North Dakota Cash Advance Consumer information

Payday Loan usage info:

Less than three hundred interviews were done

Short term loan permit:

Authorized

Legislation:

13-08-01 et seq.; 2011 Chapter 107

Maximum loan amount:

500$ or maximum 600$ including payments

Cash loan period:

Total period including renewal can not be more than sixty days, and the fifteen days is a minimal renewal period.

Fees:

Not more than twenty percents of amount paid to the client.

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.

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

Payday Loan Process in North Dakota

The payday loan process for North Dakota is easy with approvals granted in as little as one week, depending on the lender. Borrowers simply need to fill in the form, send their credentials and wait for the money to be deposited. Following are the requirements set by the state:

• Borrower must be 18 years old and above
• Must be a resident of North Dakota
• Must be currently employed
• Monthly salary must meet minimum requirements of lender
• Must own a checking or savings account

ND lenders can be flexible by providing payday loans even to those who have a bad credit history. Some lenders accommodate those on welfare or have already retired and waiting on their monthly checks. Minimum salary requirements typically vary depending on the lender, ranging from $800 to $1000. If You need cash in Lakota, please click here sky cash usa.

North Dakota Payday Loan Laws and Regulations

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

1. Maximum Loan Amount: $500
2. Loan Term: 60 Days
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 short-term loan.

North Dakota Consumer Protection

ND consumers having problems with their short-term loan can seek help through the regulatory contact of the state. Currently, the body which handles payday loans is the North Dakota Department of Financial Institutions.

Address: 2000 Schafer Street, Suite G Bismarck ND 58501
Phone: (701) 328-9933
Fax: (701) 328-0290
Look For: Aaron Webb, Assistant Commissioner

To further protect yourself against problems, the regulatory board advised every consumed to read up on the background of their lender. Any questions or complaints regarding transactions can also be sent through the group’s email or through their official website.

North Dakota Payday Loan Alternatives

There are currently lots of alternatives for payday loans if you’re leery of getting one. The most ideal solution would be through friends and relatives, all of which are less likely to ask for interest rates. Employers may also give out a cash advance for emergencies. If you’re willing, parting with an asset or pawning it off can also provide the amount of cash you need. Credit cards can be temporarily used to pay off bills while a bank loan is best used for large scale borrowings.

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