Minnesota Payday Loans
You bounce a check or are late on bills and you pay a penalty fee. You get a payday loan and you pay an interest rate. But no matter what it's called or how it's measured, the cost is in dollars. So sometimes payday loans are the cheapest option. This page has what we have found are the lowest online loan rates for people living in Minnesota. If you know of a online lender with cheaper rates for your state, please contact us.
PaydayOne.com
Finance Charges
| Loan Amount |
Interest and Fees |
Total Due |
APR 14 days |
| $100 | $22.50 | $122.50 | 586.61% |
| $150 | $33.75 | $183.75 | 586.61% |
| $200 | $45.00 | $245.00 | 586.61% |
| $250 | $56.25 | $306.25 | 586.61% |
| $300 | $67.50 | $367.50 | 586.61% |
| $350 | $78.75 | $428.75 | 586.61% |
| $400 | $90.00 | $490.00 | 586.61% |
| $450 | $101.25 | $551.25 | 586.61% |
| $500 | $112.50 | $612.50 | 586.61% |
Terms
The maximum payday loan for Minnesota residents is $500.The maximum loan term is 41 days.
Requirements
You must be at least 18 years old and have:- A job or proven source of income
- An email address
- A verifiable phone
- A checking account in good standing (PayDay One defines an account in good standing if it shows 30 days of transaction history without any non-sufficient fund transactions, returned checks, overdraft charges, or negative account balances.)
Guarantee
If you find a lower price from another similarly licensed online lender we'll match it.CashCentral.com
Finance Charges
| Loan Amount |
Interest and Fees |
Total Due |
APR 14 days |
| $100 | $25 | $125 | 651.79% |
| $200 | $50 | $250 | 651.79% |
| $300 | $75 | $375 | 651.79% |
| $400 | $100 | $500 | 651.79% |
| $500 | $125 | $625 | 651.79% |
| $600 | $150 | $750 | 651.79% |
| $700 | $175 | $875 | 651.79% |
| $800 | $200 | $1000 | 651.79% |
| $900 | $225 | $1125 | 651.79% |
| $1000 | $250 | $1250 | 651.79% |
Terms
The maximum payday loan for Minnesota residents is $1000.The maximum loan term is 18 days.
Requirements
You must be at least 18 years old and:- Have been employed three months or longer.
- Take home a minimum of $1,000 monthly (after taxes).
- Have a valid checking account in your name.
- Have current (and valid) home and work telephone numbers.
- Be a U.S. citizen.
Relevant Legal Excerpts for Minnesota Payday Loans
Section 47.60 Consumer small loans.
Subdivision 1. Definitions.
For purposes of this section, the terms defined have the meanings given them:
(a) "Consumer small loan" is a loan transaction in which cash is advanced to a borrower for the borrower's own personal, family, or household purpose. A consumer small loan is a short-term, unsecured loan to be repaid in a single installment. The cash advance of a consumer small loan is equal to or less than $350. A consumer small loan includes an indebtedness evidenced by but not limited to a promissory note or agreement to defer the presentation of a personal check for a fee.
(b) "Consumer small loan lender" is a financial institution as defined in section 47.59 or a person registered with the commissioner and engaged in the business of making consumer small loans.
Subd. 2. Authorization, terms, conditions, and prohibitions.
(a) In lieu of the interest, finance charges, or fees in any other law, a consumer small loan lender may charge the following:
(1) on any amount up to and including $50, a charge of $5.50 may be added;
(2) on amounts in excess of $50, but not more than $100, a charge may be added equal to ten percent of the loan proceeds plus a $5 administrative fee;
(3) on amounts in excess of $100, but not more than $250, a charge may be added equal to seven percent of the loan proceeds with a minimum of $10 plus a $5 administrative fee;
(4) for amounts in excess of $250 and not greater than the maximum in subdivision 1, paragraph (a), a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee.(b) The term of a loan made under this section shall be for no more than 30 calendar days.
(c) After maturity, the contract rate must not exceed 2.75 percent per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.
(d) No insurance charges or other charges must be permitted to be charged, collected, or imposed on a consumer small loan except as authorized in this section.
(e) On a loan transaction in which cash is advanced in exchange for a personal check, a return check charge may be charged as authorized by section 604.113, subdivision 2 (a). The civil penalty provisions of section 604.113, subdivision 2 paragraph (b), may not be demanded or assessed against the borrower.
(f) A loan made under this section must not be repaid by the proceeds of another loan made under this section by the same lender or related interest. The proceeds from a loan made under this section must not be applied to another loan from the same lender or related interest. No loan to a single borrower made pursuant to this section shall be split or divided and no single borrower shall have outstanding more than one loan with the result of collecting a higher charge than permitted by this section or in an aggregate amount of principal exceed at any one time the maximum of $350.
DISCLAIMER: The documentation on this site is for informational purposes only and is not intended to be a legal substitute for the official versions. There is no guarantee for accuracy, completeness, or timeliness of the information provided. Refer to the lender for the fees charged or other loan questions. Consult with your legal advisor for help in interpreting individual statutes. All ownership rights for the material not original to this site remain with the respective copyright holders.