Almost everyone at some point in their life will face a financial crisis, even if it is only a small scale emergency. When times such as these arise, individuals will have to find a way to obtain the cash they need. In some cases, these individuals turn to small, short-term loans known as payday loans or cash advances. With a cash advance, individuals can quickly acquire the money they need to pay bills or meet other expenses. The terms and conditions of these payday loans are regulated by state legislation, including the amount that can be borrowed, time period for repayment, fees and interest rates, and number of times a loan can be rolled over. While many in North Carolina support the payday loan industry, these types of loans are currently prohibited by state law.
Those desiring to obtain a cash advance in Charlotte may be a bit puzzled by the aforementioned illegality of payday loans in North Carolina. Summarizing the brief history of payday loans in the state may shed a little light on the subject. In 1997, North Carolina passed legislation to allow North Carolina based cash advance companies to lend money to residents of North Carolina. However, this legislation expired in 2001 and has not been renewed since. Therefore, individuals that desire to apply for a cash advance in Charlotte cannot do so legally – or can they? Apparently, a loophole has been found in the state's laws that still allow residents of North Carolina to apply for a cash advance even though this type of lending is considered illegal in the state.
When payday is still days or weeks away and North Carolina residents need a way to quickly secure the money they need, they may apply for a payday loan with a lender that is based out-of-state. Individuals need to be certain that the state in which the company is based allows cash advance lending. Additionally, individuals will want to investigate the laws, rules, and regulations governing payday loans in the state in which the company is based. By doing so, those desiring to obtain a cash advance in Charlotte can make sure they fully understand the conditions of their payday loan.
Residents of North Carolina may apply for a cash advance loan online through companies based in other states. The desired funds will be deposited directly into the individual's bank account once the loan is approved. The entire process can take as little as a couple of hours. When a cash advance in Charlotte becomes necessary, it is comforting to know that residents of North Carolina can still acquire the payday loan they need.