Payday Loans in North Dakota

We sometimes face financial difficulties that even a small amount of money can help us cope with. But unfortunately, not every American has savings for unexpected expenses, so we think it’s important to tell you about payday loans online in North Dakota.  Almost a million people monthly in the U.S. use these credits.

Why are they so popular? The primary reason is the simplicity of getting money. You only have to fill out the application, write down your information, and choose the best conditions to receive the funds in the same evening. Moreover, all this is available to everyone because payday lenders usually don’t do a credit check.

Payday loans online in North Dakota are legal; they have been popular in the state for decades. However, in 2001, the local government put restrictions on them, reducing the possible amount of credit to $500, its term to 31 days, and the fees to 20% for every $100.  Let’s take a closer look at all the details of these types of favors and determine whether you should make such a financial decision.

Best payday loans in North Dakota

We have analyzed the most popular financial institutions offering payday loans online in North Dakota and are ready to tell you more about them.

PayDaySay

We’ll start our review with the popular PayDaySay platform, which helps absolutely everyone get a credit. Several hundred lenders have gathered here, ready to lend money even to users with no credit history or minimal monthly income.  The number of approved applications through the platform reaches 95%. In addition, a huge plus is the wide selection of lenders, so you no longer need to compare offers on different companies’ websites manually. However, to get money, you have to complete the following steps:

• Fill out an application form on the website stating your personal information and the purpose of the loan.
• Choose from all the offers from lenders the one that suits you best.
• Sign a contract with a lender.
• Wait 5 minutes to 24 hours until the money comes directly to your bank account.

The minimum payday loans online in North Dakota are $100, and the maximum is $500. You can get money for 10-31 days at more than 200% APR.  PayDaySay platform is a good choice for those who want to see all your money options at once. With its help, you won’t miss out on good lenders and take out credit on the best terms.

EZ Money Online

You can get payday loans online in North Dakota for 2-4 weeks at up to 491.86% from this financial institution. You will have to fill out an application, get approval from the lender, and sign a contract before the money will be deposited into your account in 30 minutes.  Lenders don’t check your credit history to decide if they will give you a loan; they only need the following information about you:

• First and last name.
• Phone number and email address.
• Proof of employment.
• Proof of income.
• Proof of address.
• Bank account information.

It only takes a few seconds to process your form, and it usually takes no more than 15 minutes to select the best credit and sign the contract with electronic signatures. As a result, it takes you 45-60 minutes for the entire process of getting money.   The organization works officially in this particular state, so it is safe to use its services. The primary thing is to be sure you can repay the credit on time before borrowing money.

Snappy Payday Loans

You can go to this organization if you need money for more than one month, you can go to this organization. Through it, you can find lenders that offer borrowers favorable terms on payday loans online in North Dakota, namely:

• No minimum credit amount; you can borrow up to $600 in two loans.
• APR up to 520%.
• Loan term of up to 60 days
• Roll-over fee of 20% of your loan amount.

You do not need a good credit score to receive funds here; it is enough to have a bank account and a stable job for more than one month. But, of course, you must be a US citizen and live in ND.  The platform works on the same principle as PayDaySay is free and safe. So you can use it if you are sure you will return the borrowed money on time.

Lend You

Another company where you can get North Dakota payday loans online from $100 for up to 30 days is Lend You. According to the already familiar principle, you just have to fill out an application form on the website, provide basic information about yourself, and wait until your application is approved.  The company has the following requirements for prospective borrowers:

• You must be a U.S. citizen over 18;
• Your monthly income must be more than $1,000;
• You must have proof of address and formal employment.

LendYou partners can charge up to 1.386% on credit, so read all terms and conditions carefully and don’t borrow money if you’re not sure you’ll pay it back on time, or you could end up in a debt trap.

Fast 5k

The company does not offer North Dakota payday loans online; instead, you can get installment credits here. Therefore, we decided to include this institution on our list so that you can see your options if you need to borrow up to $500.  Fast 5k offers installment credits starting at $100, which can be provided for as long as three months. As with online payday loans, you can get the funds directly into your bank account within one day. The loan interest rate is up to 36%.  The only disadvantage of these loans is that they require a credit check. To receive funds, you must:

• Be a US citizen over 18;
• Have a regular income.
• Show proof of employment.
• Provide your Social Security number.
• Indicate how often you get paid and your next pay date.

If your credit score exceeds 610, try that type of loan. This way, you pay less interest and can repay in installments, which increases your chances of paying it all back when it’s due.

Are payday loans legal in North Dakota?

Yes, you can legally get a North Dakota payday loan online. Back in 2001, the state adopted certain restrictions on this type of loan, which include:

1. Loan size – $100 to $500.
2. Average APR of 487%.
3. Loan terms can be up to 60 days.
4. The borrower must be able to do rollovers at least once for a fee less than 20% of the total loan amount.
5. The maximum fee must not exceed $20 for every $100 borrowed.
6. The number of loans that can be taken out at one time is not limited, but their total amount may not exceed $600.

In addition, lawmakers have required anyone who makes loans to sign a written agreement with borrowers. Such arrangements must include the names of both parties, the rates charged, the terms of the loan, its amount, and the day it was provided.  Lenders are not allowed to sue borrowers for not repaying the money.

Why might you need North Dakota payday loans?

