Payday Loans in North Dakota

Payday Loans
Explore our list of payday loan providers in North Dakota. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in ND, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in North Dakota.
Offers: 5
Updated:
11.06.2024
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100.00 – 20000.00 $
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from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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from 4.00 %
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to 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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$100-$500
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up to 482.32%
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Loan term for the financial product

up to 14 days
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3.23
(41 Ratings)
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100.00 – 445.00 $
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to 0.92 %
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to 24 days

A payday loan is an expansive short-term, high-interest loan that is typically taken out by individuals who need money quickly and don't have access to other forms of credit. In North Dakota, payday loans are legal and regulated by state law.

According to North Dakota law, payday lenders are allowed to charge up to 20% of the loan amount as a finance charge, plus an additional $20 fee per $100. The maximum loan amount is $500, and the maximum loan term is 60 days.

While payday loans may be a quick and convenient way to get cash, they can also be very expensive and lead to a cycle of debt if not paid back on time. It's generally recommended that individuals explore other options for borrowing money, such as personal loans or credit cards, before turning to payday loans.

Payday Loans in North Dakota

What is the Payday Loan Limit in North Dakota?

In North Dakota, the maximum payday loan amount that a borrower can take out is $500. This is the highest amount that payday lenders are legally allowed to lend to consumers in the state. However, borrowers should only take out what they can afford to repay, as payday loans come with high interest rates and fees that can make them difficult to pay back if not managed carefully.

Additionally, North Dakota law doesn't limit the number of outstanding payday loans that a borrower can have at any given time. However, the aggregate amount cannot be higher than $600. Specifically, borrowers must wait at least 3 days after paying off a loan before taking out another one. This is designed to help prevent consumers from becoming trapped in a cycle of debt that can be difficult to escape.

How to Borrow a Payday Loan in North Dakota?

Apply for a loan

  1. Find a payday lender. Research online or check with local lenders to find a payday lender in North Dakota. Be sure to compare the interest rates, fees, and repayment terms of different lenders to find the best option for your needs.
  2. Check the lender's requirements. Each payday lender may have different requirements for borrowers. Typically, you will need to be at least 18 years old, have a steady source of income, and have a checking account.
  3. Apply for the loan. Once you've chosen a lender, you can apply for the loan by filling out an application form, either in-person or online. The application will typically require you to provide personal and financial information, including your name, address, employment information, and bank account details.
  4. Get approved and receive funds. If you are approved for the loan, the lender will typically transfer the funds to your bank account within a few business days. Some lenders may offer same-day or next-day funding, but this will vary based on the lender and the specifics of your loan.
  5. Repay the loan. Payday loans in North Dakota typically must be repaid within 60 days or less, depending on the terms of the loan. Make your payments on time to avoid late fees and additional interest charges.

Pros and Cons

Pros

Quick and easy to obtain. Payday loans in North Dakota can be obtained relatively quickly and easily, especially compared to other forms of credit like personal loans or credit cards.

No credit check is required. Unlike other forms of credit, payday lenders typically don't require a credit check, which can make them an option for individuals with poor credit or no credit history.

Available to individuals without traditional bank accounts. Payday lenders may be more accessible to individuals who don't have a traditional bank account, as they often allow funds to be deposited onto prepaid debit cards.

Cons

High fees and interest rates. Payday loans in North Dakota come with high fees and interest rates, which can make them very expensive.

Short repayment terms. Payday loans typically must be repaid within a few weeks or months, which can be difficult for borrowers who are already struggling financially.

This can lead to a debt cycle. Because of the high fees and short repayment terms, borrowers may find themselves taking out multiple loans to cover their expenses, leading to a debt cycle that can be difficult to escape.

Not a long-term solution. Payday loans should not be used as a long-term solution for financial problems. They should only be used in emergencies and should be paid back as quickly as possible to avoid additional fees and interest charges.

Requirements

  1. Be at least 18 years old. You must be at least 18 years old to borrow a payday loan in North Dakota.
  2. Have a regular source of income. You must have a steady source of income, such as a job or government benefits.
  3. Be a US citizen or permanent resident. You must be a US citizen or permanent resident to borrow a payday loan in North Dakota.
  4. Have an active checking account. You must have an active checking account in your name to receive the loan funds and make repayments.
  5. Provide personal and financial information. You will need to provide personal and financial information, such as your name, address, phone number, and bank account details.

