Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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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.
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:
The amount you’ll be charged in interest varies depending on the amount of your 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,
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.
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.
You won’t be able to apply for a new loan unless you’re a returning customer.
Pause repayments, look for low-cost relief to cover expenses and other tips to keep your finances healthy while unemployed.
If you’re concerned your group disability insurance won’t replace enough of your income if you experience a disability, you can buy supplemental disability insurance.
Get your loan payments covered when you experience a disability and can’t work, but with limited coverage.
Preparing for retirement? This financial planning platform may be able to lend a hand.
Debt settlement for payday loans and more — with almost no information available before you sign up.
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The Balance Assist loan, set to launch in January 2021, offers loans from $100 to $500 for a flat $5 fee.
Depending on whether you go the DIY route or hire lawyers, it may cost you a few hundred to thousands of dollars.
A standard connection service without many details on its lenders.
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