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Understanding The Law For North Dakota Installment Loans
North Dakota is a beautiful state in the Midwestern region of the United States. Known for its luscious Great Plains and mysterious rivers, this place is perfect for those who love natural sceneries with snow-topped mountains as a backdrop. It is indeed, one of the most relaxing states in the country. The good news about this is that, in the event that you suddenly need money for an emergency, you can easily get instant cash through North Dakota installment loans.
Yes, you got that right. installment loans can be availed in North Dakota. It is a practical and an efficient solution for everyone who needs money.
What is a installment loan?
installment loans, which are also called as cash advances or payday advance, is a type of short-term loan that doesn't require a lot of documents or assets to be checked and reviewed just so you can get the amount of money that you need. This is not like a credit card wherein you need to have a good line of credit.
It is also definitely not like a bank loan wherein you need to ensure that you have a decent amount of assets before your loan request can be approved. With installment loans, you can quickly get your much-needed cash for as long as you have a job and a payroll.
Private financiers back up this sort of loan and it is for this reason why they can easily lend you the money without having to go through a tedious procedure.
North Dakota Installment Loans: Getting to Know the Law
installment loans are legal in North Dakota but there are certain restrictions that you need to know about before you venture into this kind of financial solution. According to the state law, the maximum amount of law that you can get is 500 dollars.
Now keep in mind that installment loans are not designed to pay for a car that you have bought or a house that you have built. These things usually need thousands of dollars and when you're applying for this loan in North Dakota, you are obliged to get not more than $500.
The maximum term for this loan is not more than 60 days. This means that you need to pay for it within that time period, through your payroll.
Interest Fees and Finance Charges
As for the fees and finance charges, there's a 20 percent charge from the total amount of your loan that you will need to repay plus the database fee. For example, finance charge for a $100 loan will total to $20 within a 14-day loan period.
The maximum interest fee that can be charged is 30 percent on a $200 loan. For the renewal fee, it must not exceed the 20 percent interest rate.
The law does not state the maximum number of loans per person but there is a maximum of $600 for all aggregated loans. There is a three-day cooling off period and the renewal process is not allowed until the 15th day of loan period. Deferral and renewal periods must not exceed 60 days.
Who to Contact
North Dakota installment loans can easily be acquired for as long as you follow these regulations. It is crucial that you take the time to course through these rules that are mandated by the law so that you will not get into any legal trouble in any event that you have failed to meet the required payment terms on time. It is advisable that you carefully consider these loan terms. Make sure you can afford to pay for the interest rate and database fees through your payroll.
If you have any concerns regarding your North Dakota installment loans, you can always opt for other legal alternatives by consulting the state's regulatory board, which is the North Dakota Department of Financial Institutions located in Bismarck. This department also welcomes all individuals who have complaints regarding their installment loans, so don't hesitate to contact them right away so you can get the best financial solution that you need.
Things You Need to Remember
By the end of the day, North Dakota installment loans are a wonderful way to help you with your financial needs. You can easily get cash without having to wait for a couple of weeks to get an approval. This loan heavily relies on your employment records and payroll. Payments will be deducted on your salary. The interest rate is at 20 percent but not more than 30 percent of the loaned amount, plus the database fee. The total maximum amount that you can borrow is $500, which must be paid within 60 days.