Payday Loans in Ashby, Minnesota

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No payday loan companies in Ashby, MN. Consider companies in other cities:

Company nameAddressZip codePhone number
Bremer Bank 113 E Front St, Brandon, MN 56315 +1 (320) 834 - 2249
Wells Fargo Home Mortgage 2000 Northwestern Ave S, Stillwater, MN 55082 +1 (651) 205 - 7354
Thrivent Financial-Lutherans 268 S Main St, Zumbrota, MN 55992 +1 (507) 732 - 7499
Brainerd Savings & Loan 524 S 6th St, Brainerd, MN 56401 +1 (218) 829 - 5183
Ron's Pawn Shop 2203 4th St NW, Austin, MN 55912 +1 (507) 437 - 1301
United Savings Credit Union 1407 US-10, Dilworth, MN 56529 +1 (701) 356 - 1360
1st United Bank 430 4th St NW, Faribault, MN 55021 +1 (507) 334 - 2201
Coulee Bank 1110 6th St NW, Rochester, MN 55901 +1 (507) 289 - 0137
SouthPoint Financial Credit Union 975 W Central St, Springfield, MN 56087 +1 (877) 794 - 6712
504 Corporation 1961 Premier Dr 202, Mankato, MN 56001 +1 (507) 625 - 6056

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ashby, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Andover, MN, Payday Loans in Burnsville, MN, Payday Loans in Cottage Grove, MN, Guaranteed Loans in Duluth, MN, Quick Loan in Eden Prairie, MN, Payday Loan for Inver Grove Heights, MN, Quick Loan in Lakeville, MN and Payday Loans in Mankato, MN. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Ashby, MN.

Beautiful sights of Ashby, MN

Payday Loans Available in Ashby, MN By The Following ZIP Codes:

56309

Are Payday Loans Legal In Ashby, Minnesota?

Loan Rates and Fees, Laws and Regulations in Minnesota.

Minnesota Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)200
Maximum Loan Amount$350
Minimum Loan TermNot Specified
Maximum Loan Term30 days
Number of Rollovers Allowed0
Finance Charges<$50 = $5.5; $50 - $100 = 10% + $5; $100 - $250 = 7% (min $10) + $5; $250 - $350 =6% (min $17.5) + $5

Ashby, MN payday loan calculator

Understanding Payday Loans in Ashby, Minnesota

When it comes to handling unexpected expenses, payday loans can be an option for people with bad credit or those who have been turned away from traditional banks. Payday loans are short-term, high-interest loans that are designed to be paid back on the borrower’s next payday. While they can be a quick fix for urgent financial needs, it’s essential to understand the risks and benefits before taking out a payday loan in Ashby, Minnesota.

The Legal Landscape of Payday Loans in Minnesota

In Minnesota, payday loans are a legal way to borrow money. However, the state has strict regulations in place to protect borrowers. The maximum amount a borrower can take out is $350, with a maximum loan term of 30 days. The interest rate on payday loans in Ashby, Minnesota, is capped at 33% APR. Lenders must also be licensed by the state, and any loan agreement must clearly state the fees and interest rates involved.

The Pros and Cons of Payday Loans

There are pros and cons to taking out a payday loan in Ashby, Minnesota. The main advantages are the speed and convenience of borrowing, as well as the minimal credit requirements. Borrowers also don’t need collateral, which can be an issue for those without assets to pledge as security.

On the other hand, payday loans come with high-interest rates, which can make them difficult to repay on time, resulting in accumulative debts and wasteful expenses. It’s essential to bear in mind that each missed payment will experience late fees and/or additional interest rates. This can lead to a spiral of debt and financial hardship that might be hard to escape from.

Facts and Statistics about Payday Loans in Ashby, Minnesota

  • Approximately 12% of the adult population in Minnesota has used a payday loan in the past year.
  • The average payday loan in Minnesota is around $380, which is below the statewide maximum allowed.
  • The average APR on payday loans in Minnesota is 199%.
  • 95% of Minnesotans who take out payday loans have to renew at least once, which accrues additional fees and interest rates.

Apply Now

TheGuaranteedLoans website is an online connector service that can help connect you with potential lenders to obtain a payday loan in Ashby, Minnesota. We are not direct lenders but facilitate connections for our customers, providing them with the best offers from over 100 trusted lenders in our network of financial lenders. Our process is free, and our online application is simple and can be completed in minutes. Apply today and get the financial help you need to get back on track.

Conclusion

Payday loans can be a useful tool for those who need quick cash or have poor credit history. However, they come with high-interest rates and other fees that should not neglect borrowers’ ability to repay the loans. When considering a payday loan in Ashby, Minnesota, always check the lender’s credentials and fees, as well as your ability to repay the loan. Remember, payday loans are not a long-term solution, and it’s important to borrow responsibly to prevent spiraling deeper into debt.

F.A.Q.

Are payday loans legal in Ashby, Minnesota?

Yes, payday loans are legal in Ashby, Minnesota.

What are the maximum loan amounts and fees for payday loans in Ashby, Minnesota?

The maximum loan amount for a payday loan in Ashby, Minnesota is $350, and the maximum finance charge is $15 per $100 borrowed.