In North Dakota, consumers can find short-term financing quickly. The short-term loan options provide them with fast financing that will enable them to settle small debts without delay. For some consumers, the loan product could provide them with the financing they need to prevent a service disruption of their utilities or pay an unexpected medical expense.
Short-Term Financing for All Consumers
Short-term financing options are available to customers regardless of their current credit rating. The loan provider won’t review their credit report to determine their credit worthiness. They will instead assess their income to determine if the consumer qualifies based on the standard eligibility requirements. The consumer must provide evidence of a steady paycheck and a valid checking account.
How Does the Product Work?
The loan provider reviews the two most recent pay stubs for the consumer. They review the consumer’s bank account to determine if regular deposits appear in the account. The lender will also assess risks based on any overdrafts within the previous month. Once they evaluate the information, the lender will provide the highest loan value available. The consumer identifies their preferred loan value, and the loan is processed.
What is a Cooling Off Period?
A cooling off period for payday loans indicates that the consumer has renewed the loan at least six times. The cooling off period is a duration of about one to two weeks. After this period, the consumer can renew the loan again. However, they cannot acquire a refund of any interest that was applied to the loan previously.
How Long Does It Take?
Generally, it takes about an hour to evaluate and verify the information presented on the application. If the consumer submits an application online, they receive a direct deposit from the lender into their checking account. If they visit a local branch, they receive either cash or a check. The process takes roughly one to two hours.
In North Dakota, consumers may need short-term financing to accommodate sudden expenses. The short-term options are paid back by the next pay period. Consumers who want to review their options can contact MaxLend today.