Minnesota Payday Loans

Minnesota cash advance loans are specially set up to ensure protection and fairness among consumers and lenders. If you are considering availing of this, it’s crucial that you first understand the different laws governing the transaction. Paydayloansusa.biz is your one-stop domain for all payday loan related inquiries within the state of Minnesota. Providing only updated information, we strive to answer your questions and queries about the transaction. For more information about payday loan in other states, check the website’s home page.

Payday Loan Process in Minnesota

When applying for a payday loan, borrowers must first meet the basic requirements set up by the law. Some of these are:

  • The borrower must be at least 18 years old
  • Borrower must be a US resident
  • Consumer must own a savings or checking’s account
  • Borrower must be employed
  • Must meet minimum salary requirements

In some cases, some of the basic regulations can be bent depending on the situation. For example, consumers can borrow on the strength of an incoming welfare check or proceeds for retirement. The minimum salary requirements may also vary, depending on lenders. Bad credit debtors are entertained with minimal credit checks involved.

Minnesota Payday Loan Laws and Regulations

State mandates regarding short term loans involve the following:

  1. Maximum Loan Amount: $350
  2. Loan Term: 30 Days
  3. Finance Charge for $100 Loan in 14 Days: $15
  4. APR for $100 Loan in 14 Days: 390%
  5. Collection Fees: $30 NSF

Maximum finance rates vary, depending on the cost of the loan. Anything below $50 is charged $5.50. This steadily increases with a rate of 2.75% per month after the borrower defaults. Rollovers are not permitted in Minnesota and there are no specifics stated in the state when it comes to repayment plans and cooling off periods. Individuals may also get several loans at a time since there are no specific prohibitions to it under the law.

Minnesota Consumer Protection

For payday loan problems, questions and complaints, borrowers can seek help through the Minnesota Department of Commerce. The institution can be reached through several means:

Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101

Phone: (651) 296-2135

Fax: (651) 296-8591

Look For: William Horlitz, Deputy Commissioner

WEB : MDOC

Borrowers must be aware of the different laws and regulations governing payday loans in the state for protection purposes. We offer a complete array of legal information that should help you when making a short-term loan decision. Complaints and questions can also be sent through email or via their official website.

Minnesota Payday Loan Alternatives

Alternatives for a short-term loan are also available within the state. Consumers are advised to try them out first before proceeding with cash advance loans. The first and most common option is by borrowing funds from friends or relatives. Appealing directly to your employer is also viable and eliminates the problem of accumulated interest rates. Selling personal products or pawning them off is also possible. Credit cards or banks loans are typically ideal choices for larger cash flow problems.

Payday Loans cities in Minnesota:

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