When you’re searching for a short-term loan in Bismarck, you’ll want to know more than just the address of a nearby lender. Learn how the regulations of North Dakota impact payday lending in your city and what you can do to apply.
Can I get a payday loan in Bismarck, North Dakota?
Yes, payday loans are available in Bismarck and are regulated under the North Dakota Century Code 13-08-01 et. seq. The same laws apply to both storefront and online lenders.
You can borrow up to $500. Loan terms may be no more than 60 days, and a lender is permitted to charge a financing up to 20% of the loan amount as well as a database fee. And if you don’t have enough in your account to repay your loan, a lender may charge a $20 non-sufficient funds (NSF) fee.
Most lenders will have different eligibility criteria you’ll need to meet, but in general, you’ll have to have a steady source of income, be a US citizen or permanent resident and be at least 18 years old. If you meet the basic eligibility criteria set forth by the lender, you can typically complete the application process within a few minutes.
Start filling out the application with your personal information.
Provide access to your checking account if applying online.
Submit your application and wait for approval
It may take anywhere from a few minutes to a few days to receive a response from a lender. If you’re approved, read over your loan documents carefully before signing.
Where to find short-term loan locations in Bismarck
Short-term loan locations near me in Bismarck, ND
Americash. 208 W Front Ave, Bismarck, ND 58504
Direct Check. 702 5th Ave SE #2, Devils Lake, ND 58301
Money Lenders. 913 Burlington Dr #4, Bismarck, ND 58504
Must read: Be cautious of high fees
Although there is a cap on the financing fee a lender is permitted to charge, it won’t save you much. 20% of a loan of $100 is $20 — which means that if you borrow $500 from a lender, you’ll be paying back $600. And while a payday loan can last as long as 60 days, in many cases, a lender will likely set your due date within a couple weeks after you borrow.
This means you may have trouble repaying your loan, especially if you decide to take out more than one at a time. It may be worthwhile to look into some short-term loan alternatives before you commit to a loan.
North Dakota regulates payday loans to keep residents of Bismarck — as well as other cities throughout the state — safe from extremely high APRs. However, you’ll still have to pay up to 20% of your loan amount in the form of financing fees. Still, there are a number of licensed lenders out there that may be able to offer you a competitive rate.
If you want to refinance or roll over a payday loan, you’ll be charged 20% of the remaining loan amount in fees. This should be a last-resort option due to the high cost, and you may only do it once per loan.
You can have any number of payday loans out at once provided the total amount isn’t more than $600. However, keep in mind that the more you borrow, the more fees you’ll have to repay. Try to limit the number of loans you borrow at a single time to prevent fees and other charges from piling up.
North Dakota requires residents to wait three days before taking out an additional short-term loans.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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