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North Dakota Payday Loan What are the Alternatives?

Payday loan is used by many in North Dakota and elsewhere in the United States. These loans also go by the name payday advances and paycheck advance. There are many advantages of seeking a payday loan, but there are as many disadvantages and it is important to consider what is out there before making a financial commitment.

Getting a payday loan is legal in North Dakota. The facts are that you can get a maximum payday loan amount of $500, the loan term is 60 days and the finance fee is just below 20% of the loan amount, in addition to a data-basing fee and the APR for a two-week loan of $100 is 520%. If you wanted more than $500, if you wanted to take longer to pay off the loan or if you don’t want to pay way more than you borrowed, then a payday loan is not for you.

You should seek an alternative to a payday loan is that the annual percentage rates or APR for a normal payday loan are very high compared to rates for similar products. When you fail to pay back the payday loan on time for whichever reason, the consequence is stiff and it usually involves the doubling of your interest.

Security concerns are a major disadvantage of a payday loan that is making people in North Dakota to seek alternatives. You have to give information on your workplace and you physical address and if this information was to fall into the wrong hands, you risk getting attacked.

You also have to give your social security number and your credit card information when seeking a payday loan. This information can fall into the wrong hands and may lead to identity theft.

If you are really in need of cash, you should consider talking to your creditors about extending your due date since a payday loan is only taken within the month anyway. You can do the same for all your other bills such as the telephone and electricity.

To avoid having to take a payday loan, you can use eBay, Craiglist or similar sites to sell off household items you no longer need. There are many pawn shops all over North Dakota or if you so choose, you can have a garage sale one weekend to unload multiple items.

You can avoid a payday loan by having extra money withheld. You can get information on how to do so on the IRS website and you can also get a tax withholding calculator there that you can use to tell just how much tax should be taken out of your paycheck monthly.

Borrowing from friends or family members is one of the best alternatives to getting a payday loan. This is because this does not come with interest in most cases and you can always have a flexible repayment plan.

When you run out of cash in the middle of the month, don’t rush for a payday loan, there are other alternatives available all over North Dakota – shop around!

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