Best Personal Loans in North Dakota for 2024

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Reviewed byAlvin Yam, CFP
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Updated: April 11, 2024

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MoneyGeek's analysis has found that First Tech, with a score of 97 and PenFed, with a score of 96, are the top lenders for personal loans in North Dakota. They stand out because of their customer service, flexible terms and competitive rates. If you're searching for a personal loan, know that lenders will look at your credit score, income, and how much debt you have compared to your income. This helps them decide if you're eligible for a loan.

According to 2023 Experian data, the average credit score in North Dakota is 733. This suggests that the average borrower can get a loan with favorable terms. When choosing the best lenders, MoneyGeek considered customer service, fees, interest rates, and ease of application.

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The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards, and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®


Calculate Your Monthly Loan Payment

Based on MoneyGeek's analysis, lenders in North Dakota offer personal loan products with an average repayment term of 58 months. Utilize our personal loan calculator to determine your monthly payments and overall loan costs. This tool can be particularly valuable in mapping out your financial commitments by taking into account your loan's principal, the term of the loan and the applicable interest rate.

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Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in North Dakota

When considering a personal loan in North Dakota, be aware of your credit score, income and debt-to-income ratio, as these will influence loan terms and approval. Lenders, evaluated for reputation, APR ranges, minimum credit scores and loan flexibility, can offer varying terms based on these criteria. A stronger credit score can significantly affect your loan conditions, potentially resulting in lower APRs, which is why improving your credit before applying may be worthwhile. For a clearer understanding of how your credit score can impact your monthly payments, refer to the accompanying table.


This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in North Dakota

Personal loans offer benefits, such as potentially lower interest rates than credit cards and the flexibility to consolidate debts into manageable payments. They also allow for versatile use of funds and may help improve your credit score with consistent, on-time repayments.

However, it's important to be aware of the possible downsides, including origination fees and the risk of collateral loss in secured loans. For better understanding, consider examining the pros and cons of personal loans carefully.


FAQ About Personal Loans in North Dakota

If you have questions about personal loans, MoneyGeek has answers below to help you make an informed decision before applying.

The best lender in North Dakota for personal loans according to MoneyGeek's analysis is First Tech with a MoneyGeek score of 97 and an average APR of 12%.

In North Dakota, you can obtain personal loans from online lenders, banks or credit unions. For local in-person services, local credit unions like First Community Credit Union, Capital Credit Union and Town & Country Credit Union offer personal loans.

According to MoneyGeek's analysis, PenFed offers the lowest APR available in North Dakota for personal loans, starting at 7.99%. Finding the best low rate may vary based on your financial circumstances, and securing such rates often requires an excellent credit score.

In North Dakota, restrictions on the use of personal loans vary by lender. Generally, personal loans can be used for home or auto repair, emergency circumstances or to consolidate debt. However, they usually can't be used for college tuition or gambling.

When considering personal loans, be wary of red flags like extremely high APRs, unusually strict repayment penalties and a lack of transparency about the loan originator. Also, watch out for lenders that require no verification of identity or income.

Yes, lenders consider income level when you apply for a personal loan, but they also evaluate your credit score, debt-to-income ratio, employment history and overall credit history. It’s important to approach new lines of credit cautiously, as they can affect your loan application success.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.