Payday Loans in Sanborn, North Dakota

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No payday loan companies in Sanborn, ND. Consider companies in other cities:

Company nameAddressZip codePhone number
Direct Check 243 Central Ave N # B, Valley City, ND 58072 +1 (701) 845 - 2122
First Community Credit Union 334 Main Ave S, Hankinson, ND 58041 +1 (701) 242 - 7644
CoBank Regional Banking Center Fargo, ND 4143 26th Ave S 101, Fargo, ND 58104 +1 (800) 542 - 8072
Raymond James Financial Services 3100 S Columbia Rd, Grand Forks, ND 58201 +1 (701) 795 - 4555
Gate City Bank 1017 S Broadway, Minot, ND 58701 +1 (701) 857 - 8400
Riviera Finance 2120 26th St W Suite 101, Williston, ND 58801 +1 (701) 355 - 6486
Capital Credit Union 204 W Thayer Ave, Bismarck, ND 58501 +1 (701) 255 - 0042
Farm Credit Services 210 11th St E, Bottineau, ND 58318 +1 (701) 228 - 3731
Wells Fargo Home Mortgage 119 6th St N, Wahpeton, ND 58075 +1 (701) 671 - 1040
Northstar Financial Group 3250 Oak Ridge Loop E, West Fargo, ND 58078 +1 (701) 282 - 6000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sanborn, ND, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bismarck, ND, Payday Loans in Fargo, ND, Same Day Loans in Grand Forks, ND, Online Loans in Minot, ND and Payday Loans in West Fargo, ND. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Sanborn, ND.

Beautiful sights of Sanborn, ND

Payday Loans Available in Sanborn, ND By The Following ZIP Codes:

58480

Are Payday Loans Legal In Sanborn, North Dakota?

Loan Rates and Fees, Laws and Regulations in North Dakota.

North Dakota is a state where payday lending is legally allowed. This means that you can take out payday loans with high interest rate and rollovers - but there are other states in the USA where these issues are regulated by law. If you no longer want to use payday loans, avoid taking out too many financial contracts - as this can cause negative consequences.

North Dakota Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)487
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term60 days
Number of Rollovers Allowed1
Finance Charges20% of the amount advanced

Sanborn, ND payday loan calculator

What are Payday Loans?

Payday loans are short-term loans that are typically due on the borrower’s next payday. These loans are considered to be a type of “emergency loan,” as they are designed to provide quick cash to those in need.

Payday Loans in Sanborn, North Dakota

Payday loans are legal in North Dakota, including Sanborn. However, there are certain regulations in place to protect borrowers from predatory lending practices. In Sanborn, borrowers can receive up to $500 in payday loans, and the loan term cannot exceed 60 days.

How Do Payday Loans Work?

In order to receive a payday loan in Sanborn, North Dakota, borrowers must meet certain requirements. These requirements typically include being at least 18 years old, having a valid ID, proof of income, and an active checking account.

The borrower will then write a post-dated check to the lender for the amount of the loan, plus any fees and interest. The lender will hold onto the check until the due date, at which point they will deposit it to collect the funds.

If the borrower is unable to repay the loan on the due date, they may be able to extend the loan period by paying additional fees and interest. However, it is important to note that this can lead to a cycle of debt, as the borrower may have difficulty repaying the loan even with the extended period.

Interest Rates and Fees

The interest rates and fees for payday loans in Sanborn, North Dakota are regulated by the state. The maximum interest rate for payday loans is 20%, and lenders are limited to charging $20 as a fee for a loan of up to $500.

While these rates and fees may seem high, it is important to remember that payday loans are meant to be a short-term solution and are not meant to be used for long-term financial problems.

Pros and Cons of Payday Loans

  • Pros:
    • Quick cash in an emergency
    • No credit check required
    • Easy application process
  • Cons:
    • High interest rates and fees
    • Potential for a cycle of debt
    • Can lead to financial instability

Facts and Statistics

  • According to a report from the North Dakota Attorney General, the state saw a 13% decrease in payday loans from 2018 to 2019.
  • The same report states that almost 30% of payday loan borrowers in North Dakota have taken out more than 10 loans in a 12-month period.
  • In an effort to combat predatory lending practices, North Dakota passed a law in 2019 requiring lenders to offer loan repayment plans at no additional cost to the borrower.

Apply Now

If you are in need of a payday loan in Sanborn, North Dakota, TheGuaranteedLoans can help connect you with potential lenders. Remember, we are a connector service and not a direct lender. Fill out our easy online application to get started today.

F.A.Q.

How long do I have to repay a payday loan in Sanborn, North Dakota?

in Sanborn, North Dakota, payday loans must be repaid within 60 days of the loan agreement.

Can I have multiple payday loans at the same time in Sanborn, North Dakota?

No, North Dakota state law prohibits borrowers from having more than one payday loan at a time.

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