns Summit Brunswick Bryson City Buies Creek Bunn Burgaw Burlington Burnsville Butner Calabash Camden Cameron Camp Lejeune Candler Candor Canton Carolina Beach Carrboro Carthage Cary Cashiers Castle Hayne Catawba Cedar Island Cedar Point Chadbourn Chapel Hill Charlotte Cherokee Cherryville China Grove Chocowinity City Claremont Clarkton Clayton Clemmons Clinton Clyde Coinjock Colfax Columbia Columbus Concord Connelly Springs Conover Cornelius Corolla Cove City Cramerton Creedmoor Cullowhee Dallas Danbury Davidson Deep Run Denton Denver Dobson Duck Dunn Durham East Bend Eastover Eden Edenton Elizabeth City Elizabethtown Elk Elkin Ellerbe Elm City Elon Emerald Isle Enfield Engelhard Erwin Etowah Evergreen Fair Bluff Fairmont Faith Falls Farmville Fayetteville Flat Rock Fletcher Forest City Fort Bragg Four Oaks Franklin Fuquay varina Garland Garner Gastonia Gatesville Gibsonville Glade Valley Goldsboro Goldston Graham Grandy Granite Falls Granite Quarry Grantsboro Greensboro Greenville Grifton Halifax Hamlet Hampstead Hamptonville Harbinger Harmony Harrisburg Hatteras Havelock Hayesville Henderson Hendersonville Hertford Hickory Hiddenite High Point High Shoals Highlands Hildebran Hills Hillsborough Holden Beach Holly Ridge Holly Springs Hope Mills Hubert Huntersville Indian Trail Iron Station Isle Jackson Jacksonville Jamestown Jefferson Jonesville Kannapolis Kenansville Kenly Kernersville Kill Devil Hills King Kings Mountain Kinston Kitty Hawk Knightdale La Grange Lake Lure Landis Laurel Hill Laurinburg Lawndale Lawsonville Leland Lenoir Lewiston Woodville Lexington Liberty Lillington Lincolnton Linville Littleton Locust Louisburg Lowell Lowgap Lumber Bridge Lumberton Madison Maggie Valley Maiden Manns Harbor Manteo Marble Marion Mars Hill Marshall Marshville Marvin Matthews Maxton Mayodan Mcleansville Mebane Midway Park Mill Spring Millers Creek Mills River Mint Hill Mocksville Moncure Monroe Montreat Mooresville Morehead City Morganton Morrisville Moyock Mt Airy Mt Gilead Mt Holly Mt Olive Mt Pleasant Murfreesboro Murphy Nags Head Nashville New Bern Newland Newport Newton Newton Grove Norlina North Wilkesboro Oak Island Oak Ridge Oakboro Ocean Isle Beach Ocracoke Old Fort Oriental Oxford Pembroke Pfafftown Pilot Mountain Pine Knoll Shores Pine Level Pinebluff Pinehurst Pinetops Pineville Pink Hill Pisgah Forest Pittsboro Plymouth Point Point Harbor Polkton Pope Field Powells Point Princeton Providence Raeford Raleigh Ramseur Randleman Rapids Red Springs Reidsville Research Triangle Rich Square Richfield Richlands Riegelwood Roanoke Rapids Robbins Robbinsville Robersonville Rockingham Rockwell Rocky Mount Rolesville Rose Hill Roseboro Rosman Rowland Roxboro Ruffin Rural Hall Rutherford College Rutherfordton Salemburg Salisbury Saluda Sandy Ridge Sanford Scotland Neck Seaboard Seagrove Selma Seven Lakes Shallotte Shelby Sherrills Ford Siler City Smithfield Sneads Ferry Snow Hill Southern Pines Southern Shores Southport Sparta Spindale Spring Hope Spring Lake Springs Spruce Pine St Pauls Stallings Stanfield Stanley Stantonsburg Star Statesville Stedman Stokes Stony Point Sugar Mountain Summerfield Sunset Beach Supply Surf City Swannanoa Swanquarter Swansboro Sylva Tabor City Tar Heel Tarboro Taylorsville Teachey Terrell Thomasville Traphill Trenton Troutman Troy Tryon Union Grove Valdese Vanceboro Vass Wadesboro Wagram Wake Forest Walkertown Wallace Walnut Cove Walstonburg Warrenton Warsaw Washington Waxhaw Waynesville Weaverville Weddington Wendell Wesley Chapel West End West Jefferson Whitakers Whiteville Whitsett Whittier Wilkesboro Williamston Wilmington Wilson Windsor Winnabow Winston Salem Winterville Winton Wrightsville Beach Yadkinville Yanceyville Youngsville Zebulon