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9:31 am
Wed January 30, 2013

Regions Bank Ends Payday Loans In NC

Regions Bank, based in Birmingham, Alabama has been using a federal banking law to provide payday lending services, even though these types of loans are illegal in North Carolina.

But the bank recently announced that it will no longer offer its payday lending service to North Carolina residents because of the small number of eligible customers for the product in the state.

Since 2001, payday lending shops have been illegal in North Carolina. But that law doesn't apply to banks that are based outside the state.

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