Supporters seek to lift NC ban on payday loans - WNCT

Supporters seek to lift NC ban on payday loans

Posted: Updated:
GREENVILLE, N.C. -

Nearly a decade after our state banned payday lending, lawmakers want to bring it back and legalize the short term, high cost loans.

Supporters say the loans are typically repaid with the borrower's upcoming paycheck.  They believe it's a reasonable trade off that can be a government regulated option for those in need.

Consumer experts argue the fees on the loans trap borrowers in a continuous cycle of debt.

Leaders from both parties are reconsidering allowing payday lending in our state.  This year, payday advocates have hired 10 lobbyists to push the efforts.

Powered by WorldNow

3221 South Evans Street
Greenville N.C. 27834

Telephone: 252.355.8500
Fax: 252.355.8568
Email: newsdesk@wnct.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.