Situations often occur at the worst possible times, leaving you needing cash to handle an emergency. Most Americans don't have sufficient funds set aside to handle unexpected home system or appliance malfunctions, illnesses, accidents, vehicle repairs, overlooked bill payments, etc. and they have to scramble to find the cash necessary to cover such expenses.
Those living in North Dakota, however, can take out payday cash advances for any financial needs. North Dakota payday advances are designed for emergency purposes and provide the needed extra money quickly and easily. Payday advances are normally repaid once you receive your next paycheck so long-term pressures on your budget are avoided.
North Dakota Payday Advances Explained
Payday cash advances are short-term loans are easily obtained in a short period of time, usually within 24 hours. Such loans are perfect resources for meeting nagging emergencies that often occur between paychecks when funds are low or non-existent.
North Dakota payday loans provide rapid cash via a short and easy application process that requires only basic information. In most cases, credit checks are not performed which means anyone over 18 years of age can acquire them, even if they have a poor credit history. Payday advances are then repaid within a short period of time, usually within 31 days and, oftentimes, on your next scheduled pay date.
How to Obtain North Dakota Payday Loans
The process for obtaining North Dakota payday cash advances is relatively simple. Payday loans for residents can be acquired from either in-state approved providers or through online payday loan lenders. If you are considering a payday loan, you should first shop around to find the best rates as they can vary across providers.
Once you select a payday loan lender, you will be asked to fill out a brief application form that requires basic personal information, as well as the amount of the loan requested, and a repayment date. You will also need to supply a
current form of identification, proof of income, and bank information to either a savings or checking account. The application is then submitted for approval, which usually occurs in less than 24 hours.
When your payday advance North Dakota loan is approved, the funds are deposited electronically into your supplied account. To repay the loan (plus added finance charges and fees), you have the option of simply returning to the company to make the payment in person, approving an electronic payment, or providing the lender with a post-dated personal check that can be cashed. Online payday loan lenders usually deduct the loan amount (plus finance charges and fees) from your account. Also, keep in mind that online payday loan lenders must comply with North Dakota laws covering payday cash advances.
Legal Guidelines Covering North Dakota Payday Loans
North Dakota payday loans can be made up to a maximum amount of $500. The loan tenure is a maximum of 60 days, which is more generous than most states that allow payday loan lenders. The maximum finance charge is 20% of the loan amount plus database fees. Therefore, the maximum finance charge on a $100 loan taken out for two weeks is $20 which is equal to 520% APR.
The law on North Dakota payday loans does not specify how many outstanding loans one person can have at any given time. However, only one rollover, or loan extension, is allowed. Also, there is a cooling-off phase of 72 hours before another payday loan can be obtained after a previous one is paid off. One $20 non-sufficient funds (NSF) fee can be charged if such details were disclosed during the initial loan process.
North Dakota Payday Loan Laws and Other Information
More information on the laws governing North Dakota payday loans and other financial topics can be acquired through the following department.
- Department of Financial Institutions (North Dakota)
2000 Schafer Street, Suite G
Category: Payday loans