To understand why these loans are so popular, you need to know Americans’ problems when they want to borrow money.  The first and most basic among these is the credit rating. Many banks and financial institutions evaluate a borrower’s reliability based on this principle, so your chances of getting funds are minimal if you have no credit history. At the same time, you can get North Dakota payday loans online even if your credit score is bad.  The second problem is time. Usually, these credits are provided for by people who have had some emergencies causing them financial problems. They need the money today, tomorrow at most, and banks, unlike payday lenders, usually review applications within a few days.  The third problem Americans face is the necessity to provide collateral to get credit. Not everyone wants to risk their car or home to get $500, so people prefer to pay more interest on a loan but not risk their property. While North Dakota payday loans online definitely have advantages, it is worth remembering that they may only be a short-term solution to unexpected problems, not a long-term financial tool.

Terms for payday loans in North Dakota

Not all borrowers understand that there are certain restrictions on short-term loans in ND and take out loans with unfavorable and even illegal terms. Therefore, in addition to the terms and amounts of the loan, which we will discuss below, the following restrictions of North Dakota payday loans online should be noted:

• You can get several of these credits at once, but their total amount must not exceed $600.
• There must be a minimum of 3 days between credits before you can reapply.
• The lender cannot sue you for non-payment.

Let’s discuss the most important terms that affect the final price of your loan separately.

Loan Amounts

If you want to take a North Dakota payday loan online, you can count on up to $500. The law does not set a minimum threshold for the loan amount, but financial institutions usually lend from $100.  The most important thing is to know how much money you need to borrow: first, calculate all your out-of-pocket expenses. For example, if you need to have your car fixed for $300, add another +15% to that amount and take out a $345 loan.  Why do we suggest doing this?  Very often, borrowers make one of two mistakes:

1. They borrow as much money as the financial institution allows.

First, this is bad for your credit history because it shows that you’re not managing your finances well and using your credit to the max.  Second, the more money you borrow, the higher the total cost of credit will be. For example, for every $100 you borrow, you will be paying up to another $20 fee. That is, for $300, the loan cost can be up to $60, and for $500, it will be $100.          2. They borrow as much as they need for the credit, forgetting the contingency fees.  Very often, the amount you originally wanted to take is insufficient, and you need another $30-$50 to cover all costs. To avoid taking out a second credit and ending up in a debt trap, just remember the rule “the amount you need + 15% for unexpected expenses. Use it every time you take out a loan.

Loan Terms

The ND Short Term Loan Act does not specify a minimum term for which you can get money but a maximum term of 60 days. It is important to note that these are very favorable terms for state residents because virtually the entire United States has a maximum time of only 30 days.  However, you should not take a loan for all 60 days – the same principle applies here as with the loan amount. Each lender sets its own APR, which is the annual percentage rate. The longer you use his money, the more you have to pay – a 30-day loan will cost you half as much as a 60-day loan.

Loan Rates

Local lawmakers have stipulated that people in ND have to pay no more than 20% for every $100 borrowed. If we translate that into an annual rate, we realize it can be a maximum of 520%.  In addition, lenders are not allowed to charge money for any additional services, such as processing the application or paying off the credit early, if the total fee exceeds the allowable 20%.  When choosing a loan, calculate its total price accurately and select the option with the lowest APR and no additional fees or penalties.

Pros and Cons of payday loans in North Dakota

Borrowers who live in this state are very lucky because such loans here:

• are permitted by law;
• have clear limits on the amount, amount, and time of repayment, which protects borrowers;
• can be issued for up to 60 days, twice as long as in most other states;
• are issued within one day;
• can’t be the reason for the lender to sue the borrower, even if the borrower fails to pay on time;
• require no credit checks.

There are no disadvantages to such credits, specifically in ND, but there are some problems that you should always be aware of. Remember that such loans are still the most expensive and often lead people into a debt trap.

What will the North Dakota payday loan cost?

To calculate how much you’ll pay to use a financial institution’s money, you must know the primary conditions for receiving it. Let’s look at a concrete example.  Suppose you borrowed $400 for 40 days at an APR of 400%. You should first calculate how much total interest you will pay on loan by dividing 400% by 365 days of the year and multiplying that amount by the 40 days of your loan.  Next, you need to multiply the result, 44%, by the loan amount and divide by 100%.  The result is a loan price of $144.

North Dakota payday loans if the Credit Rating Is Poor

Under the 2020 law, state lenders can lend money to borrowers without checking their credit scores. This is excellent news for those with no credit history, but at the same time, it is also a danger because often, people with bad credit ratings take out even more loans and get into the debt trap.  Remember, before borrowing money from a financial institution, you must:

1. Decide how much you need it. If you have an emergency, such a loan can save your life, but if you just want to go on vacation, it can add tremendous stress.
2. Find out if there are other options for getting the funds. As you saw above, these loans are insanely expensive, so any other type of favor may be a better and wiser financial decision.
3. Make sure that you will pay the money back on time. If you are not sure about this, by no means take out a loan.

What are alternatives to North Dakota payday loans?

If you have the option to get money from any other source, it’s better to take advantage of it – it will be a safer and wiser financial decision.  What options can you use? The easiest and most effective is to ask your boss to pay you your salary, or at least part of it, a few weeks early. That way, you borrow money from yourself and don’t have to pay high interest on the loan.  The second option is to borrow from your parents, relatives or friends. You can explain the whole situation to them and tell them honestly that you will pay the money back in a few months.  The third option is car title loans. We do not recommend these loans if you have little money or are not sure you will pay it back in time. If you need more than $500, you can use your car as collateral and get a loan for up to 50% of its value. But remember, if you do not pay back your loan on time, the car will become the financial institution’s property.