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Compare short-term loans in Minnesota

Borrow up to $350 from our list of lenders — see how much it'll cost you.

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Payday loans can be a quick way to get cash during a financial setback, but the laws surrounding them can be tricky. Here’swhat you need to know before applying.

Can I borrow a payday loan in Minnesota?

Yes. 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

Compare payday loans in Minnesota

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Check Into Cash Payday Loan
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Slam Dunk Loans
$50,000
Same business day to 1 business days
Employed, $800+ regular monthly income, checking account, ages 18+, US citizen
Fill out a simple online form to compare offers from several lenders that may be able to help.
CashUSA Installment Loans
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
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Compare up to 4 providers

How to qualify for a payday 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,

Payday loan alternatives in Minnesota

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.

Even more alternative options to avoid high-cost debt

Bottom line

When you’re in a rough spot financially, you might be considering a payday loan. These can be suitable 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.

Frequently asked questions

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2 Responses

  1. Default Gravatar
    WomanOfGodJune 9, 2018

    I do not have a bank account, at the moment, and I need a loan of 1500 in order to get a car so I can get to and from work and sort my debts out. This is a new job and haven’t been paid yet. I start next week but need the loan by tomorrow. What do I do?

    • Avatarfinder Customer Care
      JoanneJune 9, 2018Staff

      Hi WomanOfGod,

      Thanks for reaching out.

      You may need to check on this page which of the lenders are available in your area and see their eligibility requirements to check if you qualify.

      Alternatively, you may check the no bank account loans found on this page and check which of the lenders would meet your needs.

      Cheers,
      Joanne

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