Every state has its own specific regulations and laws about pay day lending and borrowing. The laws cover the maximum amount a borrower can receive in a pay day loan, the maximum interest rates and finance fees lender can charge, and the amount of time a borrower can have to pay off his loan. State laws also address the number of rollovers or extensions a person may be granted if he cannot repay his entire loan on the due date. In North Dakota, the maximum pay day loan amount is $500. The annual percentage rate on a 14-day, $100. loan is 520%. A borrower can receive one extension on his loan, with a 15-day time limit.
North Dakota Pay Day Loan Laws
Maximum Loan Amount: $500
Maximum Fees: 20% of the loan amount, plus an unspecified processing fee
Annual Percentage Rate: 520% for a 14-day, $100 loan
Maximum Repayment Time: 60 days
Extensions Allowed: One rollover is allowed, with a 15-day time limit
Top 5 North Dakota Pay Day Loan Companies
424 South 3rd St # 5
Bismarck, ND
(701) 250-9060
checkngo.com
Check ‘n Go is a familiar name in the payday loan industry as they’ve been in business for a very long time all across the US. This company offers check cashing, payday loans and other common services so you can pay bills and get money orders in one stop. In North Dakota, this company can give you loans up to $500 including any fees they charge and you can have up to 60 days to pay the loan back.
Online Company
www.bottomdollarpayday.com
This company is a current member of the Online Lender’s Alliance. A borrower can receive a wire transfer of his loan funds the same day he is approved for a loan. If you do not want to pay the extra service fee of $20 for same-day service, you will receive the funds the following day. They do not do credit checks, but they verify the applicant’s information. An online company might be your only option if you live in a rural area of North Dakota.
1545 S Broadway
Minot, ND
(701) 837-6333
cashconnection.org
Cash Connection is a smaller company that has a number of stores in North Dakota and surrounding states. This is primarily a no ID needed check cashing service that gives you money right away for any type of check. This is convenient if your bank has a waiting period. In the payday loan area, you can choose from a couple different types of loan. The traditional payday loan is a small amount that is repaid on your next payday while an installment loan is larger and paid off over a longer period of time.
3060 25th St S # A
Fargo, ND
(701) 235-4210
reddcash.com
Red-D-Cash is a small business that was opened just a few years ago and services states around North Dakota and North Dakota itself. This business offers a lot of benefits over large companies as they take pride in extremely personalized customer service and are active members of the communities in which they reside. Many people like the friendly service and feel good knowing they are keeping the money locally. In North Dakota, this company offers loans up to 60 days in length at a $500 maximum.
914 S. 12th St, Ste 103
Bismarck, ND
(701) 258-9292
advanceamerica.net
Advance America offers you the ability to get a payday loan quickly if you live around the Bismarck area but due to the large rural sector in North Dakota, it can be very convenient to apply online. This company has a well made website that is very easy to use and can save potential borrowers a lot of time. You can be approved in just a few minutes and get cash in your account very quickly.