Rachel Hunter, J.D. | Article

Payday Lending in North Carolina

In 2001, the payday lending laws were allowed to expire. Payday lenders tried to circumvent the law and in 2006, the NC Attorney General was able to work out a deal with payday lenders who thereafter ceased doing business in North Carolina. You can read about it here: http://www.ncdoj.gov/News-and-Alerts/News-Releases-and-Advisories/Press-Releases/Payday-lending-on-the-way-out-in-NC.aspx.

Unfortunately, North Carolina has not seen the last of payday lenders. Banks are now getting into the act and coming up with their own creative ways to evade the prohibition on payday lending, as evidenced by this recent story: http://www.charlotteobserver.com/2012/09/19/3539841/regions-bank-assailed-for-payday.html.

Again, if you are threatened by a payday lender, a lawsuit is very unlikely to occur because the loans are illegal here.
Copyright (c) 2012 by Rachel Lea Hunter

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