I am becoming a legal researcher here/for those in NC
Date: Wed, 03/28/2007 - 19:09
Legal rate of interest is 8% per annum for such time as interest may accrue (and the accrual time is 31 days.) I think that is what I gather from what I am reading here on the NC General Assembly website.
But I also read payday loans are null and void if the lender has violated the above.
Its all apples and oranges to me though....who do you think I should contact for the best advice on the reading of this law???
Oh and not to sound like a dummy but well um what does the 8% really mean is that 8% every 30 days on the principal? I found nothing that breaks it down in ENGLISH
Most payday loan companies aren't going though a bank. I th
Most payday loan companies aren't going though a bank.
I thought that payday loans in NC were prohibited.
per annum is defined as: Within or by the year; in or for
per annum is defined as:
Within or by the year; in or for every year, by
the year.
So that interest should only accrue 8% per year. (interest would compound by the year as well).
I agree with sswett - Per annum is per year. So it wouldn't be
I agree with sswett - Per annum is per year. So it wouldn't be 8% every 31 days.
When in doubt on laws,you can go to the source.Since this is a s
When in doubt on laws,you can go to the source.Since this is a state statute dealing with finance,send a email to the dept of financial institutions and another to the attorney general.Between the two offices,you should be able to get a clearer definition of it.
I am in NC and they are illegal. The AG's office was wonderful
I am in NC and they are illegal. The AG's office was wonderful in helping me get 3 PD Lenders off my back who were paid much more than they should of been paid.
Very Cool Dixie! Have you posted your success story?
Very Cool Dixie! Have you posted your success story?
And in most states where they are prohibited they will tell you
And in most states where they are prohibited they will tell you you don't owe them a dime regardless because the contract is illegal. I know a few people who were helped by their state and settled for PIF without even paying the principal because it was an illegal contract to begin with so it wasn't binding.
