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.
Testimonials
“When I had nowhere else to turn you were there for me when I needed a loan. You guys are the best”
- Michelle Stevenson
Tallahassee, FL
“I needed to get money fast! Thanks to you I was able to get the cash I needed in time to avoid an expensive late fee on my upcoming mortgage payment.”
- Brian Matthews
Seattle, WA