Payday loans are still one of the most popular types of cash advances that consumers flock to today. Consumers appreciate such loans because they can provide them with quick relief for unexpected situations and emergencies such as vehicle breakdowns, late bills, home appliance breakage and the like.
Payday lenders offer hassle-free loans with minimum qualifications. A North Dakota resident may consider applying for a payday loan if:
Family members and friends cannot help
The person has poor credit
The person must solve the dilemma immediately
Consumers prefer payday advances to traditional loans because they are fast, and they have less paperwork. Thousands of lenders are available to help consumers to get the fund they need in a hurry.
North Dakota Payday Loan Restrictions
Many states regulate payday loans because of the sheer amount of predatory lending practices that were going on over the past decade. A North Dakota payday lender may not loan more than $500 to a person for a payday loan. The loan term can be up to 60 days, and the fee can be 20 percent of the loan plus an additional administrative fee. However, the lender cannot charge the customer more than 30 percent interest on the loan.
How Do You Qualify for a North Dakota Payday Loan?
As previously stated, North Dakota payday lenders have simple approval criteria. First, any person who wishes to apply for a payday loan must be a U.S. citizen who is older than 18 years of age. The reason for the requirement is that payday loans involve contracts. A minor cannot sign a contract.
The second requirement for the payday loan is that the person have a stable job for approximately three months before he or she applies for an advance. The person should have a monthly income of approximately $1,000, as well. The most crucial part of the transaction is that the consumer have a checking account with direct deposit. The lender will want to send the loan proceeds to the bank account. It will want to deduct the repayments from the same bank account. The bank account must be valid and free of negative or adverse transactions such as overdrafts and negative balances.
Consumers have a choice of applying one of three ways: telephone, short form or in person. Some companies offer text messaging as an option for requesting a payday loan. However, the number of such offices is very small. Not all companies have physical locations that people can visit either since so many companies are switching to virtual-only operations. A prospective applicant will need to contact the provider and ask if they have a physical location. Consumers who apply by short form will receive a phone call from an agent who will process the application.
How Long Does It Take To Get a North Dakota Payday Loan?
Application processing time will vary depending on several factors. One factor that will determine application processing time is the accuracy of the application information. Applicants should have their pay stubs and bank account information available so that the payday lender has the information on hand. A busy lender may take a while to process the information, as well. Low staffing might cause delays. Generally, payday lenders are swift. Dealing with a payday lender is similar to dealing with a fast food store as opposed to an eat-in restaurant: Instant gratification is available. Typically, an applicant will receive the proceeds within 24 hours of the application’s approval.
What Can You Use a Payday Loan For?
A consumer can use payday loan proceeds for any purpose. He or she can use them for auto repairs, school supplies, clothing, household goods, groceries, vacations and more. Payday lenders do not place stipulations on such proceeds. Instead, they exist to provide consumers with the funds that bridge the gap between paydays.
When Will You Have to Repay Your North Dakota Payday Loan?
North Dakota has a set repayment time of 60 days from receipt of the advance. The lender will withdraw the funds from the bank account at that time. Consumers are encouraged to contact the company several days in advance if any problems arise with repayment. The company may have a solution such as providing the customer with an extension. However, the lender cannot help if the person waits until the last minute to explain that he or she will have to make a late payment.
Interested persons can contact a local North Dakota lender today to start the process of accumulating rescue funds. A helpful application processor will be available to ensure that the person gets the proceeds that he or she needs for survival.