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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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Editor's choice: OppLoans Installment Loans

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  • Easy online application
  • Quick approval
  • Long repayment terms
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When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Minnesota and everything else you should know about how payday advances work.

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $4,000
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.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $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.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$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.
Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $4,000
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.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $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.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$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.
Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
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Compare up to 4 providers

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

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

      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 and check which of the lenders would meet your needs.

        Cheers,
        Joanne

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