Find Payday Loan Companies in North Dakota

Payday loans are legal in North Dakota.  Cash advance businesses must comply with the strict regulations contained in the state's Deferred Deposit Loan Act.  All check cash advance creditors in North Dakota must provide a loan agreement to their clients.  The law requires that the contract state the following: the borrower's name, the date of the transaction, the loan amount, the APR (annual percentage rate) that the lender is charging, an itemization of all the fees expressed in APR and a dollar amount. North Dakota law does not specify the maximum number of outstanding loans that a borrower can have at a given time.  However, no consumer may have an amount exceeding $600 in aggregate loans outstanding at one time.  A payday loan business is prohibited from instituting a criminal proceeding against a borrower who cannot repay his/her loan due to insufficient funds, unless the account was closed on the date of the initial transaction.  North Dakota law does not specify a private right of action for the cash advance lender. 

A borrower can request up to $500 in payday loan funds.

The loan term is 60 days.

Borrowers are entitled to one extension or rollover. 

A payday loan company may charge a finance fee not exceeding 20% of the loan amount, in addition to a databasing fee. The lender may also impose a renewal fee up to 20% of the sum being renewed as well as a $20 collection or NSF (non-sufficient funds) fee, provided that the latter is disclosed. The finance charge for a two-week loan in the amount of $100 is $20.

The APR for a two-week loan valued at $100 is 520%.