Best Loans in North Carolina, Payday, Auto Title Laws of September 2024
Article 15 of North Carolina’s Consumer Finance Act requires licensed lenders to cap installment loans at $15,000. The minimum loan term is 12 months, while the maximum loan term is 96 months. Licensed lenders can levy a non-sufficient funds fee (NSF) of $25 for loans of $2,500 or less or charge a fee of 1% of the amount financed for loans greater than $2,500 – up to a maximum of $40.
Allowable finance charges for loans of $10,000 or less are:
- 30% per year on the first $4,000
- 24% per year on amounts > 4,000 but ≤ 8,000
- 18% per year on amounts > 8,000 but ≤ 10,000
For loans over $10,000, the maximum APR is 18% per year.
Licensed lenders can also levy a delinquency charge – after the loan is at least 10 days past due – $15. If borrowers return the loan proceeds in full within three business days, they will not incur any finance charges.
Best Bad Credit Loans in North Carolina of September 2024
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See our comprehensive guide for an in-depth breakdown of everything you need to know about bad credit loans.
Best Personal Loans for Good Credit in North Carolina of September 2024
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