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Rates and rules

North Carolina Loan Rates and Rules

Who regulates consumer lending in North Carolina, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects North Carolina residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in North Carolina

North Carolina is a relatively strict state for consumer lending. Consumer finance companies making covered installment loans must be licensed by and are regulated under the North Carolina Consumer Finance Act (NCGS Chapter 53, Article 15), administered by the North Carolina Office of the Commissioner of Banks. Rates on covered loans are tiered by statute, generally up to 36% per year on the portion of the unpaid balance up to $4,000, 24% on the portion above $4,000 up to $8,000, and 18% on the balance above $8,000. Loans of $25,000 or less that fall outside the Consumer Finance Act are generally capped near 16% under NCGS Chapter 24. SET Financial does not set rates or make loans in North Carolina ยท your actual APR, fees, and terms are determined solely by the third-party lender you connect with.

Regulator: North Carolina Office of the Commissioner of Banks (NCCOB).

How to check a lender before you borrow

Before you accept any offer, confirm the lender is licensed by checking with the North Carolina Office of the Commissioner of Banks, and review your exact APR, fees, and payment schedule on the loan agreement the lender gives you before signing.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about North Carolina rates

Who regulates consumer installment lenders in North Carolina?

The North Carolina Office of the Commissioner of Banks (NCCOB) licenses and supervises consumer finance companies under the North Carolina Consumer Finance Act (NCGS Chapter 53, Article 15). You can verify a lender's license through the NCCOB.

What interest rates are allowed on personal loans in North Carolina?

North Carolina caps rates fairly tightly. Covered loans under the Consumer Finance Act use a tiered structure, roughly 36% on the balance up to $4,000, 24% from $4,000 to $8,000, and 18% above $8,000, while many other loans of $25,000 or less are capped near 16% under Chapter 24. Your actual APR is set by the lender within the law and shown on your loan agreement.

This page is general information about North Carolina lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the North Carolina Office of the Commissioner of Banks (NCCOB) or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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