North Carolina Payday Loan Law and Legislation

Payday loans are small, short-term loans that are typically used by people who are in need of quick cash. The problem with payday loans is that they often come with very high-interest rates, which can make it difficult for borrowers to repay the loan. In addition, many payday lenders allow borrowers to roll over their loans, which can lead to even more debt. If you’re considering taking out payday loans in North Carolina, or if you’re already struggling to repay a payday loan, here’s what you need to know about the new law.

How do payday loans in NC work?

Payday loans in NC are legal and regulated by the State Banking Commission. Payday lenders must be licensed by the Commission and must follow certain rules. For example, they can only lend up to $500 at a time and must give you at least 14 days to repay the loan.

The average interest rate for payday loans in NC is about 300%. That means if you borrow $100 from a payday lender, you’ll owe them $300 when your loan is due. Payday lenders can also charge other fees, so it’s important to read the fine print before taking out a loan.

If you can’t repay your payday loan on time, the lender may let you roll over the loan into a new one. But each time you do that, you’ll have to pay more fees. And if you keep rolling over your loan, you could end up owing thousands of dollars in interest and fees.

It’s important to remember that payday loans are a short-term solution to a temporary problem. If you find yourself relying on them regularly, it’s time to seek help from a credit counseling or debt management company. These organizations can help you get back on track financially so you don’t have to rely on high-interest loans to make ends meet.

Current laws for payday loans in NC

As of July 1, 2019, the North Carolina Office of the Commissioner of Banks (OCOB) has implemented new rules governing payday lending in the state. The new rules are designed to protect consumers from falling into a cycle of debt by capping the number of loans a consumer can take out at one time and limiting the total amount that can be borrowed.

In addition, the new rules require lenders to provide more information to consumers about the costs and risks associated with taking out a payday loan. Lenders must also give consumers at least three days to cancel a loan before it is due.

The new rules apply to both online and brick-and-mortar payday lenders. Payday lenders who do not follow the new rules can face penalties, including fines and revocation of their license to operate in North Carolina.

If you are considering taking out a payday loan in NC, be sure to research your options and understand all of the costs and risks involved before you sign any paperwork.


Laws about payday loans in NC are designed to protect consumers from predatory lending practices. If you are considering taking out a payday loan, be sure to do your research and understand the terms of the loan before signing anything. Payday loans in NC can be helpful in a financial emergency, but they can also be very costly if you’re not careful.


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