Payday lending in North Carolina?
September 8, 2010 | North Carolina, alternatives | Comments (1)Indeed. From the article:
Everybody falls into debt sometimes. Whether it’s your students loans, your credit card that you forgot to pay last month, or just an overdraft in you bank account.
But if you’re living or studying in North Carolina, things might just be a bit easier. The North Carolina State Employees’ Credit Union NCSECU) understands that things come up in life that might put you in need of cash, a loan, or make you late on a payment or two. And they’ve got a bunch of solutions.
According to creditbuildersalliance.org, the NCSECU is the biggest “payday lender” in North Carolina. This basically means that the NCSECU gives out small, short-term loans that help borrowers cover longer-term debt. This is also sometimes known as a cash advance.
Why doesn’t the state allow some competition from the private sector?
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Hopefully there will be a “backlash” and the State will have to re-consider their stance on Payday Loans. After all, when a State agency (or credit union) is allowed to offer payday loans, they can’t really be as bad as was most likely described when they were banned.
So at this point (N.C. are you listening?) it would make more sense to allow payday lending again to at least create more jobs. And OBVIOUSLY the need and demand for short term credit does not simply “disappear” when you take away options.
What’s next? Is the government going to shut down all the privately owned restaurants and start running them big-brother style? Patriot Pancakes anyone?