Short-term payday loans are extremely useful when you have to solve your financial problems immediately without waiting for help from friends or dealing with bureaucratic roadblocks. In general, payday lending is considered legal nationwide even though each state provides a considerable number of legal restrictions governing the key limiting conditions of such deals.
North Dakota is no exception. Payday lending in the state is legal, although lenders are legally obliged to obtain a license allowing them to deal with short-term credits. The government regulates a maximum loan amount, which is $500, as well as a maximum loan term, which is 60 days. On the contrary, the minimum loan amount and term are not legally stipulated: you can get any cash sum you want as long as it does not exceed the top limit.
Maximum charges and fees cannot exceed 20%. Therefore, when applying for a standard two-week loan you should be ready to pay $20 for each $100 borrowed. The maximum APR legally allowed for such a deal is 520%. These parameters are broadly congruent with the standard nationwide figures.
As of today, most states narrow the number of loans taken at once down to one. However, North Dakota makes no such demands. The only legally established limit is a total of all received loans: you can borrow as much and as many times as you want as long as the total of all your active loans is $600 or less.
If you cannot repay your debt in time, you can use one rollover taking into account that the maximum renewal fee should be 20% or less. According to the active legislation, there is no mandatory repayment plan – a borrower and a credit lender may develop a repayment plan suitable for both parties according to their needs. All types of lawsuits or criminal actions against a borrower are prohibited. The legally established cooling-off period is 3 days.
The currently active statutes and regulations do not prohibit any resident of North Dakota who is at least eighteen years old and has the right to engage in financial deals to apply for a short-term payday loan. In most cases, minor problems with the customer’s credit history have no effect on his or her further financial activity. Since the state permits up to one rollover or even dealing with several loans at the same time, most clients of payday loan companies have no need to worry about potential denials.
Therefore, when applying for a loan all you have to do is check the approval criteria of the online loan company you are going to deal with. Most credit lenders set no specific conditions in addition to the criteria set by the North Dakota Department of Financial Institutions.
If you consider your imperfect credit history an essential factor that can make it impossible to obtain a loan, you are free to ask for clarification or even a special online consultation. However, in a great majority of cases, these actions should be considered redundant.
In order to get a payday loan, you have to fill in an online application form. You need to submit your ID, indicate the loan amount you want to receive and provide a number of your bank account. Make sure your bank account has a direct deposit.
In exchange, a credit lender has to provide all the necessary credentials, license number, and signature, specify all the fees and financial interests and give a warning about all the potential consequences of the deal. Of course, a credit lender is also legally obliged to provide all the guarantees in the safety of the personal data submitted by customers. In general, all stages of such a deal can be made online; no faxing is required.
Once both parties provide all the necessary information, the deal can be accomplished. In case of a positive credit decision, which is an ordinary course of business, the loan is transferred to the customer’s bank account within one working day. In case of any unforeseen complications, the client has all the rights to ask for assistance and clarification.