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North Carolina Must Be Stopped

The crisis: In 2006, North Carolina outlawed payday lending. A report by UNC released on Nov. 13th, 2007 makes the outrageous claim that citizens are better off without payday lenders. This claim is based on the myth that society can control the free market.

The PLA responds: society can't control the free market.

Report says: "More than twice as many former payday borrowers reported that the absence of payday lending has had a positive rather than negative effect on their household.”1

PLA responds: The report surveyed only 400 households. How can this be a statistically significant number?

Report says: "Nearly nine out of ten households surveyed think that payday lending is a bad thing."2

PLA Responds: The word "nearly" has no place in scientific research. Clearly this report is trying to cook the books somehow.

North Carolina must be stopped. Our gravest threat is that North Carolina will serve as a model for the rest of the country. The PLA lobbyists are hard at work to ensure that your state does not become the next North Carolina.

Predatory lending is under attack in North Carolina and other states.  Our lobbyists are working hard to defend the right to loan at maximum rates for maximum profit.

The numbers speak for themselves:

Average Payday Loan North Carolina Payday Loan
APR: 400% APR: 12%
Avg. Loan Rollovers: 9 Avg. Loan Rollovers: 2
Loan fees: $20 per $100 Loan fees: $0
Profit per year: $900* Profit per year: $0

* Per $500 payday loan.
Profit from the working 
poor. Learn more. Predatory lending vs. 
indentured servitude. Our response.

Rise to the Max APR