It can be quite easy to find yourself in a financial pinch during economically hard times, especially if you are living from paycheck to paycheck. Unexpected emergencies can leave you strapped for cash and exert incredible financial pressures and stress on you and your family.
Residents of Minnesota, however, can find financial relief in fast, short-term cash advances. Minnesota payday loans provide almost immediate funds so that you can meet your specific financial requirements without getting bogged down with long-term loan payments. You simply must utilize lenders that abide by Minnesota laws governing payday advances. Loans can be obtained via in-state licensed lenders or online lenders that abide by state law.
Reasons for Obtaining Minnesota Payday Loans
The reasons why you might require rapid Minnesota payday cash advances are numerous. When you are short of cash between paydays, you might experience a number of emergencies requiring quick payment such as a sudden illness, children requiring school funds, a vehicle breakdown, malfunction of heating or air conditioner, plumbing, or other home system, or you may want to get away from it all by taking a vacation at the spur of the moment.
Payday loans are provided at high interest rates and service fees. However, they meet the immediate need and are usually repaid within 31 days so the loan is settled rapidly as well. Minnesota payday advances are excellent options for those times when you require instant cash to overcome those unexpected emergencies.
How to Obtain Michigan Payday Advances
Minnesota payday cash advances can be obtained by applying at licensed state lending offices or through online companies that provide loans to Minnesota residents. Acquiring payday loans over the Internet allows quick receipt of required cash amounts conveniently from the comfort of your office or home. However, take care to research online payday loan lenders to ensure that they adhere to Minnesota state laws.
have selected a lender, you will be required to complete an application that consists of basic information, the desired cash loan amount, and the date of repayment. You will also need to supply a form of identification, bank account information, and proof of employment or a regular form of governmental payment such as disability, Social Security, etc. Some lenders may also require that you supply a personal check that is post-dated for the repayment date.
Your Minnesota payday loan application is then submitted for approval, which normally takes between an hour and up to the next business day. Approved funds are then deposited into your supplied account for immediate use. Loans are repaid on the repayment date by paying in person at the Minnesota payday lender location, via a provided post-dated check, or through direct withdrawal from your back account.
Regulations for Minnesota Payday Loans
Minnesota residents can acquire up to a maximum amount of $350 for a payday loan. Since no loan extensions, or rollovers, are allowed within the state, Minnesota payday advances must be repaid within the 30-day maximum limit. The number of loans that a resident can obtain is not specified under Minnesota payday loan law.
Finance charges and fees that lenders can apply to a payday advance Minnesota loan are restricted to certain amounts. Those amounts are $5.50 up to a $50 loan, 10 percent plus $5 from $51-$100, 7 percent (minimum $10) plus $5 from $101-$250, and 6 percent (minimum $17.50) plus $5 for loans ranging from $251-$350. The APR equates to $15 or 390% on a 14-day loan of $100. A single non-sufficient fund (NSF) fee of $30 can be charged.
Minnesota Payday Loan Information
Additional information on Minnesota payday loans can be acquired by contacting the following department.
- Minnesota Department of Commerce
Division of Financial Examinations
85 7th Place East, Suite 500
Category: Payday loans