Online Personal Installment & Payday Loans Information in North Dakota

Slick Cash Loan offers competitive rates & upfront fees for online personal installment & payday loans in ND. Evaluate loan options & amortization tables to make educated financial moves.

Payday Loan Terms & APR in North Dakota (ND)

Payday Loans are legal in North Dakota.

Maximum Loan Amount Loan Term APR for 14-day $100 loan
$500 No more than 60 days 521%

Maximum Finance Rate and Fees Finance Charge for 14-day $100 loan
20% of the amount advanced $20

Understanding High-Interest Loans: A Closer Look at Amortization

When you're thinking about taking out a high-interest loan, it's super important to wrap your head around how the interest rate will affect your monthly payments and the total amount you'll end up shelling out over the life of the loan. To give you a better picture, let's dive into an amortization table for a $3,000 loan with a whopping 130% annual percentage rate (APR) and a 1-year term.

In this particular scenario, the loan has an origination fee of 3% ($90), which gets taken out of the initial loan amount. So, even though you'll get $2,910 in your pocket upfront, you'll still be on the hook for paying back the full $3,000 plus all that interest.

Take a peek at the table below to see how your monthly payments get broken down. It shows you exactly how much of your payment goes toward paying off the principal (the original loan amount) and how much gets gobbled up by interest. You can also see your remaining balance after each payment.

Month Beginning Balance Monthly Payment Principal Interest Ending Balance
1 $2,910.00 $548.23 $223.23 $325.00 $2,686.77
2 $2,686.77 $548.23 $225.66 $322.57 $2,461.11
3 $2,461.11 $548.23 $228.12 $320.11 $2,232.99
4 $2,232.99 $548.23 $230.61 $317.62 $2,002.38
5 $2,002.38 $548.23 $233.13 $315.10 $1,769.25
6 $1,769.25 $548.23 $235.67 $312.56 $1,533.58
7 $1,533.58 $548.23 $238.25 $309.98 $1,295.33
8 $1,295.33 $548.23 $240.86 $307.37 $1,054.47
9 $1,054.47 $548.23 $243.50 $304.73 $810.97
10 $810.97 $548.23 $246.17 $302.06 $564.80
11 $564.80 $548.23 $248.87 $299.36 $315.93
12 $315.93 $548.23 $251.61 $296.62 $64.32

As you can probably tell, the monthly payment for this loan is a hefty $548.23, which is way higher than what you'd be paying with a loan that has a lower interest rate. Over the full 12-month term, you'll end up paying a grand total of $6,578.76. That includes a whopping $3,578.76 in interest charges alone! In other words, you'll be paying more in interest than the actual amount you borrowed in the first place.

Before you jump into a high-interest loan, it's absolutely crucial to really think about the long-term costs and how they'll affect your finances. Make sure you read through the terms and conditions of any loan offer with a fine-tooth comb and that you fully understand what you're getting yourself into. If anything seems unclear or if you have any doubts, don't be afraid to reach out to the lender or a financial advisor for some guidance.