Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Minnesota.
Minnesota Payday Loan Laws
Minnesota Legislation State Information
Legal Status: Legal
Citation:
Minn. Stat. § 47.60 et seq.
Payday 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%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Not Specified
Rollovers Permitted: None -cannot repay with proceeds of another loan by same lender
Cooling-off Period:
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations
85 7th Place East, Suite 500 St.
Adrian Albion Allen Park Allendale Alma Alpena Ann Arbor Auburn Hills Battle Creek Bay City Beecher Benton Harbor Berkley Beverly Hills Big Rapids Birmingham Bloomfield Township Bridgeport Brighton Buena Vista Burton Cadillac Canton Carrollton Center Line Charlotte Clawson Clinton Coldwater Comstock Park Cutlerville Dearborn Dearborn Heights Detroit Dowagiac East Grand Rapids East Lansing Eastpointe Eastwood Ecorse Escanaba Fair Plain Farmington Farmington Hills Fenton Ferndale Flat Rock Flint Flushing Forest Hills Fraser Garden City Grand Blanc Grand Haven Grand Ledge Grand Rapids Grandville Greenville Grosse Ile Grosse Pointe Farms Grosse Pointe Park Grosse Pointe Woods Hamtramck Harper Woods Harrison Haslett Hastings Hazel Park Highland Park Hillsdale Holland Holly Holt Houghton Howell Hudsonville Huntington Woods Inkster Ionia Iron Mountain Ironwood Ishpeming Jackson Jenison Kalamazoo Kentwood Lambertville Lansing Lapeer Lincoln Park Livonia Ludington Madison Heights Manistee Marquette Marshall Marysville Mason Melvindale Menominee Midland Milford Monroe Mount Clemens Mount Pleasant Muskegon Muskegon Heights New Baltimore Niles Northview Northville Norton Shores Novi Oak Park Okemos Owosso Petoskey Plymouth Plymouth Township Pontiac Port Huron Portage Redford River Rouge Riverview Rochester Rochester Hills Romulus Roseville Royal Oak Saginaw Saginaw Township North Saginaw Township South Saline Sault Ste. Marie Shelby Shields South Lyon South Monroe Southfield Southgate St. Clair Shores St. Johns St. Joseph Sterling Heights Sturgis Taylor Tecumseh Temperance Three Rivers Traverse City Trenton Troy Walker Walled Lake Warren Waterford Waverly Wayne West Bloomfield Township Westland Westwood Whitmore Lake Wixom Woodhaven Wyandotte Wyoming Ypsilanti |
Alcona County Alger County Allegan County Alpena County Antrim County Arenac County Baraga County Barry County Bay County Benzie County Berrien County Branch County Calhoun County Cass County Charlevoix County Cheboygan County Chippewa County Clare County Clinton County Crawford County Delta County Dickinson County Eaton County Emmet County Genesee County Gladwin County Gogebic County Grand Traverse County Gratiot County Hillsdale County Houghton County Huron County Ingham County Ionia County Iosco County Iron County Isabella County Jackson County Kalamazoo County Kalkaska County Kent County Keweenaw County Lake County Lapeer County Leelanau County Lenawee County Livingston County Luce County Mackinac County Macomb County Manistee County Marquette County Mason County Mecosta County Menominee County Midland County Missaukee County Monroe County Montcalm County Montmorency County Muskegon County Newaygo County Oakland County Oceana County Ogemaw County Ontonagon County Osceola County Oscoda County Otsego County Ottawa County Presque Isle County Roscommon County Saginaw County Sanilac County Schoolcraft County Shiawassee County St. Clair County St. Joseph County Tuscola County Van Buren County Washtenaw County Wayne County Wexford County |
Tags: cash advance, cash advance payday loan minnesota, no fax payday loan minnesota, payday loan minnesota, Payday Loans Minnesota, payday loans online

Entries (RSS)