Installment Loans in Kathryn, North Dakota

Installment Loans in Kathryn, North Dakota: What You Need to Know

Are you in need of extra funds in Kathryn, North Dakota? If so, you’re not alone. Life can be unpredictable, and unexpected expenses can arise when you least expect them.

Thankfully, installment loans are legal and popular in North Dakota, making them a viable option for individuals in need of financial assistance. In this comprehensive guide, we’ll explore everything you need to know about installment loans in Kathryn, North Dakota.

What Are Installment Loans?

An installment loan is a type of loan that allows borrowers to receive a lump sum of money upfront and repay it over a set period of time through regular, scheduled payments. Installment loans differ from other types of loans because the borrower repays the loan in fixed payments over time.

Installment loans are a popular option for borrowers because they offer flexibility in repayment terms. Depending on the length of the loan, borrowers can make payments over several months or even years.

How Do Installment Loans Work in North Dakota?

Installment loans are legal in North Dakota and are governed by North Dakota Century Code Chapter 13-08.1. Under North Dakota law, installment loans cannot exceed $1,000, and the repayment term must be between 90 days and 12 months.

Interest rates on installment loans in North Dakota are capped at 20%. Additionally, lenders are not allowed to engage in any unfair or deceptive practices, such as charging hidden fees or penalizing borrowers for early repayment.

Who Can Qualify for an Installment Loan in Kathryn, North Dakota?

Qualifying for an installment loan in Kathryn, North Dakota is relatively easy. To be eligible for a loan, you must:

• Be at least 18 years old
• Be a legal resident or citizen of the United States
• Have a steady income source
• Have a valid checking account

Additionally, lenders may require borrowers to provide proof of income, such as pay stubs or bank statements, to determine their ability to repay the loan.

Applying for an Installment Loan in Kathryn, North Dakota

Applying for an installment loan in Kathryn, North Dakota is easy and can be done online from the comfort of your own home. Although TheGuaranteedLoans is not a direct lender, we’ll connect you with potential lenders who can help you obtain the funds you need.

To apply for an installment loan, simply fill out our online application form, and we’ll match you with lenders who meet your specific needs. Once you find a lender that meets your needs, you’ll be asked to provide additional information, such as your social security number and employment information, to complete the application process.

Interesting Facts and Statistics about Installment Loans in Kathryn, North Dakota

• As of 2020, the average loan amount for an installment loan in North Dakota is $848.
• Approximately 63% of North Dakota households have debt, according to a 2019 report by the Federal Reserve Bank of New York.
• North Dakota has one of the lowest credit card delinquency rates in the country, ranking 49th out of 50 states, according to a 2020 report by WalletHub.
• In 2018, North Dakota banks had $3.6 billion in assets, a 3.4% increase from the previous year, according to the North Dakota Bankers Association.

Apply Now

Ready to get started? Apply now for an installment loan in Kathryn, North Dakota through TheGuaranteedLoans. Just fill out our online application form and we’ll connect you with potential lenders who can help you obtain the funds you need. Remember, TheGuaranteedLoans is a connector service, not a direct lender, and we’ll help you find a lender that meets your specific needs.

Don’t let unexpected expenses bring you down. Let TheGuaranteedLoans help you get the funds you need today. Apply now!