Minnesota

State Payday Loan Law Information

Payday loans in Minnesota are restricted to amounts equal to or less than $350.  The maximum term of any loan is 30 days.  The maximum finance rates are $5.50 for amounts $0-$50, 10% plus $5 for amounts $51-$100, 7% with a minimum of $10 plus $5 for amounts $101-$250, 6% with a minimum of $17.50 plus $5 for amounts $251-$350.  Once the loan is in default there is a 2.75% rate per month.

There are no specified limits on the maximum number of outstanding loans at one time, cooling off periods, or repayment plans.

Collection fees are limited to $30 per NSF check.  Criminal action is undetermined.

 

<< Back