It looks like Payday Loans are finally becoming legal again in North Carolina according to a recent story from news station WRAL. Payday Loans made a brief appearance in North Carolina from 1997 to 2001 before they were allowed to expire by lawmakers due to public pressure. But even then the smart payday loan lenders simply teamed up with local banks to legitimize their operations.
Now several banks have come out with their own version of a payday loan to tap into the incredibly lucrative payday loan business. One such bank is Alabama based Regions Bank. In fact, Regions Bank has been offering their own version of the pay day loan (known as Ready Advance) for a year and a half here in North Carolina at the low rate of 365% APR.
The only catch with Regions Bank payday loan is that you have to have been a bank account holder of Regions Bank for at least 9 months in order to qualify for their payday loan 🙁 So, looks like online payday lenders still have a viable market for those that don’t have a Regions Bank account. But now other local banks, like Suntrust Bank, are taking notice and considering bringing out their own version of the pay day loan. Everyone wants a piece of the pie and consumers apparently always need short-term loans in times of emergency.
So, which is better, getting a payday loan from your local bank or from an online lender? Well, unless you have a bank account with Regions Bank, then your only other choice is going with an online payday loan lender. Be sure to read the reviews on the payday lender you go with first though, so you know what you’re in for.