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North Dakota Payday Loans
North Dakota has a thriving payday loan industry and we here at Loans Payday are pleased to be a part of it, with a large number of products and services for our customer base. You always have the option of visiting a Loans Payday branch in your area, but we have an easier option available. Our website allows you the chance to fill out the application and submit it electronically to our company, or print the application out and fax it to one of the offices and you can do it all from the comfort of your own home or office. This is a far better choice than wasting an entire day driving to an office, waiting to fill out an application, and driving all the way back home. The money appears in your bank account within the day and the money is instantly available for you to use. No matter what your situation is, we have a North Dakota payday loan solution. Stop worrying and apply now.
North Dakota Payday Loan Lending Laws
There are a number of laws in the state of North Dakota that are similar to other states with the same beliefs towards payday loans. The real difference is that in North Dakota a borrower can keep the loan for sixty days before paying it back, while other states limit this term to thirty days. The state places a limit of $600 on the amount borrowed, and does not use a minimum amount. North Dakota also sets a maximum APR or annual percentage rate of 520% on all payday loans. North Dakota lenders are allowed to charge interest rates equivalent to 20% on all loans, meaning that borrowers pay $20 in fees on every $100 they borrow.
There are currently 76 companies offering payday loans in the state of North Dakota. This is only an estimate and experts think the number is probably far higher today considering the rate of growth within the payday loan industry in the state.
Anyone living in North Dakota will be pleased to know that we offer payday loans no matter what the situation. When you need additional funds to make it through to your next paycheck, we can help and we make the process of getting the money you need as easy as possible. You get the money you need right away with an easy North Dakota payday loan and you pay us back once you get your next paycheck. You can use the money for anything you need or want such as buying a new television, paying for a doctor's visit, paying an unexpected bill, or taking care of your family.
Anyone who lives in the US, including North Dakota, can easily use our professional company to receive a payday loan when the unexpected happens and they need instant access to money. The goal of our company is to get you the money you need, when you need it and to do it as fast as possible. Visiting our website at LoansPayday.info is the easiest way to fill out an application and have it sent directly to our company. We keep all of your information secure and private, meaning that you don't have to worry about confidentiality. The entire process only takes a few minutes and it's so easy that you'll wonder why you waited so long.
We provide the quickest and most efficient services for all of our North Dakota customers who require a fast payday loan. Our products and services are unmatched in the industry! Our website is easy to use and we offer complete security. We treat you like our main priority, something you won't find from other companies.
A Deferred Deposit Loan Act is a series of regulations placed on lenders in North Dakota. This states that a loan must last for a maximum of 40 days. It also states that no borrower in North Dakota can borrow more than $500 at any one time.
Every customer that receives a North Dakota payday loan in the state must receive a loan agreement. The agreement must include a variety of information such as the customer's name, the date the loan was released, the amount of the loan, and all rates charged on the loan including the annual percentage rate. The customer must also receive a document listing all the fees and charges in a clear manner, with all dollar amounts listed in American dollar amounts. The document must also include the following notice, printed in a 10-point font:
"A deferred deposit loan is not intended to meet long-term financial needs. A deferred deposit loan should be used only to meet short-term cash needs. Renewing the deferred deposit loan rather than paying the debt in full will require additional finance charges."
North Dakota lenders have the ability to add a finance fee, though the fee must be 20 percent or less on the first $300 a person borrows. If the loan is in excess of $300, the finance charge exceeds the original 7.5 percent.
The borrower may return the payday loan by 5 p.m. the day after they apply according to a special law in North Dakota. The state of North Dakota also prohibits payday loan lenders from filing charges in a court of law to get their money back if a borrower defaults on the loan or does not pay for the loan.
Charges can be filed if the borrower closes their bank account or passes a check, knowing that there isn't any money to pay it.
North Dakota Unemployment Statistics
As of January 2005 the unemployment rate in North Dakota was 4.3 percent, but it fell the following year when unemployment dropped to 4.2 percent in January of 2006. This shows that nearly 15,000 people in the state were without employment. For the last ten years, the state of North Dakota has had an unemployment rate between 1.7 and 4.6 percent.