North Carolina Payday Advances
Posted on Sunday, July 12th, 2009 at 3:05 pm in Cash Loan Info by State
In strict contrast to the more lenient rules and regulations guiding the payday loan industry in South Carolina, North Carolina has harsher rules regarding short term cash advances and payday loans. Infact no other state in USA has witnessed such oscillating stances regarding payday lending as state of North Carolina. North Carolina is a state which unlike other states like Massachusetts, Columbia or New York didn’t have harsh rules governing the payday industry from the very beginning. North Carolina has recently made a speedy transition from a state which had a legalized payday lending industry to a state which has stringent rules against payday loans being given by various banks and financial institutions.
In the year 1997 a legislation was passed to allow payday loans to be extended to the residents of North Carolina by various lending agencies and financial institutions. However this legislation expired in the year 2001, and the new legislation which was put into place, debarred various lending agencies from extending short term loans on high rate of interest. This legislation, however, couldn’t be put into effect till 2005. After 2005 the government of North Carolina started taking a stronger stance on payday lending agencies of North Carolina.
However, this stringent rule has not been able to totally abolish the payday lending practices in North Carolina. Payday lending is a practice which is based in the economic needs and financial pressures of modern living. According to a survey carried on by Financial Services Association of America, payday lending has exceeded $40 billion in 2008. It is beyond imagination for us to experience a totally tranquil life in the modern cut-throat world without any emergency bills to be paid, or some sudden social responsibilities to be met.
Despite having a steady job you might find that your depleted savings are unable to bear the burden of a sudden crisis like a broken down car or medical emergency. A payday loan would enable you to sail through such assiduous financial tribulations. This situation is applicable to residents of North Carolina too and that is why you can still find some payday lending agencies in North Carolina. The Annual Percentage Rate for the payday loans extended in North Carolina usually varies between 300-500%. You merely need to furbish your employment details and your pay slip to attain a payday loan in North Carolina. If you don’t have a permanent address in North Carolina you can even use you car registration number and driving license as an identity proof.
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