Minnesota Payday Loans

Perhaps all of us know how being in need of quick money feels like. Even those who have a stable source of income and receive their paychecks regularly can face an emergency situation when they need cash fast and without questions. It’s possible to get Minnesota payday loans as fast as possible!

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.

Are payday loans legal in Minnesota?

Yes, payday loans and cash advances are legal in Minnesota. he Minnesota Department of Commerce has been regulating Payday Loans and Cash Advances since 1995.

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.

The maximum permissible fees allowed in Minnesota is $5.50 on first $0-$50, 10% plus $5.00 on $51-$100, 7% (min. $10) plus $5.00 on $101-$250, 6% (min. $7.50) plus $5.00 on $251-$350. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is none (cannot repay with proceeds of another loan by the same lender).

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, your name, and your address, while you need to indicate how much you wish to borrow.

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 debt.

If your budget is stretched too thin to stock up in a grocery store or you got yourself in a car accident that left you with an enormous repair bill, just fill a quick registration form with us at LoanPigUSA and let us handle your money problem for you. With no meaningless questions.

Apply Now!