Apply for a Quick Payday Loan [ ROCHESTER ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Rochester 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 – Rochester, 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 Rochester, 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 :: Rochester Minnesota Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Wings Credit Union | 4287 W Cir Dr NW, Rochester, MN 55901 | +1 952-997-8000 |
| OneMain Financial | 4220 US-52, Rochester, MN 55901 | +1 507-281-9906 |
| Altra Federal Credit Union | 3833 Cascade Crk Rd NW, Rochester, MN 55901 | +1 800-755-0055 |
| Mayo Employees Federal CU | 3990 41st St NW, Rochester, MN 55901 | +1 800-535-2129 |
| Mayo Employees Federal CU | 130 23rd Ave SW, Rochester, MN 55902 | +1 800-535-2129 |
| First Alliance Credit Union | 501 16th St SE, Rochester, MN 55904 | +1 507-288-0330 |
Find a Creditor Near You Using a Map
Credit companies in other cities, located near you:
- Minneapolis, MN
- St. Paul, MN
- Madison, WI
- Des Moines, IA
- Omaha, NE
- Sioux Falls, SD
Short-Term Loan Calculation Example for a Rochester, Minnesota Resident
Example Scenario: The Borrower
- Name: Sarah
- Location: Rochester, MN (Olmsted County)
- Need: $400 to cover an unexpected car repair until her next paycheck in two weeks.
- Loan Amount: $400
- Loan Term: 14 days
Example: A Payday Loan in Rochester, MN
Minnesota state law sets maximum rates and fees for payday loans.
- Maximum Fee: Lenders can charge a maximum of $5.50 per $100 borrowed for the first $350, and $2.50 per $100 for the amount over $350.
- Maximum APR: The Annual Percentage Rate (APR) will be very high because the fee is applied to a very short term.
Sarah’s Fee Calculation:
- On the first $350: $350 / $100 = 3.5 units. 3.5 x $5.50 = $19.25
- On the remaining $50 ($400 – $350): $50 / $100 = 0.5 units. 0.5 x $2.50 = $1.25
- Total Finance Charge: $19.25 + $1.25 = $20.50
What Sarah Pays Back:
- Principal: $400
- Finance Charge: + $20.50
- Total Due in 14 Days: $420.50
Calculating the APR (Annual Percentage Rate):
The APR shows the cost of the loan for a full year.
- Finance Charge per Day: $20.50 / 14 days = ~$1.46 per day.
- Finance Charge for a Year: $1.46 x 365 days = ~$534.90.
- APR: ($534.90 / $400) x 100 = ~133.73%
Summary of Example (Fast & Small Loan):
- Loan Amount: $400
- Term: 14 days
- Finance Charge: $20.50
- Total Repayment: $420.50
- APR: 133.73%
