A payday loan in North Carolina might be able to help you out of an emergency
If you’re facing an emergency, you may have been thinking about visiting a payday loan store or website to take out a loan. Before you do, be sure you read our guide on the costs of a loan and the other options you have.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
How do payday loans in North Dakota work?
The North Dakota Century Code 13-08-01 et seq. governs payday lending. It requires lenders to be licensed and follow specific guidelines when financing loans.
- Maximum loan amount: $500
- Loan term: 60 days or less
- APR: A 14-day $100 loan has an APR of 520%
You may have any number of outstanding loans at once, but the total must not be more than $600. If you default, you are allowed to renew the loan once, but there is no specified repayment plan put in place by law.
Consider applying for one of these payday lenders
Check the websites of any providers you’re interested in to confirm they operate in North Dakota.
What sort of fees will I have to pay?
North Dakota law outlines the fees you will have to pay for taking out a loan and the possible additional fees you may have to pay if you’re late making a payment.
- Financing fees: 20% of loan amount + a databasing fee
- Collection fees: $20 non-sufficient funds (NSF) fee
- Rollover fees: 20% of the remaining loan amount
- Finance charge: A 14-day $100 loan costs $120
How does the application process work?
All payday lenders will require that you be at least 18 years old, an American citizen or permanent resident and have a regular source of income before you apply. In addition, there will be some basic questions you’ll have to answer. These include information about your employment, your contact details and personal identification details like your ID and Social Security number.
Should I consider anything else before taking out a payday loan?
It can be difficult to pay for an emergency like a broken car or unexpected bill, and a payday loan might seem like a great way to get through a tough time. However, because these are so expensive, you should use them as a last resort. Instead, consider some of the other options available to you in North Dakota.
There are assistance programs like Temporary Assistance for Needy Families (TANF) and Low Income Home Energy Assistance Program
that can help you with your daily bills. You may also want to look into an installment loan or a debt consolidation loan if you need more time to pay back what you owe.
A payday loan can be a good way to make it between checks, especially if you have limited income and are facing some big bills. There are decent laws in place to help protect you as a consumer from being charged too much. Remember that you should read over your loan contract before your sign to know the cost of the loan before you borrow.