North Dakota Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding North Dakota payday loan laws contact the North Dakota Department of Financial Institutions.
Payday loans are legal in North Dakota (see North Dakota Payday Loans or North Dakota Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | 20% + databasing fee |
| Term Limitations | Max: 60 days |
In North Dakota, one rollover is permitted (renewal fee not to exceed 20% of amount being renewed). The cooling period between loans is 3 days. North Dakota has no requirements for extended repayment plans.
For example, in North Dakota the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $20 |
| APR | 520% |
North Dakota also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | $20 NSF fee (if disclosed) |
| Criminal Action | Prohibited (Unless account was closed on date of original transaction) |
Interest calculated in compliance with 15 U.S.C. 1606, and not exceeding an annual percentage rate greater than 28 percent.