North Carolina Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

Up until 2001, the practice of issuing payday loans was completely legal. But North Carolina state government decided to rule against the legislation allowing it continue with the help of Attorney General Roy Cooper.

North Carolina, now has specific laws regarding usuary or small-loan rate caps that would make payday lending illegal under the rates usually charged with these loans. Subsequently, it is now prohibited.

According the State Attorney’s Generals office they don’t not consider a payday loan debt a legal and enforceable debt. Although when the money was borrowed it should be paid back but lenders are limited in their course of action.

The act of payday lending via internet though exists since regulation is very uneven and payday lenders are often able to get around the NC state laws by offering loans over the Internet (Still Prohibited), or if the lenders are using one of the alternative business structures: cash rebates, or CSO “Credit Services Organization” method.

If the lender is offering small loans using the above allowable methods the interest rate cap on loans 36% per annum.

Since the money was borrowed it should be paid back but nothing more. These lenders are very agressive in collecting such as calling your employer, references and you. We have helped hundreds of North Carolina residents get out of these loans so we can absolutely help you as well. Please fill out the form here on our site for a free quote or call us directly at 877-734-6700

Please feel free to contact us if you have any questions or need any help whatsoever.

Lastly, if the payday lender or debt collector is harassing you, threatening to garnish your wages or threatens you with going to jail you can file a complaint and can do so by going to

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