minnesota payday loans

Compare your loan options in Minnesota

Payday loan laws can be tricky, but we’re here to guide you.

Payday loans can be a good way to work through a fianncial setback, but the laws surrounding them can be tricky. If you’re a resident of Minnesota, we have a breakdown of everything you need to know before applying.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    How much can I borrow in Minnesota?

    Minnesota Statutes 47.60 et seq. governs payday loans in Minnesota, which requires all payday lenders to be registered and abide by the maximum fee guideline detailed below.

    Here are the quick facts about payday loans:

    • Maximum loan: $350
    • Maximum loan term: 30 days
    • APR: A 14-day $100 loan has an APR of 390%
    • Collection fees: A lender may charge a $30 NSF (non-sufficient funds) fee

    The amount you’ll be charged in interest varies depending on the amount of your loan.

    • $50 or less: $5.50
    • $50.01 to $100: 10% + $5 administrative fee
    • $100.01 to $250: 7% (minimum of $10) + $5 administrative fee
    • $250.01 to $350: 6% (minimum of $17.50) + $5 administrative fee
    • Default: 2.75% per month on the remaining loan amount

    There are multiple lenders offering payday loans in Minnesota

    Check the websites of any providers you’re interested in to confirm they operate in Minnesota.

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    What you need to qualify for a loan

    All payday lenders will require you to be at least 18 years old, be an American citizen or resident and have a regular monthly income of at least $1,000.

    When you begin your application, be prepared to supply your Social Security number,

    What should I consider before taking out a loan?

    Although payday loans can be a great way to get ahead when you’re having financial troubles, there are other ways you can get help with your bills or get financing without taking on this high-cost form of debt.

    Minnesota has an Energy Assistance Program, a Food Support Program and a Medical Assistance program that can help with large bills and everyday expenses. In addition, you can consider other forms of non-credit funding, such as requesting a pay advance from your employer or ask a friend or family member for help.

    If you have a credit card, you can take out an advance on your remaining line of credit. You may also want to consider another type of short-term loan, like an installment loan, so that you have longer to pay back what you owe.

    You have even more options to avoid extra debt

    Bottom line

    When you’re in a rough spot financially, you might be considering a payday loan. These can be great for making it between paychecks, but they are costly. Be sure to consider how much the total will cost and the other options you have before applying.

    Have any more questions about payday loans?

    You should contact the Minnesota Department of Commerce.

    No matter if you apply online or in-store, as long as you have the required information, the process shouldn’t be more than 5 to 10 minutes.

    No. If you want to repay your loan early, you won’t be charged a fee for prepayment.

    There is no limit on the number of payday loans you can have at any given time, but keep in mind that having multiple payday loans at the same time can lead to extra debt and difficult repayment schedules.

    No. You can’t use one loan to pay off another by the same lender.

    No. Minnesota law doesn’t specify any cooling off period.

    While Minnesota doesn’t require a repayment plan, you may still be able to request one from your lender if you’re having trouble paying back your loan.

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    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.