North Dakota Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in North Dakota and what amounts, interest rates and repayment terms are set by the state's Legislation.

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north dakota payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$500
Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

60 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

520.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

20% of the amount advanced
Legal Payday Loans Online for North Dakota residents

Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in North Dakota. Apply for a Payday Loan online on a strong note.

Compare top legit Payday Lenders in North Dakota:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

Extralend.com offers Personal Installment Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: 6 months - 2 years
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Installment Loans

  • At least 18 years of age
  • US residence
  • A valid telephone number and email address
  • An active bank account in your name
  • Be employed for at least 90 consecutive days with the same employer
  • Meet minimum income guidelines
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $3000 are available.

 

Table of Contents:

Are Payday Loans legal in North Dakota?

North Dakota Payday Loan Terms and Amounts

North Dakota Payday Loans online laws

North Dakota Payday Loans interest rates, fees and other finance charges

North Dakota Payday Loans direct lenders regulations

North Dakota Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in North Dakota

Does North Dakota law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in North Dakota collection practices

North Dakota Payday Loans news  - latest changes

North Dakota Payday Loans historical background

North Dakota Payday Loan alternatives

Are Payday Loans Legal in North Dakota?

Short-term Payday Loans are legal in the state of North Dakota and are mostly regulated through N.D. Cent. Code 13-08-01 et seq..

The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in North Dakota

To see if you're eligible for a Payday Loan in North Dakota check out the lenders' requirements:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

North Dakota allows maximum 60 day(s) Payday Loan amount. It should be repaid within up to 60 days days as you get your next paycheck. Earlier payments don’t contemplate any additional fees. The maximum APR is 520.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

North Dakota Payday Loan Terms and Amounts

North Dakota residents who are eligible for a Payday Loan can get $500 cash advance per contract. The repayment term is capped by up to 60 days.

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in North Dakota.

If $500 is not enough, there are always other options to receive the necessary funds in North Dakota: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

North Dakota Payday Loans online laws

Cash advances (payday loans) from both storefront and online lenders are legal in the state of North Dakota. Though online Payday Loans in North Dakota are highly available, you should be careful and apply for instant cash advance only from legal lenders registered in the state's database. In this case, if you have a problem with a loan or a lending company, you can turn to North Dakota Department of Financial Institutions, 2000 Schafer Street, Suite G Bismarck ND 58501, (701) 328-9933 for help. But if you took an online Payday loan from an out-of-state lender over the Internet or the telephone, the help that North Dakota can provide may be limited.

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

North Dakota Payday Loans interest rates, fees, and other finance charges

The main part of the payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in North Dakota is 520.00%. It means that if you borrow $100 Payday Laon for 14 days the finance charges will be 20% of the amount advanced.

Besides, the total cost of a Payday Loan includes some additional fees. North Dakota lending rules allow to charge:

20%, plus database fee

The law obligates North Dakota Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree to acknowledge the notification by signing the contract.

North Dakota Payday Loans direct lenders regulations

According to North Dakota payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

The latest figure for the total number of payday lenders in North Dakota is 56. That means there are 7.4 payday lenders per 100,000 people in the state. Those 56 payday lender stores averaged 1,940 loans per store in 2013, lending out nearly $34.8 million in loans and collecting $6.9 million in fees.

The main rules regarding Payday loan lenders in North Dakota are:

  • Essential state license.
  • Complete disclosure of all the information concerning the loan such as its repayment terms, rates, fees, etc.
  • Besides, North Dakota direct lending companies are recommended to educate the customers on the possible issues related to payday loans. Borrowers must be aware of possible risks, default penalties, other consequences of short-term loans and their alternatives.
  • North Dakota laws prohibit offensive collecting practices connected with the due loans. Criminal action threats are banned and the lender is required to send a mail notification before starting any legal proceedings against expired contracts.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under North Dakota state law.

North Dakota Payday Loans consumer information

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in North Dakota. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions 20%, plus database fee
Cooling-off period 20%, plus database fee
Additional fees and default penalties 20%, plus database fee
Criminal actions Prohibited

Look for more detailed information on the official North Dakota state regulator website - 20%, plus database fee, http://www.state.nd.us/.

Legitimate Payday Loans Online with NO credit check in North Dakota

Looking for a legal Payday Loan with No credit check in North Dakota? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.

If you don’t want to damage your credit history North Dakota law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

North Dakota Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does North Dakota law allow Payday Loans for bad credit borrowers?

The average credit score in North Dakota is 668, placing it in the fair range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in North Dakota. 

  • First of all, There're a lot of legit direct lenders in North Dakota providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in North Dakota collection practices

If you can’t repay the loan amount plus interest on a due date it means you default the loan. North Dakota law sets the statute of limitations for unpaid debts at five years. This means that if you do not pay back your payday lender, the lender has five years to use the court system to collect the debt.

Even if you failed to pay back the loan on time, the lenders can't do whatever they want to get the money back, their actions are limited by North Dakota laws:

  • No criminal actions are allowed against you for a bad check.
  • The default payment costs in are limited to $20 NSF fee.
  • Only 20%, plus database fee additional fees are permitted.

If you think that your payday lender violates the North Dakota Payday Loans law, you may file a written complaint with 20%, plus database fee. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges

North Dakota Payday Loans news  - latest changes

To protect borrowers from the Payday Loan debt trap, the CFPB settled a payday loan regulation in 2017 that, among other things, required payday lenders to double-check that borrowers could afford to pay back their loan on time by verifying information like incomes, rent, and even student loan payments.

However, the Trump administration delayed these restrictions and decided to reconsider the “ability to pay” requirements as they don't let North Dakota residents access credit. So, no changes are going to take effect until at least November 2020.

North Dakota Payday Loans historical background

The history of Payday Loans in North Dakota
1990s There was no Payday Loan regulation. Lenders operates under the name of pawn shops.
July 1, 2001 The first Payday Loan was passed and it limited the interest and charges at 20%.
2006 The Military Lending Act effectively capped payday loans offered to the military at 36% APR.
April 1, 2013 N.D. Century Code 13-08 was amended.
June 2, 2016 A Payday Loan Rule was proposed.
2019 Payday Loan regulations are still in force.

North Dakota Payday Loan alternatives

If you're looking for instant cash advance in North Dakota but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a North Dakota Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union in North Dakota: Dakota West Credit Union, First Community Credit Union, etc.
  • Qualify for one of Federal or North Dakota government assistance programs such as North Dakota Basic Care Assistance Program, Child Care Assistance Program, Crossroads Program, Supplemental Nutrition Assistance Program, Healthy Steps Children's Health Insurance, Low Income Home Energy Assistance Program, Medicaid, Temporary Assistance for Needy Families/ Job Opportunities and Basic Skills, etc.
    .

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