Alabama-based bank Regions Financial Corp. has agreed to stop offering payday loans in North Carolina. Although North Carolina has banned payday loan shops or Internet services, federal law allows a bank to make those loans if allowed in the bank’s home state. This article from the Charlotte Post has the details.
Payday loans are made at very high interest rates for very short terms. The Center for Responsible Lending defines payday loans this way: “Banks make payday loans by depositing money into a customer’s checking account. The bank then automatically repays itself in full by deducting the loan amount, plus fees, from the account when the customer’s next direct deposit paycheck or other benefits income comes into the account. The average annual percentage rate (APR) based on a typical loan term of 10 days is 365% APR.” More information on payday loans, including how they can be harmful to consumers. is available on the Center’s website.
Great news, i likes reading this type of news. And i appreciate it. Really its great blog.
Thanks, I have been seeking for information about this subject matter for ages and yours is the best I have located so far.Really insightful blog post.Really looking forward to read more. Superb.You happen to be an incredibly smart specific!
Granted, anyways there is nothing we can do the moment a regulation or law had been passed and approved. But is the government is brewing a way to lend people in a fast and uncomplicated way like payday lenders?