Fast Online Payday Loan [ MINNEAPOLIS ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Minneapolis Minnesota USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Minneapolis, MN installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Minneapolis, MN, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Minneapolis Minnesota Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| ACE Cash Express | 527 W Broadway, Minneapolis, MN 55411 | +1 612-522-4567 |
| Wings Credit Union | 527 S Marquette Ave #200, Minneapolis, MN 55402 | +1 952-997-8000 |
| OneMain Financial | 5109 Minnetonka Blvd, Minneapolis, MN 55416 | +1 952-926-1780 |
Other loan companies in cities near you:
| Company | Address | Phone |
|---|---|---|
| ACE Cash Express | 2761 Winnetka Ave N, New Hope, MN 55427 | +1 763-546-0443 |
| ACE Cash Express | 8314 MN-7, St Louis Park, MN 55426 | +1 952-935-7100 |
| ACE Cash Express | 6525 Nicollet Ave, Richfield, MN 55423 | +1 612-866-6505 |
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About Payday Loans in Minneapolis Minnesota
Navigating Small Short-Term Loans in Minneapolis, MN: Requirements and Terms
Facing an unexpected expense between paychecks can be a stressful experience. For many residents of Minneapolis, short-term loans like payday loans can appear to be a quick solution. However, it’s crucial to understand exactly what you’re signing up for. Minnesota state law provides specific regulations for these types of loans, offering some consumer protections that are stronger than in other states. This article will break down the minimum requirements to qualify and the critical terms you need to know before considering a short-term loan in Minneapolis.
Minimum Requirements for a Payday Loan in Minneapolis, MN
While individual lenders may have their own specific criteria, the foundational requirements to qualify for a payday loan in Minneapolis are governed by Minnesota state law. To be eligible, you must typically provide proof of the following:
- Age and Residency: You must be at least 18 years old and a legal resident of the United States. Lenders will require you to provide a valid, government-issued photo ID, such as a driver’s license or state ID card.
- Proof of Income: This is the most critical requirement. Lenders need assurance that you have a source of income to repay the loan. You must provide recent pay stubs, bank statements showing direct deposits, or documentation for other sources of steady income like Social Security or pensions.
- Active Bank Account: You are generally required to have an active checking account in your name. This account is used to deposit the loan funds and, crucially, to withdraw the repayment amount on the due date.
- Contact Information: You must provide valid contact details, including a working phone number and email address.
It’s important to note that Minnesota law prohibits lenders from issuing a new payday loan if you already have an outstanding one. Lenders are required to check a statewide database to enforce this rule.
Terms of Short-Term Loans in Minneapolis, Minnesota, USA
The terms for payday loans in Minnesota are strictly regulated by Chapter 47.60 of the Minnesota Statutes, often referred to as the Minnesota Payday Lending Law. These regulations set caps on costs and provide borrowers with important rights.
- Maximum Loan Amount: The smallest amount of your next two paychecks or 35% of your gross monthly income, whichever is less. In practice, most loans range from $100 to $350.
- Finance Charges and Fees: Minnesota law sets a strict maximum on the cost of a payday loan.
- Lenders can charge a maximum fee of $5.50 for every $50 borrowed for the first $250 of the loan.
- For any amount borrowed between $250 and $350, the fee is capped at $4 for every $50.
- This means the total fee on a $350 loan is capped at approximately $42.50.
- Annual Percentage Rate (APR): While the flat fee is the more relevant number for borrowers, the APR illustrates the extremely high cost of these loans when annualized. On a 14-day, $300 loan with a $33 fee, the APR would be 287%. This is lower than in many states where APRs can exceed 600%, but it is still a very high cost of credit.
- Loan Term: The minimum term of a payday loan in Minnesota is 14 days, but it cannot exceed 30 days. The loan must be scheduled to be repaid on or after your next payday but within one month.
- Right to Rescind (Cooling-Off Period): This is a critical consumer protection. A borrower has until the close of the next business day to cancel the loan agreement without any cost or penalty. They must return the principal loan amount to the lender to cancel.
- Extended Payment Plan: This is perhaps the most important protection under Minnesota law. If you are unable to repay your loan on the due date, you have the right to request an interest-free extended payment plan.
- You must request this plan before the close of the next business day after your default.
- The lender must grant it and allow you to pay back the loan in at least four equal installments over the next 60 days.
- Crucially, you can only use this once per 12-month period.
