Demise of Payday Lending in North Carolina

 

On March 1, 2006, Attorney General Roy Cooper announced that the last three major out-of-state payday lenders had agreed to stop making illegal loans in North Carolina.

As a result, working families in the state will save almost $100 million each year -- money they can use to buy food, pay their bills, and balance their family budget. 

Related Resources

Statement of CRL's Mark Pearce
Press Release from the NC Attorney General
More information on payday lending

We applaud this milestone, which should be an example for other states where the payday lenders still do business. The achievement took five long years and the hard work of concerned citizens and especially of the following groups and individuals.

Thank You to...

NC Attorney General Roy Cooper
NC Commissioner of Banks Joseph Smith
North Carolina General Assembly

AARP, North Carolina
Community Reinvestment Association of NC
Credit Counseling Agencies of NC
El Pueblo, Inc
Habitat for Humanity Int'l Central Atlantic Region
NC Association of CDCs
NC Consumers Council
NC Council of Churches
NC Fair Housing Center
NC Housing Coalition
NC Institute for Minority Economic Development
NC Justice Center
NC Minority Support Center
NC NAACP
NC PIRG
NC Senior Citizen's Association
NC State AFL-CIO
State Employees' Credit Union
The Association of Housing Counselors

...and the 154 other North Carolina organizations who are members of the NC Coalition for Responsible Lending.