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Payday Loans - North Carolina residents

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I filed a complaint with NC Attorney General against

Here is an excerpt of their letter to

It appears that your company is offering payday loans to North Carolina consumers. You should be aware that payday loans are not authorized in North Carolina. North Carolina's Consumer Finance Act, N.C. Gen. Stat. $ 53-164 et seq., regulates small consumer loans and allows a maximum interest rate of up to 36% for licensed lenders. Further, N. C. Gen. Stat. $ 53-166(d) provides that consumer loans under $10,000 made in violation of the Consumer Finance Act are void. Loans made by out-of-state lenders to Norlh Carolina residents can be subject to our usury laws. N.C. Gen. Stat. $ 24-2.1 states that any solicitation to lend originating outside of this State, but forwarded to and received in this State by a borrower who is a resident of this State shall be deemed to be an offer or agreement to lend in this State. Further, under that statute any communication to borrow from a North Carolina consumer to an out-of-state lender shall be deemed to be an acceptance to borrow in this State.

We request that you respond within fifteen (15) business days to the enclosed consumer complaint and that you state your intentions to comply with North Carolina law. Because of the serious legal issues raised by the enclosed complaint, we request that you cease and desist from further collection activity on this account.

Thought it might be helpful to others in quoting accurate laws for payday loans to NC residents.

Thanks for the info. The mods should merge this thread with the others containing information and case law from similar filings in MD and CA.

Sub: #1 posted on Wed, 01/02/2013 - 00:50

Steve Barris Steve Barris

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Thank you for posting this

Sub: #2 posted on Fri, 01/25/2013 - 15:03

dawnp dawnp

(Posts: 4 | Credits: )

hello my dear friends this is my first post..............

susanstuff brother in Real, You have shared great information.............

thanks for this post.

Sub: #3 posted on Tue, 02/12/2013 - 04:12

Albert Albert

(Posts: 2 | Credits: )

they are an installment lenders or tribal lender which are different from your normal payday loans they are not regulated at all i went through consolidation and paid off 3 loans out of 15 try

Sub: #4 posted on Tue, 02/12/2013 - 08:50


heard directly from NC Atty General office - Cashcall is their next target.


Sub: #5 posted on Fri, 04/12/2013 - 10:16

susanstuff susanstuff

(Posts: 40 | Credits: )

OK, sorry if I sound stupid... Ive had trouble understanding things even in school. If I have a payday loan from someone "out-of-state" and I live here in NC do I have to pay them???

Sub: #6 posted on Fri, 06/21/2013 - 09:49


First of - You do not sound stupid, you are just getting information.. Please register with the forums if you have not done so..

Who is the loan with? How much borrowed and how much repaid to date? If you can give us this info - Payday loans are prohibited in NC - so more than likely they are an illegal lender, but I would prefer to verify that, not guess.. If they are in fact illegal as I assume - you will want to follow the steps in this link on how to deal with - all steps in order.. th-illegallende...

Sub: #7 posted on Fri, 06/21/2013 - 18:40

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: )

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