North Dakota Fringe Banking
| Payday Loans | Check Cashing | Title Loans | Pawnbroking |
|---|---|---|---|
| How Many? There are an estimated 25 payday and title loan outlets (combined); most operate through existing pawnshops; state has warned pawn outlets to cease such operations if in violation of usury laws. |
How Many? Zero. Not allowed by state law. |
How Many? There are an estimated 25 payday and title loan outlets (combined); most operate through existing pawnshops; state has warned pawn outlets to cease such operations if in violation of usury laws. |
How Many? 28, according to a national business-to-business marketing group. |
| Licensing: Not applicable (N/A). |
Licensing: N/A; nonbank check cashing not allowed because activity is considered a core banking function, and requires a charter. |
Licensing: N/A |
Licensing: Municipalities |
| Fee caps: With consumer financing license, a company can lend up to $35,000; the first $1,000 has a maximum APR of 30 percent. |
Fee caps: N/A |
Fee caps: With a consumer loan license, a company can lend up to $35,000; the first $1,000 has a maximum APR of 30 percent. |
Fee caps: Maximum loan interest rate is equal to 5.5 percent higher than the current rate on U.S. Treasury bills with six-month maturity (11.4 percent for August 2000). Minimum interest charge per loan is $15.00 |
Sources: North Dakota Department of Banking and Financial Institutions; American Business Lists
Return to: A helping hand, or new age loan sharking?
