minnesota payday loans

Compare your loan options in Minnesota

Thinking of applying for a payday loan in Minnesota? We’re here to help.

If you need money now and you live in Minnesota, a payday loan may be an option.

Our guide will take you through the information you need to know in order to make an informed decision before you sign a contract.

OppLoans Installment Loans

OppLoans Installment Loans

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

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

    Are payday loans legal in Minnesota?

    Yes, payday loans are legal in Minnesota. The state permits and oversees the operation of payday loan providers as per the Minnesota Statute 47.60. These regulations require that payday lenders operate as registered consumer small loan lenders.

    The maximum you can borrow is $350, and like all payday loans, you have to pay back the principle and interest in a single installment, up to 30 days from when you sign the contract. The following chart explains the interest caps and fees you have to pay based on the amount you borrow. For loan amounts between $50.01 to $350, lenders may charge a percentage of the borrowed funds as well as a $5 fee.

    Loan AmountFee
    $50 or less$5.50
    $50.01 – $10010%
    $100.01 – $2507% (minimum of $10)
    $250.01 – $3506% (minimum of $17.50)

    If you have a complaint, contact the Minnesota Department of Commerce.

    Consider these lenders for a short-term loan in Minnesota

    Check the websites of any providers you’re interested in to confirm they operate in Minnesota.

    Rates last updated September 25th, 2017
    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.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
    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.
    7–30 days
    Generally receive the money the next business day
    CashNetUSA Loan
    Apply for short term loans, installment loans or lines of credit in 30 states typically with a day’s turnaround.
    Varies by state
    Varies by state
    1 business day
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Check City Payday Loan
    Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.
    Depends on state of residency
    Varies by state
    Next day
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    Varies by state
    1–2 business days

    Compare up to 4 providers

    Why a payday loan might benefit you

    Here are some features to keep in mind when you’re making your decision.

    • Bad credit is OK. Short-term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
    • Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
    • Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
    • Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.

    There are other options to consider before taking out a loan

    Charges and fees you can expect to pay with a short-term loan in Minnesota

    The following restrictions apply to fees and charges for payday loans in Minnesota:

    • APR. Payday lenders can’t charge more than 390% in interest and fees.
    • Financing fees. It depends on how much you borrow; see the chart above.
    • Loan extension fees. Upon maturity, the rate can’t exceed 2.75% per month. The lender will calculate this daily by using one-thirtieth of the monthly contract rate.
    • Collection fees. In the event of a payment being declined, you may be charged an NSF fee up to $30.
    • Prepayment fees. You can repay your loan before the due date without worrying about any prepayment penalties.

    What you need to qualify for a loan

    If you want to be approved for a payday loan, you must

    • Be at least 18 years old
    • Be a US citizen or a permanent resident
    • Be permanently employed
    • Have an income of $1,000 per month

    You’ll also need to provide some basic information.

    • Your name, date of birth, Social Security number and a valid form of ID
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Where else are payday loans available?

    Have any more questions about Minnesota payday loans?

    No matter if you apply online or in-store, as long as you have the required information, the process should not take more than 5 to 10 minutes.

    The maximum loan term of a payday loan in Minnesota is 30 days.

    There is no limit on the number of payday loans you can have at any given time. However, you can’t take out a new loan to pay for an existing loan.

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    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.

    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.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Get a better installment loan repayment terms up to 36 months, depending on your state.