Single payment, short-term loans for a relatively small amount of money are known throughout the United States as cash advance and/or payday loans. This type of loan has gained recent popularity among working families as more and more consumers are living paycheck to paycheck. Problems can arise when even a small financial emergency hits unexpectedly.

What if suddenly the steel was visible on two of the tires on your car. You don’t have the extra cash right now to replace them, but you’ll have it next Friday when you get paid. Instead of risking the safety of you, your family, and other drivers on the road, you opt for a cash advance loan to get new tires.

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Cash advances are not subject to the traditional limitations of your credit report, but instead are based upon your paycheck (gross and net pay, etc.). One way of repaying your cash advance is by writing out a personal check payable to your lender, post-dating it for the date your loan is due, for the full loan amount plus all applicable fees. When your loan becomes due, the lender simply deposits the check and keeps the fees. Many lenders will grant you a higher loan amount if your paycheck is directly deposited into your checking account by your employer.

North Carolina is one of fifteen states in which cash advances and payday loans are illegal. The reasons that these short-term loans are banned are:

The legislation regarding cash advances expired in 2001.
Cashing a post-dated check is illegal in the state.
Interest rates in North Carolina cannot exceed 36% per year.

There is currently no legislation pending to regulate the payday loan industry.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.