Charlotte NC an economic reservoir not watering marginalized

Charlotte is North Carolina ‘s largest city. It is one of the fastest growing city of the US with 109 people relocating to it every day. It is the powerhouse of economics and energy. A production house of jobs The great employment opportunities attract the people towards it. It is believed to have ranked 2^nd in creating Tech jobs, besides that it has jobs in banking and insurance, healthcare, aviation, and teaching. It is educational hub as it has many colleges and two great Universities, North Carolina  and Queens University to its name. As so many people are relocating here, so the rents have gone high .It is a home to about 84,000 people with the median age of 34 years. It is definitely young and vibrant. The picture painted is beautiful but under the sheen of this picture there is harsh reality. The reality which gets hidden under its gleaming prosper it is the racial discrimination. The economical prosperity has not been shared with them. These marginalized are pushed aside into the oblivion as if they do not exist.

The problem of economic disparity and racial discrimination must be addressed to seriously if not done, it can lead to serious consequences. These marginalized people due to lack of resources  are not  able to get proper education  thus they do odd jobs and do not have share in the prosperity  of the city.

Life for these people is tough, they just drag through from one paycheck to another. They are often found failing to meet the financial urgency during the month.  To them even payday loan are not available   according to the law.

Short Term Loan

Lenders within the state can lend short term loans with interest capped to 30%.

short term loans

Pay Day Loan Before 2013

payday loan charlotte

Before 2013, the city used to enjoy the service of payday loan. It was a small term loan, borrowed for almost two weeks. On the next payday, the lender expected the loan amount along with the rate of interest and fee to be repaid.  The limit of   money to be borrowed   was $500 and the lender could charge$10 per $100. Unfortunately majority of people could not give back in time which led to roll over and this sounded like debt trap. The lenders charged APR upto 365%. Such practices made the Ready Advance to be banned. Even after the ban came into the effect the   payday lenders continued lending money online.

Credit Card

To meet the financial emergency head on, some people use credit card for paying for services and products.

Personal Installment Loan

A person can borrow $1000 to 10,000 with flexible repayment mode in installment which can be stretched over from 6 -36 months.

If there is emergency then one can apply online too , what is required is your American citizen proof, SIN, valid phone number and email address. The moment your details are verified,  you are told if the loan can be sanctioned. Within 24 hours the  money is transferred to your account.

Car title loans

There are times when you urgently require money at any cost, in such a situation, you are ready to go for collateral of your vehicle. One should think twice before going for collateral .The value of the vehicle assessed will be just 50% and in case you are not able to return the loan in time, then you get into debt trap and might lose your car or truck.

Pawn Shop Loan

When there is dire need of money then a person tries to arrange money by any means. Pawn shop loan is the loan which the person takes against some valuable item. Normally the value of the article  assessed by the lender is low.

The state should see that all get equal rights and equal opportunities to progress. Unfortunately this has not happened in Charlotte. The penury has hit the blacks badly. This has caused resentment and a feeling of alienation among the blacks, this frustration can seethe in the form of violence. The progress of the state should be taken in totality.