Payday loan laws can be tricky, but knowing the costs can help you make a better choice.

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

OppLoans Installment Loans

Get fast funding up to $5,000 at reasonable interest rates.

• Min. Loan Amount: $500
• Loan Term: 9 to 36 months
• Turnaround Time: As soon as 1 business day
• Must be 18+ years old
• No security deposit needed
• Confidential and secure

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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

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Name	Product	Product Description	Max. Loan Amount	Turnaround Time	Requirements
OppLoans Installment Loans		Installment loans with competitive rates from a top-rated direct lender.	$5,000	1 business day	Must have direct deposit and meet minimum income requirements	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	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...
Jora Installment Loans		Installment loans with repayment terms up to 30 months, depending on your state.	$2,600	1–2 days	Must have an active checking account, regular source of income and email address.	Go to site More	Compare	loading Fetching your data...
CashUSA Installment Loans		A connection service for quick cash loans up to $10,000.	$10,000	As early as 1 business day	Must have a monthly income of $1,000+ after taxes and valid checking account.	Go to site More	Compare	loading Fetching your data...
LendYou Short-term Loans		Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.	$15,000	1 business day	You must be a US citizen or permanent resident, age 18+ and have a regular income.	Go to site More	Compare	loading Fetching your data...
ACE Cash Express Short-term 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	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...
LendUp Payday Loans		LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.	$250	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...

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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.

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.

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 at the same time?

  There is no limit on the number of payday loans you can have at any given time in Minnesota. 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.