Money Lenders offers payday loans in North Dakota to provide a fast solution for urgent expenses. We serve residents across the state, including Bismarck and Grand Forks, with a simple application and instant approval. Even if you have bad credit, our same-day funding helps you get the money you need today—without lengthy paperwork or complicated requirements.
North Dakota Payday Loans: Rates and Terms
Lenders offering North Dakota payday loans must follow the state’s regulations, which set clear limits on how much a borrower can receive and how long they have to repay. These rules aim to protect consumers from overly high fees and help them manage short-term borrowing responsibly. Additionally, state lenders face certain restrictions regarding the finance charges they can legally set.
Here are some important details to keep in mind:
- Loan Amount: The maximum payday loan in North Dakota is capped at $500.
- Loan Term: Repayment periods can be up to 60 days, depending on the lender’s policies and the borrower’s needs.
- Finance Charges: The finance charge can’t exceed 20% of the amount borrowed. This translates to an average APR of 487% for a two-week loan.
- Rollovers: One rollover is allowed with a maximum fee of 20% of the due amount.
Representative APR Example
A typical payday loan in North Dakota may involve a $500 advance over 15 days. State law allows a finance charge of 20% of the loan amount.
For a $500 loan, the maximum fee you might have to pay is $100, meaning you would repay $600 when the loan is due. This results in an approximate APR of around 486.6% for a 15-day term.
What Do I Need to Get a Payday Loan in North Dakota?
Money Lenders’ applicants need to meet a few basic criteria and provide specific documents when requesting a payday loan. Here’s what we ask for:
- Proof of Identity: A valid government-issued ID, such as a driver’s license.
- Age Verification: Borrowers must be at least 18 years old.
- Residency: A current address in North Dakota to confirm your state residency.
- Income Source: Recent pay stubs or other proof of consistent earnings.
- Active Bank Account: An account in good standing to deposit the loan funds and handle repayment.
Each application is reviewed to ensure these requirements are met. This ensures each approved borrower can legally get a loan and handle it responsibly without overburdening their budget.
Apply for Online Payday Loans in North Dakota with Money Lenders
Money Lenders have a simple application process for online payday loans in North Dakota. Potential borrowers can follow these steps to complete their request:
- Fill Out Our Online Form
Provide your name, address, phone number, and details about your employment and earnings. - Submit Your Documents
Share a valid government-issued ID, proof of address, and proof of regular income. - Review and Confirm
Double-check your information, then submit the application for prompt review. - Receive a Decision
Wait for an approval update. We typically respond quickly as there’s no hard credit check performed. - Sign the Agreement and Get Funded
If approved, review the loan terms and sign the electronic agreement. Funds are then deposited into your bank account, often by the next business day.
Discover Our In-Store Payday Loans in Bismarck, ND
Looking for a personalized approach? Visit our two convenient in-store locations in Bismarck at 913 Burlington and 208 West Front Avenue and let us help you face-to-face. Both offices have cozy waiting areas and free parking, so you can handle your financial needs in comfort. Our expert team of managers is always ready to answer questions, explain the terms, and guide you through the application process.
The experience is straightforward. Bring a valid ID, proof of income, and an active checking account. An on-site representative will walk you through each step and provide a clear explanation of any fees or repayment schedules. Applications are processed promptly, so you will get the funds you need without extended waiting.
Payday Loan Alternatives
Besides payday loans, North Dakota residents can consider a few more options to get quick cash with bad credit. Here are a few more ways to borrow money fast for an emergency.
Payday Alternative Loans
Payday alternative loans are usually offered by federal credit unions and allow you to borrow smaller amounts, often up to $1,000, for short repayment periods of one to six months. Their interest rates are capped, typically around 28% APR, which can make them more affordable than standard payday loans. However, qualifying may require membership in the credit union for a certain length of time. Additionally, they usually require a hard credit check, which can take some time and temporarily decrease your credit score.
Installment Loans
Installment loans let you borrow from $1,000 to $5,000 and repay it in fixed monthly installments over several months or even a few years. Interest rates can vary widely, depending on your credit history, and may range from as low as 6% to about 200%. The predictable payment schedule can be a benefit for budgeting, but longer terms can result in higher total interest costs. If you’re comfortable making payments over time and can get a favorable rate, this option might work well.
Cash Advance Apps
Cash advance apps can provide small loans, often around $100 to $250, to cover immediate cash shortages. Most charge a modest subscription or service fee instead of traditional interest, which may help you save money. Some apps let you repay automatically on your next payday, and there’s usually no credit check required. The downside is the limited amount you can borrow. Additionally, repeated use of these advances can lead to habit-forming reliance on the service.
Pawn Shop Loans
Pawn shop loans allow you to borrow money by using an item of value, such as jewelry or electronics, as collateral. The loan amount depends on the pawn shop’s assessment of the item’s worth, usually capped at a percentage of its resale price. Interest rates can be high, and the repayment needs to be made in 30 to 90 days. This type of loan doesn’t rely on credit scores, which can help those who have trouble qualifying elsewhere. However, failing to repay means you lose your collateral.
Risks of Payday Loans
While payday loans may be lifesaving, they often carry higher costs than other loan products. Extra fees can add up to an annual percentage rate of 400% or more, which makes borrowing expensive. Repayment periods are usually short, sometimes just two weeks, leading to tight deadlines that may be hard to meet. If the loan cannot be repaid on time, some borrowers might try to roll it over or take out another loan, which can create a cycle of debt. Extra fees and penalties can also apply if payments are late or returned, increasing the total debt amount.
Before applying for a payday loan, it’s wise to review these terms and see how they align with your financial situation. It’s also essential to understand the total cost so you can budget for timely repayment.
Why Choose Money Lenders
Money Lenders is a reliable company dedicated to helping people manage short-term financial challenges. We offer a personalized approach, ensuring every borrower receives the attention they need, from the moment they apply until the final repayment. Our customer service team is professional, trained to answer questions, address concerns, and guide you through each step so you can make well-informed decisions.
Our application process is straightforward, with no extensive paperwork or long waiting. There’s no hard credit check, which can give borrowers with less-than-perfect credit an opportunity to get the funds they need. Once approved, you can get the funds within 1 business day and solve your financial emergencies. All this reflects our commitment to reliability and respect for your financial well-being.
FAQ
Are payday loans in North Dakota legal?
Payday loans in ND are legal and governed by state law under specific regulations. Lenders must follow certain rules on fees, loan amounts, and repayment periods, which helps protect borrowers from excessive costs.
How many payday loans can you get in North Dakota?
The law limits the total amount owed on payday loans to $500 at any one time from all licensed lenders in the state. While there isn’t a strict numerical cap, this maximum debt rule means you can’t exceed $500 in outstanding principal across multiple payday loans.
Can I get a payday loan with bad credit?
Sure! We only consider your income and ability to repay rather than focusing solely on credit scores. However, a lower credit rating may result in a higher interest rate and less favorable loan terms.
How much can you borrow with a North Dakota payday loan?
State law caps payday loans at $500 in principal. Some lenders may offer as little as $100 or up to the maximum limit, depending on your earnings and their assessment of your repayment capacity.
When will I get my loan?
After final approval, funds often arrive by the next business day if you apply online. In-store applications can sometimes provide same-day cash, depending on how quickly verification is completed.