North Carolina Loan Broker Bond

A North Carolina Loan Broker Bond is a a type of surety bond required by the North Carolina Secretary of State’s Office for individuals or businesses acting as loan brokers. The amount of the surety bond is $10,000 and the cost is usually around $250.00 annually.

How to Get a North Carolina Loan Broker Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the North Carolina Loan Broker Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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Who Needs This Surety Bond

A North Carolina loan broker is any person, firm, or corporation that, for a fee, assists individuals in obtaining loans from third-party lenders. All loan brokers must be licensed in the state. To obtain the license, you must provide a North Carolina Loan Broker Bond.

Essentially, loan brokers act as intermediaries between borrowers and lenders. They do not lend money themselves but facilitate the loan process.  It’s important to note that this definition excludes certain entities, such as mortgage brokers, who are regulated under different laws.

Types of Loans Handled by North Carolina Loan Brokers

North Carolina loan brokers typically handle a variety of loan types, including:

• Personal loans: These are unsecured loans based on the borrower’s creditworthiness.
• Title loans: Loans secured by the borrower’s vehicle title.
• Payday loans: Short-term, high-interest loans typically repaid on the borrower’s next payday.
• Installment loans: Loans repaid in fixed amounts over a specified period.

It’s important to note that the specific types of loans a loan broker can handle might be subject to additional regulations and licensing requirements.

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.