Minnesota Payday Loans
Like many other states, Minnesota recognizes the need for cash advance options. While payday loans are allowed, consumers are protected from shoddy practices and their own lack of knowledge through Minnesota regulations. All payday loan agreements must be thorough in explaining the loan and what it means in real terms. Borrowers are entitled to know the trade name of the payday lender, like a company in Minneapolis, and receive a clear explanation of a borrower's payment responsibilities. All paperwork on payday advances must include the name, telephone number and address of the lender, along with the amount issued, transaction date and term limit of the loan. The act of loan splitting - dividing a loan into small parts and charging interest twice - is prohibited by Minnesota law. Criminal proceedings are not allowed against people that default, but private action is allowed.
Borrowers can ask for up to $350 for a cash advance.
Length of Loan
Loan terms are set at 30 days.
No extensions or rollovers of payday loans are allowed.
Minnesota is different from other states because it determines allowable fees based on the amount that is borrowed. Loans that range from $1 to $50 have a maximum fee of $5.50; loans between $51 and $100 have a maximum fee of $5 plus 10 percent; loans between $101 and $250 face a maximum $5 plus 7 percent fee; and loans exceeding $251 are subject to a $5 plus 6 percent fee.
A two-week loan taken out for $100 has an APR of 390 percent.
Minneapolis, MN 55433
Minneapolis, MN 55435
Saint Paul, MN 55113
Saint Paul, MN 55104
Minneapolis, MN 55420
Minneapolis, MN 55432
Saint Paul, MN 55103
Stillwater, MN 55082
Minneapolis, MN 55401
Minneapolis, MN 55416
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