    Interest Rates

    In North Dakota, the interest rates on payday loans are regulated by state law. The maximum finance charge that lenders are allowed to charge is 20% per $100, plus an additional $20 administrative fee. For example, if you take out a $100 payday loan in North Dakota, the maximum finance charge would be $20, plus a $20 administrative fee, for a total of $40.

    While this may seem like a small amount, remember that payday loans typically have very short repayment terms, and the high interest rates and fees can add up quickly if the loan is not paid back on time.

    Lenders in North Dakota

    • Check 'n Go. You can borrow up to $500 with a minimum loan term of 7 days. These are online-only loans.
    • Speedy Cash. You can get a payday loan from $100 to $500. The finance charge for a $500 loan will be $100. The APR can go up to 521.43%.
    • Cash Central. You can get a payday loan for 7 to 30 days. A 1-day payday loan of $300 has an Annual Percentage Rate of 486.67% and a finance charge of $60.
    • Money Lenders. The company has a location in Fargo where you can apply for a payday loan in person. The company offers cash advances with no fees involved, as well as other services like wire transfers, payday loans, check cashing, and money orders.
    • Prince Payday Loans. The company has one location in Rapid City. You can get both payday and installment loans.

    Alternatives

    1. Personal loans. Personal loans from banks, credit unions, or online lenders may offer more favorable terms than payday loans. Interest rates and fees may be lower, and repayment terms may be more flexible.
    2. Credit cards. If you have a credit card, using it for an emergency expense may be less expensive than taking out a payday loan. Credit cards often have lower interest rates than payday loans, and if you can pay off the balance quickly, you may be able to avoid interest charges altogether.
    3. Payment plans. If you're facing a large expense, such as a medical bill or car repair, consider talking to the provider or vendor about setting up a payment plan. Many providers are willing to work with customers to help them pay off large expenses over time.
    4. Emergency assistance programs. If you're facing a financial emergency, there may be local or state programs that can help. For example, North Dakota has a program called the Emergency Rent Bridge, which provides emergency rental assistance to low-income households.
      1. Loan amount limits. Payday loans in North Dakota are limited to $500 per loan.
      2. Maximum finance charges. Payday lenders in North Dakota may charge a maximum finance charge of 20% per $100, plus a $20 administrative fee.
      3. Cooling-off period. North Dakota has a 3 days cooling-off period between the loans.
      4. Renewal restrictions. Payday lenders in North Dakota may not renew or refinance a loan more than four times.
      5. Licensing requirements. Payday lenders in North Dakota must be licensed by the North Dakota Department of Financial Institutions.
      6. Prohibition of criminal actions. Payday lenders in North Dakota may not threaten borrowers with criminal actions or engage in any other harassing or abusive behavior.

        Important

        Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

        How to Choose a Lender

        1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

        2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

        3. Carefully review all the terms and conditions of your payday loan contract.

        4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

        5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

        6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

        Other Loans

        FAQ

        Are online payday loans legal in North Dakota?

        Online payday loans are legal in North Dakota, but the state has implemented regulations to protect borrowers from predatory lending practices. Online lenders must comply with the same regulations that apply to brick-and-mortar payday lenders in North Dakota. These regulations include loan amount limits, maximum finance charges, and licensing requirements.

        However, some online lenders may be located outside of North Dakota or outside of the United States and may not be subject to North Dakota's payday loan regulations. Borrowers should exercise caution when borrowing from online lenders and carefully review the terms and conditions of any loan agreement before accepting the loan.

        How many payday loans can I get in North Dakota?

        In North Dakota, borrowers are not limited to outstanding payday loans at a time. This means that you can take out another payday loan. However, your outstanding loan balance cannot exceed $600. Additionally, payday lenders in North Dakota are required to maintain records of all loans and loan transactions, and they are prohibited from lending to a borrower who has an outstanding payday loan with another lender.

        What do you need for a payday loan in North Dakota?

        To apply for a payday loan in North Dakota, you typically need to provide the following information and documentation:

        • Personal information. You will need to provide your full name, address, and contact information.
        • Income information. You will need to provide information about your income, such as your employer's name and address, your pay rate, and how often you are paid.
        • Bank account information. You will have to provide your bank account information, including your account number and routing number.
        • Identification. You will need to provide a valid government-issued ID, like a driver's license or passport.
        • Proof of residency. You may have to provide proof you are a resident of North Dakota, such as a utility bill or lease agreement.

        Payday lenders in North Dakota may have additional requirements, so it's a good idea to contact the lender directly to find out what you need to apply for a payday loan. Additionally, before taking out a payday loan, consider all of your options and choose the one that is the most affordable and least risky for your financial situation.