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Payday Loans Minnesota

Minnesota State – Payday Loans Information

Payday loans Minnesota are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $350

Loan Term: Max: 30 days

Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)

Finance Charge for 14-day $100 loan: $15

APR for 14-day $100 loan: 390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified

Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)

Cooling-off Period: N/A

Repayment Plan: N/A

Collection Limits:

Collection Fees: $30 NSF fee

Criminal Action: N/A

Call for Cash: +1 (855) 462-5019

State Regulator

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