Payday loans in Minnesota | finder.com
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Compare your loan options in Minnesota

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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

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

    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

    Compare short-term loan options in Minnesota

    Rates last updated December 15th, 2018
    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 Max. Loan Amount Turnaround Time Requirements
    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.
    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.
    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
    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.
    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.
    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
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    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.

    Compare up to 4 providers

    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?

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    2 Responses

    1. 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?

      • finder 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 found on this page and check which of the lenders would meet your needs.

        Cheers,
        Joanne

    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    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

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

    Go to site