Payday Loans in Granville, North Dakota
If you’re looking for a quick solution to your financial needs, then you might have heard of payday loans. Payday loans are a short-term lending option that offers a small amount of cash with a high-interest rate. In Granville, North Dakota, payday loans are legal. Before you decide to take out one, it’s essential to understand the regulations and process in North Dakota.
What are payday loans?
Payday loans are short-term loans with small amounts. To illustrate, you can borrow up to $500 in North Dakota, and the repayment term is usually two weeks. Lenders require that the borrower gives either their post-dated check or permission to their bank account to debit the amount borrowed plus the interest post-dated. Usually, payday loans have high-interest rates. In North Dakota, the maximum permitted interest is 20% of the amount borrowed, plus $20 in fees.
Applying for a payday loan in Granville, North Dakota
To obtain a payday loan in Granville, North Dakota, potential borrowers should find a licensed lender. The North Dakota Office of State Bank Commissioner maintains a database where borrowers can verify lenders’ licenses to operate. Once you find a reputable lender, you will need to provide:
- Proof of income
- A valid checking account
- A valid Social Security or Tax ID number
- Contact and personal information
Most lenders in North Dakota require that the borrower has a checking account to facilitate the transfer of funds and the processing of the repayment.
The pros and cons of payday loans in North Dakota
Payday loans are a convenient source of funds in emergencies, but they also come with pros and cons that every borrower should consider.
Pros of payday loans in North Dakota:
- Quick processing: payday loans get processed quickly compared to traditional loans like credit cards and bank loans. You can even get cash the same day when applying online.
- Easy lending criteria: most borrowers qualify for payday loans, even those with a low credit score.
- No credit check: most lenders don’t run a credit check, making it easy for people with bad credit to get loans.
Cons of payday loans in North Dakota:
- High interest rates: the interest rate for payday loans is incredibly high, making it difficult to pay off the loan.
- Cycle of debt: borrowing payday loans regularly can create a cycle of debt that can be hard to escape.
- Predatory practices: some lenders employ predatory practices like hidden fees, rollover fees, and prepayment penalties.
Interesting facts and statistics about payday loans in Granville, North Dakota
- In 2019, North Dakota had 27 companies that issued payday loans.
- The total loan volume in North Dakota was $9.7 million in 2019.
- The average payday loan amount was $362 in North Dakota.
- The average APR of payday loans in North Dakota is 520%.
- Most payday loan borrowers in North Dakota are between 25-44 years old.
Need a payday loan in Granville, North Dakota? Apply now!
If you need a payday loan in Granville, North Dakota, and you’ve exhausted all your other options, you can apply for one on our website. TheGuaranteedLoans is not a direct lender, but we connect borrowers with lenders in our network. We make the process fast and secure, and you can get your funds in as little as one business day. Apply now!