Getting a Title Loan in NC
Payday loans, also called cash advance loans, are short term cash loans obtained from an unsecured lender that is meant to be paid back on your next payday. Payday lenders usually only require proof of income and checking account information. Payday lenders such as title loans Charlotte NC do not ask questions about previous borrowing, credit history, or where the money will be spent.
Payday lending services may be a source of federal reserve fraud because the amount of money borrowed can often be substantial. The amount borrowed does not have to be repaid until your next payday. Payday lending services are usually run by large national chains, with stores throughout all states and sometimes even out of state, as well. Many states have laws that limit the amount of cash advances that can be taken out by a household. Some states have taken additional steps to curb predatory lending by passing laws limiting the types of loans a family can take out.
Why Choose Payday Loans?
Payday lending is popular because many people need extra money for temporary problems. In this case, payday loans are convenient, quick, and easy to obtain. When used properly, payday loans can help provide short-term financial relief when emergencies occur. Unfortunately, predatory lending practices are becoming more widespread in our society. Because payday loans are available without any credit check, millions of Americans are being ripped off when they apply for these short term loans and are subject to predatory lending practices, such as yearly percentage rates that are significantly higher than would be charged by traditional lenders.