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.
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