North Dakota Payday Loans

If you’re considering getting North Dakota cash loans, you first need to be aware of the different laws governing the transaction. The state has made it easier for borrowers by enforcing policies to maintain fairness and protect consumers against grasping lenders. Our site aims to help you with this by providing a comprehensive and up to date list of ND policies regarding payday loans.

Can I get a Payday Loan in North Dakota?

Yes, you can. North Dakota payday loans are legal. The North Dakota Century Code 13-08-01 et seq. governs payday lending. It requires lenders to be licensed and follow specific guidelines when financing loans.

What are the fees and laws for Payday Loans?

North Dakota law outlines the fees you will have to pay for taking out a loan and the possible additional fees you may have to pay if you’re late making a payment.

All lenders in North Dakota are required to operate within the following limitations:

  1. Maximum Loan Amount: $500
  2. Loan Term: 60 Days or less
  3. Finance Charge for $100 Loan in 14 Days: $20
  4. APR for $100 Loan in 14 Days: 520%
  5. Maximum Fees and Finance Rates: 20% plus the databasing fee
  6. Maximum Outstanding Loans at a Time: No more than $600 aggregate
  7. Collection Fees: $20 NSF Fee
  8. Rollovers: One
  9. Cooling Off Period: 3 Days

All borrowers are advised to read the documents of the transaction before pushing through with a short term loan.

How do I apply for North Dakota Payday Loans?

All payday lenders will require that you be at least 18 years old, an American citizen or permanent resident and have a regular source of income before you apply. In addition, there will be some basic questions you’ll have to answer. These include information about your employment, your contact details and personal identification details like your ID and Social Security number.

Any questions and comments are always welcomed. For payday loan laws in other states, please visit the main web page.