North Dakota Payday Loans

North Dakota is one of many states that allows payday lending and has specific legislation to address the industry. All of the regulations are contained in the Deferred Deposit Loan Act of North Dakota. These rules address items that are required in contracts with consumers, including the loan amount, the annual percentage rate, itemization of the fees and APR, as well as the total dollar amount of the loan. Consumers have a legal right to as many loans as they want, but collectively they cannot exceed $600. Criminal proceedings against the borrower are outlawed, unless the consumer closes the bank account on the day of the payday loan transaction. There are no laws that address private collection action on the part of the lender towards borrowers that fall into default.

Maximum Principal

Borrowers can request up to $600 from an unlimited amount of lenders.

Length of Loan

Loan terms in North Dakota are set at 60 days.

Rollovers

Consumers are allowed to have one extension or rollover regarding original payday loans.

Fees

Payday loan companies cannot charge more than 20 percent based on the principal in finance fees. Lenders are also allowed to impose renewal fees up to 20 percent of the renewal principal. A $20 fee is also allowed for non-sufficient funds. A two week loan for $100 would have a $20 fee attached.

APR

The APR for $100 borrowed for two weeks is 520 percent.

Check-Rite of Grand Forks
311 South 4th Street Suite 114
Grand Forks, ND 58201
Check Rite of Fargo
112 North University Drive Suite 323
Fargo, ND 58102
Payday N Pawn
1911 South Washington Street
Grand Forks, ND 58201
Payday Express Check Cashing
1017 South Washington Street
Grand Forks, ND 58201
Direct Check
322 2nd Street Northwest
Valley City, ND 58072
Checkrite of Southwest North Dakota
1310 East Boulevard Avenue
Bismarck, ND 58501
Check 'n Go
3551 32nd Avenue South
Grand Forks, ND 58201
Cash Dakota
2650 32nd Avenue South
Grand Forks, ND 58201
Professional Check Service
227 West Broadway Avenue
Bismarck, ND 58501
Check'n Go of North Dakota
2301 South University Drive
Fargo, ND 58103

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North Dakota Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$7063615%49%20%16%28%72%
2011$5973614%61%15%10%41%59%
2010$532398%62%19%11%44%56%