Cash Advance and Payday Loans in North Dakota

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Short-term lenders may make getting a loan relatively easy, even for consumers who've faced past rejections. A poor credit score may hold less weight with direct lenders, who may be inclined to offer consumers payday loans.

North Dakota Cash Advance and Payday Loan Rules and Regulations

Overhead view of lake, bridge, and buildings in North Dakota.

Payday loans are a legal form of cash advance in North Dakota, but stringent laws are in place to ensure consumer and lender security. The minimum loan amount is not defined by law, meaning that it's up to the lender's discretion. However, the maximum loan amount is $500. The minimum loan term is not defined, and the maximum period can reach up to 60 days. Finance charges are capped at 20% of the principal loan amount, and APR is around 487%.

Borrowers are only allowed one rollover. However, consumers can obtain multiple loans as long as the total of all loans does not exceed $500. Additionally, there is a three-day cooling off period between loans.

How Do Payday Loans Work?

Payday loans are typically unsecured cash advances borrowed against an upcoming paycheck. As it is a short-term loan, they are typically repaid within a couple of weeks or when the borrower receives their next paycheck.

North Dakota Cash Advance Lenders by City

Below are a few choices for payday loans in North Dakota, ranging from storefront lenders and online platforms.

OneMain Financial is a national lender operating in states throughout the U.S., with headquarters in Indiana. They have 5 locations throughout the state in Minot, Fargo, Bismarck, Jamestown, and Grand Forks. OneMain Financial offers the convenience of an online request form with the added security of a physical location. It's always a good idea to go into a branch and meet one-on-one with a lender if you have any questions about the process. OneMain Financial offers fixed rates and terms for loans and no prepayment fees. The company provides auto and personal loans in amounts between $1,500 and $20,000. The terms range between 24 and 60 months, and APR ranges between 18% and 35.99%. You can complete a request online, in person at a store branch, or over the phone.

Money Lenders has several locations in Fargo and Bismarck. They offer payday loans, check cashing, money orders, and wire transfers. They may be a good payday loan option for consumers with poor credit, as they place more weight on income than credit in their approval decision. To qualify for a cash advance through Money Lenders, you will need an ID, checking account, and proof of income. To learn more about their application process, call or visit one of their branch locations.

EZ Money Check Cashing has locations in Fargo and Grand Forks. They offer cash advances and check cashing at all locations. Additionally, they provide two types of cash loans--payday loans and installment loans. They distribute payday loans in amounts between $100 and $1000.

The above list of lenders is purely for informational purposes. We do not imply an association with any lenders mentioned. You may also find more city links at the bottom of this article.

How to Get a Payday Loan in North Dakota

Online lenders and many storefront lenders have loan request forms available online. After filling out a request form and attaching the required documentation, a lender may approve or deny your loan request.

If you're approved for a loan, the lender may extend an offer. A payday loan agreement is a legally binding contract, so be sure you know all the terms and conditions set by the lender.

Clients can complete the lender's online loan request form to inquire more about payday loans and their eligibility. A loan request usually asks for the following:

  • Personal information, such as your name, address, and phone number

  • Business information, such as your employer or revenue source

  • Bank information, such as your account number

If the lender approves the loan request, the funds may be transferred in as little as one business day.

Installment Loans in North Dakota

Installment loans differ from payday loans regarding the amount granted and the length of the loan term.Although installment loans are still short-term loans, their repayment term is often much longer than the typical payday loan term. Whereas payday loans are repaid in two weeks with one large payment, installment loans are paid over several months in a series of small monthly payments.Candidates may receive up to $5,000 in installment loans.

Installment Loan Regulations for North Dakota

The maximum loan amount is not specified by law; nevertheless, licensed lenders offer loans ranging between $2,500 and $3,000. Lenders must have a valid license to engage in money brokering, such as arranging or providing loans. North Dakota statutes enforce restrictions on loans of $1,000 or less. For loans with such amounts, the term must not exceed 24 and a half months. The interest rates for these types of loans are as follows:

  • 30% on the first $250

  • 24% on the next $250

  • 21% on the next $250

  • 18% on the remainder

Requesting Title Loans in North Dakota

Title loans may be the next best thing for applicants who cannot obtain a payday loan to cover financial emergencies. However, title loans may require the borrower to transfer their vehicle title to the lender as collateral. As a result, if a borrower cannot repay the loan borrowed, then the lender may seize the asset.

North Dakota applicants may request title loans to assist in paying off their dues and other financial emergencies. Title loans are a popular type of cash advance for borrowers with lower credit scores. These loans usually range between 15 and 30 days and may maintain a relatively high annual percentage rate of over 100%.

Car Title Loan Laws in North Dakota

North Dakota requires special laws to receive a car title loan. As a result, secured title loan lenders will ask their borrowers to offer a hard copy of their car's title until the loan amount is fully repaid.

Each title loan agreement should include the following data:

  • The title lender authorizes a title loan to the borrower, where the client accepts the offer by providing the title lender with a designated interest.

  • The borrower also affirms that the lender will be tentatively in charge of the car title certificate.

  • The borrower may regain their car title hard copy by repaying the amount borrowed in whole and complying with the loan contract for an agreed period.

Title Loan Requirements

Residents of North Dakota may request a title loan by presenting the following information:

  • Valid government-issued photo ID

  • Proof of residence

  • Photos of your vehicle

  • Lien-free car title

  • Proof of income

Final Thoughts

If you're looking for emergency financing in North Dakota, we may be able to help. Although we are not a direct lender, we try to connect consumers to lenders. Since 2015, we have helped over a million individuals find funding. Get started today by completing the request form on this page.


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