Personal Loans in North Dakota:

North Dakota Payday Loan Laws and North Dakota Loan Regulations

Legal Status: Legal

Citation: N.D. Cent. Code 13-08-01 et seq.

State of North Dakota Licensed Online Lenders:,,,,
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: 20% + databasing fee
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time:Not Specified ($600 aggregate loans outstanding to all licensees)
Rollovers Permitted: One (renewal fee not to exceed 20% of amount being renewed)
Cooling-off Period:3 days
Repayment Plan:

Collection Limits:
Collection Fees: $20 NSF fee if disclosed
Criminal Action: Prohibited (Unless account was closed on date of original transaction)

State Regulatory Agencies for Payday Loans:

Regulator:North Dakota Department of Financial Institutions
Address: 2000 Schafer Street, Suite G Bismarck ND 58501
Phone: (701) 328-9933
Fax:(701) 328-0290
Regulatory Contact:
Department of Financial Institutions
Financial Services Licensee Database
Financial Forms )Including Consumer
Online Resources:
North Dakota Deferred Deposit Service Providers
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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