Payday lending requirements in North Dakota

Payday lending business is flourishing in North Dakota. There are a lot of payday loan options available on The application procedure can be processed via the internet. The requested loan amount will be sent to your checking account within 24 hours and you can withdraw your money right after that. With no regards to your financial state we will assist you to get a loan. There is no time to hesitate. Apply now.

The lending legislation of North Dakota practically doesn’t differ from the laws that regulate payday loans in other American States. One of the peculiarities of North Dakota law is that a borrower is allowed to take a loan for 2 months here, while legislators of other States set limits of 1 month. Customers are restricted on the maximum sum of a payday loans (it is $600), but not restricted on the minimum amount. The annual interest rate on such loan isn’t to make up more than 520%. Payday lenders that operate in the State are allowed to charge their customers with $20 for every loan amounting $100 (the interest rate equates 20% in this case).

It is calculated that 76 payday lending firms are operating on the North Dakota market at present. The number of lenders may increase in future as payday lending business is developing at a high speed.

Every customer of the USA can use lending services of and receive a payday loan when he faces with unexpected financial difficulties and needs cash quickly. The main purpose of the company is to provide you with cash at any time. On the firm’s website you can easily complete the application form and be approved instantly. The input data won’t be disclosed to anyone. You will spend a couple of minutes for this procedure.

The Deferred Deposit Loan Act is the main law that regulates and monitors lending operations in North Dakota. According to the Act a payday loan is prohibited to be provided for the period exceeding 40 days. $500 is the maximum loan sum that customers of North Dakota can borrow at one time.

Every borrower applying for a loan should conclude a written contract with a payday lender. This contract is to include the following information: the borrower’s personal details, charged rates, the date of lending, the loan amount, annual percentage rate, etc. A customer should make sure that all financial charges and fees expressed in American dollars are provided in the agreement.

Payday lenders of North Dakota are allowed to charge their clients with extra fees. However, these fees aren’t to be more than 20% for a $300 loan. If the loan amount is higher than $300, the charge can’t exceed 7.5%.


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