Personal loans in Mercer, ND
Personal loans in Mercer, North Dakota work the same way they do across the state: you apply, a lender reviews your credit and income, and it prices the loan to the risk it sees. Mercer has about 125 residents and ranks 197th in North Dakota by population. Its population grew about 40.4% between the 2020 Census base and the 2023 estimate. The closest larger city is Turtle Lake, ND about 9 miles away.
What is specific to borrowing in Mercer
- Population: 125 (US Census Bureau, Vintage 2023 subcounty estimate) — the 197th-largest place of 355 in North Dakota.
- Population trend: Its population grew about 40.4% between the 2020 Census base and the 2023 estimate.
- Size percentile: larger than about 45% of the Census places in North Dakota.
- Location: 47.4906, -100.7111 (US Census Bureau Gazetteer).
- Nearest larger cities: Turtle Lake (9 mi); McClusky (13 mi); Washburn (20 mi); Underwood (20 mi); Wilton (23 mi). Larger metros often have more walk-in branches, but online lenders serve Mercer on the same terms.
- Nearest smaller towns: Butte (24 mi); Coleharbor (24 mi); Regan (25 mi).
North Dakota lending rules that apply in Mercer
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | Formula ceiling: 6-month U.S. Treasury bill average + 5.5 percentage points, never less than 7%; NDDFI-published rate for September 2026: 9.204%. Source says: "The rate is equal to five and one-half percent (5.5%) higher than the current cost of money" and "the maximum allowable interest rate ceiling may not be less than seven (7) percent" (NDDFI Usury Rate page; September 2026 rate 9.204%). | North Dakota Department of Financial Institutions as of 2026-09-16 |
| Payday lending status | Legal for licensed deferred presentment service providers; fee capped at 20% of amount advanced; max $500 per transaction; $600 aggregate outstanding per customer. Source says: "A licensee may charge a fee for the deferred presentment service, not to exceed twenty percent of the amount paid to the customer" (N.D.C.C. 13-08-12); "may not disburse more than five hundred dollars to the customer in a deferred presentment service transaction" (13-08-12.3). | North Dakota Legislative Branch as of 2026-09-16 |
| Small-loan / installment lender licensing | Money broker license required to engage in money brokering (arranging/providing loans); issued by the commissioner of financial institutions. Source says: "may not engage in money brokering in the state of North Dakota without a money broker license issued by the commissioner" (N.D.C.C. 13-04.1-02). | North Dakota Legislative Branch as of 2026-09-16 |
| State lending regulator | North Dakota Department of Financial Institutions (NDDFI) Source says: "The Department also licenses and regulates Money Brokers... Deferred Presentment Service Providers (Payday Lenders), Collection Agencies, Debt Settlement Service Providers, and Money Transmitters." | North Dakota Department of Financial Institutions as of 2026-09-16 |
| Usury penalties (state-specific rule) | Usury forfeits all interest plus 25% of principal; charging usurious interest is a class B misdemeanor. Source says: "shall be deemed a forfeiture of the entire interest" and "a forfeiture of twenty-five percent of the principal" (N.D.C.C. 47-14-10); usury is a class B misdemeanor (47-14-11). | North Dakota Legislative Branch as of 2026-09-16 |
How a personal loan works in Mercer
In Mercer, as across North Dakota, the lender must disclose the loan's APR and finance charge before you sign, under the federal Truth in Lending Act. Use that disclosure: compare the APR, not the interest rate alone, because origination fees, and sometimes prepayment penalties, are folded into the APR. If a lender will not put the terms in writing, that is a reason to walk away.
Before you apply in Mercer
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run the numbers with our personal loan calculator so you know the payment before a lender tells you.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check the lender is licensed in North Dakota using the regulator listed above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.
Advertising disclosure: Loansloth may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Frequently asked questions
Can I get a personal loan with bad credit in Mercer?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Mercer are the same as elsewhere in North Dakota.
How much can I borrow with a personal loan in Mercer?
Most personal loans range from about $1,000 to $50,000, but the amount you are approved for depends on the lender and your income and credit. Use our personal loan calculator to model the payment before you apply.
Does a personal loan in Mercer require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Mercer hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.
Nearby places
- Turtle Lake, ND — population 537
- McClusky, ND — population 319
- Wilton, ND — population 714
- Butte, ND — population 68
- Washburn, ND — population 1,283
- Regan, ND — population 34
- Ruso, ND — population 5
- Kief, ND — population 8