The state of Minnesota is another state that has fairly strict payday loan laws and regulations. The state wants to protect its citizens, especially those with low income, from predatory lending organizations. To keep these companies in check, Minnesota has imposed a relatively low $350 maximum loan amount. In addition to this low loan amount, the maximum finance rates are extremely low compared to other states.
On a $100 loan in Minnesota, you’ll pay back just $115 making it very good for borrowers but not particularly good for payday loan companies. This has led to many companies offering alternative loans with higher dollar amounts and longer repayment times.
Minnesota Pay Day Loan Laws
Maximum Loan Amount: $350
Maximum Finance Rate: $5.50 on $0-$50; 10%+$5 on $51-$100; 7% + $5 on $101-$250; 6% + $5: on $251-$350; After default you’ll pay 2.75% per month
Annual Percentage Rate For 14 Day $100 Loan: 390%
Minimum Payoff Time: 1-30 days
Extensions Allowed: None
Top 5 Minnesota Payday Loan Companies
147 Division Street
Waite Park, MN
(612) 843-5150
unbankcompany.com
Unbank has been in operation since 1984 and has 16 locations in the Twin Cities area.this company is primarily a check cashing service but they also have a large payday loan segment in their stores. This company allows you to get short-term loans to cover any kind of unexpected expenses up to the state maximum of $350. On the official website you can print out their application and fill it out at home seeking save time and you visit them
785 53rd Avenue Northeast
Fridley, MN
(763) 571-1962
paydayamerica.com
Payday America has dozens of convenient locations in the Minneapolis area and you can get a payday loan easily at any one of them as long as you have the required information. This is one of few companies that is able to provide loans of almost any dollar amount you need via payday loan were alternative loan that goes directly onto a prepaid MasterCard. All of the fees from amounts between $100-$1000 are conveniently listed on the official website.
8187 University Ave NE
Spring Lake Park, MN
(763) 786-8066
your-exchange.com
Your Exchange bills itself as a one-stop shop personal financial services. This company buys gold and jewelry, handles check and money orders,does paycheck advances, Western Union, is an official Boost cell phone dealer, allows you to electronically pay bills, and even buys unwanted gift cards. Cash advances are limited to $200 with this company.
1532 University
Saint Paul, MN
(651) 645-3965
acecashexpress.com
Ace Cash Express offers residents of Minnesota or any other state a huge variety of financial services. This company is best known for short-term payday loans up to the maximum the state allows. In this state, you can only get up to $350 including any fees imposed by the company itself. Ace will typically want you to provide a handful of paycheck stubs so they can help determine how much you can successfully pay back and when.
478 Lexington Parkway North
Saint Paul, MN
(952) 697-5266
unloan.com
Unloan was established in 2003 as a company that provides alternative solutions to those turned down by traditional banking institutions. Today this company has over 17 locations around Minnesota. You can cash your checks here, send money via Western Union, and get payday loans. In this state the maximum amount you can borrow is $350 and you can be approved in just a couple of minutes after you fill out the application and speak to a representative.