Known as the Peace Garden State, North Dakota boasts stunning prairie vistas, thriving agriculture, and a strong sense of community. Short-term, payday-style loans are legal in North Dakota, but the state sets firm rules to protect borrowers. Licensed lenders must follow limits on loan sizes, fees, and repayment terms, helping to ensure these products remain manageable for North Dakotans in need of quick funds.
Short-Term Personal Loan Rates and Fees in North Dakota
North Dakota caps payday loan amounts at $500 and restricts how quickly the debt can grow. State regulations aim to keep costs transparent. Reviewing these details before borrowing can prevent surprises later.
APRs
North Dakota does not set a strict annual percentage rate (APR) cap for paydaye loans. Instead, it limits the finance charges lenders can apply.
Loan Amounts
The maximum principal for a payday loan in North Dakota is $500. Lenders cannot exceed this limit. Some borrowers prefer smaller amounts, especially if they need only a modest sum to bridge a financial gap until their next paycheck.
Terms
Short-term loans in North Dakota are typically due within 60 days or less. Many lenders choose even shorter terms, such as 14 to 30 days, aligning with a borrower’s next payday. Some offer renewals or extensions.
Fees
North Dakota law places restrictions on how lenders calculate finance charges. A lender cancharge up to 20% of the loan. Always confirm the total repayment figure before you finalize the agreement.
Short-Term Loan Example
Consider a $400 loan due in 14 days with a $60 finance charge:
- Loan Amount: $400
- Fee: $60
- Total Repayment: $460 due in 14 days
Lending Regulations in North Dakota
The North Dakota Department of Financial Institutions (NDFI) enforces regulations on payday and short-term loans. This includes licensure requirements for lenders and limits on rollovers and charges. For full details, visit the North Dakota Department of Financial Institutions.
| Regulation | Details |
|---|---|
| Maximum Loan Amount | $500 |
| Term Length | Typically 14-60 days |
| APR | No strict state cap; fees and short terms boost effective APR |
| Fees | Up to 20% of the amount landed |
| Oversight | North Dakota Department of Financial Institutions |
Our Benefits
We’re Not the Lender
We link North Dakota borrowers to potential lenders but do not issue loans ourselves. View multiple offers at once, then choose what suits your situation.Streamlined Application
From Fargo to Bismarck, Minot to Grand Forks, our online request process is straightforward. No extensive paperwork, no lengthy waits.Wide Lender Network in North Dakota
Our platform connects you with lenders licensed in the state. Compare fees, terms, and repayment schedules in one place.Your Choice
We simply present potential loan offers, and you decide whether to accept. Read every disclosure to confirm the total cost aligns with your budget.Protecting Your Data
Your information is processed securely. We treat your details with care, ensuring privacy through every step of the process.What Our Clients Say
Hear from other customers who’ve used our service:
How to Apply for a Short-Term Loan in North Dakota
If approved, you could receive funds as soon as the next business day.
Share Your Information
Complete a brief online form indicating how much you need, your income details, and your basic personal data.We Connect You With Lenders
We review your form and match you with potential lenders who follow North Dakota law.Accept and Get Funded
If you agree to a lender’s terms and qualify, funds can be deposited directly into your bank account.Loan Alternatives in North Dakota
Emergency Loans
Emergency loans deliver quick funds when you face unexpected bills or urgent costs, often with a simple approval process.
Personal Loans
Personal loans may offer higher principal amounts and longer repayment schedules, potentially reducing your overall monthly burden.
Installment Loans
Installment loans spread out payments in fixed increments, easing budget pressures compared to a lump-sum payoff.
Bad Credit Loans
Bad credit loans help borrowers with lower credit scores access funds, potentially improving credit with on-time repayment.
FAQ
Are Short-Term Loans Legal in North Dakota?
Yes. North Dakota permits payday lending under specific guidelines. Lenders must be licensed and cannot exceed the $500 maximum principal limit.
What Are the Requirements to Apply for a Short-Term Loan in North Dakota?
While details vary by lender, you generally need:
- To be at least 18 years old
- U.S. citizenship or permanent ND residency
- Valid Social Security number
- A reliable income source
- An active checking account
What Are the Top 5 Cities for Short-Term Loans in North Dakota?
While online lending is accessible statewide, these larger cities may have more physical lenders:
- Fargo
- Bismarck
- Grand Forks
- Minot
- West Fargo
Online platforms expand coverage to all corners of the state, enabling quick applications from anywhere.
How Do North Dakota’s Regulations Compare to Other States?
North Dakota enforces a $500 max loan size and does not cap APR directly, but it restricts fees and requires full disclosure. Some states allow bigger loans or unlimited APRs, while others ban payday lending entirely.
Is a Short-Term Loan the Same as a Cash Advance?
Cash advances, like credit card withdrawals, differ from state-licensed short-term loans. North Dakota payday lenders must disclose fees and follow state limits, whereas cash advances follow credit card agreements.
Are Guaranteed Short-Term Loans Available in North Dakota?
No. Any legitimate lender reviews your financial details first. Claims of “guaranteed” approval should be approached with caution.