North Carolina Payday Loan Laws
 | Min/Max Term of Payday Loan: | Not specified | | Max Fees and Finance Charges: | Not specified | | Maximum Loan Amount: | Not specified | | Number of Rollovers: | Not specified | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | Not specified | | Presentment Limit: | Not specified | | Penalties: | Not specified | | Private right of action: | Not specified |
North Carolina Payday Loan Laws:
North Carolina passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. For example, North Carolina permits a 15% charge on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%.
| Payday Loan Laws: |
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