Minnesota Payday Loans

In the state of Minnesota payday loans are legal. The state provides for a comprehensive legal framework for payday loan lenders. The state keeps a cap of $350 that can be borrowed as Minnesota payday loans. You generally get these loans for financial institutions specifically authorized for the purpose. These financial institutions are mostly companies. If you are dealing with a reputable Minnesota payday loans company, it can not give you more than $350. This is something legally stipulated and a payday loan lender is required to abide by this. You are suggested to be leery of any lender who offers more than this.

The interest rate your Minnesota payday loans lender can charge you varies with the loan amount. Your lender can charge $5.50 for an amount up to $50. It is 10% + $5 on a loan amount from $50-$100. $5 here is for administrative fees. It is 7% or a minimum of $10 + $5 on an amount ranging from $101 to $250. And it is 6% or $17.65 minimum + $5 as administrative fees towards an amount ranging from $251-$350. You can borrow this loan for a maximum duration of 30 days. If you borrow a loan amount of $100 for a period of 14 days, the finance charge on this will be $15. The APR on this is 390%. The state authorizes Minnesota payday loans lenders to charge $30 towards NSF in the event of default to pay the loan on the stipulated date.

Minnesota Payday Loans: Laws & Regulations

The state disallows rollovers. Rollover means repaying the Minnesota payday loans fee again each time you renew your loan. The loan amount, however, stands unpaid. The state disallows Minnesota payday loans splitting or loan separating process and then charging individual interest rate on each split amount. The state law requires loan terms be reduced to a loan agreement signed by both parties.

minnesota payday loans

The loan agreement should provide for the trade name of the cash advance company, and the name, address and phone number of the Department of Commerce. The loan agreement should also clearly mention the amount of the loan, and provide a clear explanation as to the duties of the borrower. Minnesota payday loans lenders are allowed private right of action in seeking to collect delinquent payday loans.

Checks R Us

This Minnesota payday loans provider offers a wide arrangement of financial products and services. These include check cashing, payday loans, ATM, western union, money orders, bus passes, phone and phone card, loans including title loans and short term cash advances. They claim to provide their customers the latest information and current services. They also claim to deal with their customers with extensive knowledge and expertise they have gained over a period of time in the industry. They have been providing services for more than two decades. You can either apply online or visit their branch office closest to you. All you have to do is provide them with basic information about yourself which the lender asks. Give them a call at 651-772-3343 or visit their website at www.chex-r-us.com.

The Unbank Company

This Minnesota payday loans company offers a wide arrangement of services. This includes check cashing, wire transfer, money orders, goods and services like go cards, bus passes, prepaid Visa cards, and prepaid long distance calling cards. This lender claims to provide flexibility which ordinary banks cannot. They provide for a convenient bank alternative to increase their customer’s financial options with a location open every day of the year. They have been providing their services since 1984. All you have to do is provide them with basic information about yourself. Visit their local branch personally or fill an online application form. Give them a call at 651-641-1038 or visit their website at www.unbankcompany.com.

AmeriCash Loans

This Minnesota payday loans lender offers a wide arrangement of loans from installment loans, checkbook loans, and payday loans. This lender claims to fill the niche for those turned away by traditional banks and in search of a better alternative to the payday loan. All you have to do is fill out an easy online application form and provide them with some information about yourself. Visit their local branch that’s most convenient to you. Give them a call at 405-737-2900 or visit their website at www.americashloans.net.

If you’ve had a good or a bad experience with a specific Minnesota payday loans company, please share it with the rest of us so we can all benefit from the information. Also, if you have any questions about Minnesota payday loans, you can ask them here, and either one of our staff or another visitor will answer it the same day.

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