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

• Minimum Loan Amount: $500
• Maximum Loan Amount: $4,000
• Loan Term: 9 to 36 months
• Turnaround Time: 1 business day
• Must be 18+ years old (19+ in Alabama)

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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.

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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. Reset

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Name	Product	Product Description	Maximum Loan Amount	Term of Loan	Turnaround Time	Requirements
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.	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...
ACE Cash Express Payday Loans		Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.	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.	Go to site More	Compare	loading Fetching your data...
LoanByPhone Payday and Installment Loans		This mobile lender offers convenient cash loans. Apply online or by phone.	$3,000	Varies by state	1–2 business days	Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.	Go to site More	Compare	loading Fetching your data...
BadCreditLoans.com		With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.	$5,000	3 to 36 months	Varies	Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.	Go to site More	Compare	loading Fetching your data...

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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?

• Who do I contact if I have a problem with a payday lender?

  You should contact the Minnesota Department of Commerce.

• How much time does it take to apply for a payday loan?

  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.

• Is there a prepayment fee?

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

• How many payday loans can I get concurrently?

  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.

• Can I rollover or refinance my loan?

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

• Is there a cooling off period between loans?

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

• Can I get a repayment plan?

  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.