North Carolina is ranked 28th in the United States of America. With a total area density of about 408.7 sq/mi, the state is endowed with scenic features including coastal plains that act as major tourist attractions. In addition, NC is endowed with a wonderful climate that ranges widely.
Most parts of the state are located in the humid sub tropical zone. The western parts of the state are mountainous in nature with sub tropical highland atmospheres. North Carolina is considered to have the largest population of Native Americans.
North Carolina is headed by Governor Beverly Pardue and Lieutenant Governor Walter Dalton. Its lowest point is located at the Atlantic Ocean whereas its highest is at Mt. Mitchell. Besides these, the state has several financial systems that are mostly offered to its citizens.
An example of these is the payday loan, also known as a cash advance loan. This is a temporary monetary instrument that is usually secured against the borrower’s future payday check. Having become popular in the early 1990’s, the loan helps borrowers avoid penalties that are imposed by banks.
A payday advance in North Carolina also helps a borrower to cover unforeseen financial expenses over other traditional method such as high interest rates that are usually imposed by pawn shops.
There are many places that you can go to when you are looking for payday loan facilities in North Carolina. The notable ones been Payday Loan Superstore Company and Center for responsible lending situated on 302 West Main Street, Durham, NC 27721.
The loan approval process takes shorter that you would have expected. Money that is borrowed is deposited in the checking and savings account of the borrower within minutes from the time of borrowing. With Center for Responsible Lending, your privacy is assured as the company has privacy policies in place.
NC is a state that has had more than a fair share of unscrupulous dealings in relation to cash advance loans. The weak legislations allowed for all sorts of abuse from almost every quarter of the industry.
The problem stems back to 1997 when a law which authorized payday loan activities. However, on seeing the adverse effects this facility had on the citizens the state authority rescinded the law in 2001.
By this time a number of establishments had set up shop in North Carolina and were not keen on losing business. Many of these organizations resulted to exploiting every legal loophole available to continue with their brisk business.
Some of the tactics which were employed by such organizations included affiliating themselves to out-of-state banks in a bid to circumventing the interest rate cap set by the state at 36% Per annum.
Although the office of the ‘Comptroller of the Currency and the Office of the Thrift Supervision’ stepped in to end the unholy alliances, the state-chartered banks regulated by the FDIC and Federal Reserve have created another headache by partnering with payday lenders in a bid to export interest rates hence evading the laws that regulate the industry.
The state dealt payday lending a big blow in 2005 when Commissioner Joseph A. Smith Jr. Ordered a company known as Advance American company to cease lending operation in the state of NC.
North Carolina is a state which does not condone cash advance lending / payday loan lending activities.