What a loan can cost in North Carolina
Examples at an illustrative rate, never above North Carolina's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in North Carolina
Free and low-cost help in North Carolina, each with its official link and the date we checked it.
Lending regulator and complaints
North Carolina Office of the Commissioner of Banks (NCCOB) licenses lenders in North Carolina.
Check a lender's license File a complaint
nccob.nc.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
ncdoj.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
nc211.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
legalaidnc.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in North Carolina.
epass.nc.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in North Carolina
Each rule links to its source. How we research state rules.
Allowed in North Carolina: installment and personal loans. Not allowed: title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4] | Allowed | 33% APR (top tier) | Up to $25,000 | Not set by statute | Consumer Finance Act license | N.C. Gen. Stat. 53-164 to 53-191; 53-166 |
| Title loans[5][6] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | General 16% usury cap under Chapter 24 of the N.C. General Statutes; NC Consumer Finance Act, Chapter 53, Article 15 |
| Payday loans[7][8][6] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | N.C. Gen. Stat. 53-173; N.C. Gen. Stat. 53-281; underlying 16% general usury cap, Chapter 24 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in North Carolina
Installment and personal loans
- Rate cap
- Under the North Carolina Consumer Finance Act (N.C. Gen. Stat. Chapter 53, Article 15), licensed lenders may contract for tiered finance charges on loans of $12,000 or less: up to 33% annually on the first $4,000 of principal, up to 24% on the portion between $4,001 and $8,000, and up to 18% on the remainder up to $12,000. Loans exceeding $12,000 may bear finance charges up to 18% annually. The Act applies to consumer loans of $25,000 or less where the APR exceeds the state's general 16% usury limit under Chapter 24.
- Fees
- A processing fee of up to $30 is permitted on loans of $3,000 or less; on loans exceeding $3,000, the lesser of $150 or 1% of the amount financed. Late fees are capped at $18 (increased from $15 by the 2023 Consumer Finance Act amendments).
- License
- Consumer Finance Act license, issued by the North Carolina Office of the Commissioner of Banks (NCCOB).
Title loans
- Rate cap
- Auto title loans are banned in North Carolina.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no title loan license exists in North Carolina.
Payday loans
- Rate cap
- Payday lending has been banned in North Carolina since 2001, when the General Assembly allowed a pilot-program authorization to sunset. North Carolina was the first US state to make payday lending illegal outright; the NC Consumer Finance Act and Chapter 53, Article 17 together foreclose the payday-loan business model. The NC Commissioner of Banks formally notified all payday lenders in-state that their loans were illegal after the 2001 sunset, and pursued 'true lender' enforcement against bank-partnership payday models (e.g., the Advance America investigation concluded December 2005).
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no payday loan license exists in North Carolina.
Rent and jobs in North Carolina
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for North Carolina borrowers
Check your options in North Carolina
North Carolina questions
Does North Carolina law allow payday loans?
North Carolina law does not allow payday loans. Source: N.C. Gen. Stat. 53-173; N.C. Gen. Stat. 53-281; underlying 16% general usury cap, Chapter 24.
What is the most a lender can charge in North Carolina?
By loan type in North Carolina: Installment and personal loans: 33% APR (top tier). Title loans: Not allowed. Payday loans: Not allowed.
Where can I file a complaint about a lender in North Carolina?
You can file a complaint with North Carolina Office of the Commissioner of Banks (NCCOB), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in North Carolina on this page.
How do I check a lender's license in North Carolina?
North Carolina Office of the Commissioner of Banks (NCCOB) licenses lenders in North Carolina. Use the license link under Resources in North Carolina on this page to check a lender before you share your information.
Is there free help paying bills in North Carolina?
Yes. Resources in North Carolina on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- VirginiaAllowed 36% APR
- South CarolinaAllowed 18% APR
- West VirginiaAllowed 31% APR (top tier)
- District of ColumbiaAllowed 24% APR
- MarylandAllowed 33% APR (top tier)
Sources
- mayerbrown.com/en/insights/publications/2023/10/north-carolina-consumer-finance-act-amendments-now-effective. Retrieved September 23, 2026.
- ncleg.gov. N.C. Gen. Stat. 53-164 to 53-191. Retrieved September 23, 2026.
- nccob.nc.gov/financial-institutions/consumer-finance/frequently-asked-questions. Retrieved September 23, 2026.
- nccob.nc.gov. North Carolina Office of the Commissioner of Banks (NCCOB). Retrieved September 23, 2026.
- carolinalaw.com. General 16% usury cap under Chapter 24 of the N.C. General Statutes. Retrieved September 23, 2026.
- nccob.nc.gov. North Carolina Office of the Commissioner of Banks (NCCOB). Retrieved September 23, 2026.
- ced.sog.unc.edu. N.C. Gen. Stat. 53-173. Retrieved September 23, 2026.
- responsiblelending.org/media/crl-applauds-nc-ruling-against-payday-lenders. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: North Carolina. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in North Carolina. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in North Carolina? Contact the North Carolina Office of the Commissioner of Banks (NCCOB) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.