Payday Loans in Blomkest, Minnesota

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

Company nameAddressZip codePhone number
New American Funding 38880 Oakview Ave Ste. 3, North Branch, MN 55056 +1 (651) 333 - 3064
Bremer Bank 225 Lafayette St, Winona, MN 55987 +1 (507) 452 - 5202
Payee Central 700 Cedar St # 7, Alexandria, MN 56308 +1 (320) 763 - 4943
Skelly Timothy J CPA 220 South 6th St UNIT 300, Minneapolis, MN 55402 +1 (612) 376 - 4509
North Central Equity LLC 121 S 8th St UNIT 950, Minneapolis, MN 55402 +1 (612) 465 - 0260
Walmart Money Center 1881 E, Supercenter 1473, Madison Ave, Mankato, MN 56001
Fairway Independent Mortgage Corporation 275 E Lake St E Suite 101 Office 3, Wayzata, MN 55391 +1 (952) 240 - 7044
U.S. Bank Stadium Station S 4th St, Minneapolis, MN 55415 +1 (612) 369 - 4072
Gate City Bank 428 W Lincoln Ave, Fergus Falls, MN 56537 +1 (218) 998 - 7900
North Shore Mortgage 807 Cloquet Ave 100, Cloquet, MN 55720 +1 (218) 625 - 1263

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Blomkest, MN, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Minneapolis, MN, 24-Hour Loan in Minnetonka, MN, No Credit Check Loans in Moorhead, MN, 24-Hour Loan in Rochester, MN, Payday Loans in Saint Cloud, MN, Payday Loan Companies in Saint Paul, MN, Online Loans in Savage, MN and Same Day Loans in Shakopee, 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 Blomkest, MN.

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

56216

Are Payday Loans Legal In Blomkest, 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

Blomkest, MN payday loan calculator

Payday Loans in Blomkest, Minnesota: A Comprehensive Guide

Payday loans are a popular form of short-term lending in Minnesota, including in the small town of Blomkest. While these loans can provide much-needed funds in certain circumstances, there are also many risks involved. In this article, we’ll explore how payday loans work in Blomkest, what the regulations are, and how to stay safe as a borrower.

What Are Payday Loans?

Payday loans are a type of short-term borrowing that are typically due on the borrower’s next payday. They are designed to bridge the gap between paychecks when unexpected expenses arise. These loans are generally for small amounts, often ranging from $100 to $500, and come with high-interest rates and fees.

In Blomkest, Minnesota, payday loans are legal and subject to various state regulations.

Regulations for Payday Loans in Blomkest, Minnesota

Minnesota law requires that payday lenders be licensed through the Minnesota Department of Commerce. Lenders must comply with various restrictions, including:

  • Limits on the amount of the loan: A payday loan in Minnesota must be for $350 or less.
  • Limits on the interest rate: The maximum interest rate for a payday loan in Minnesota is 33% per year.
  • Limits on fees: Lenders can charge an origination fee of up to $5 and a fee of up to $15 for every $100 borrowed.
  • Limits on rollovers: Borrowers cannot renew or rollover a payday loan more than four times. Loans must be paid in full before a new loan can be issued.
  • Required disclosures: Lenders must provide borrowers with certain information, including the total cost of the loan, the annual percentage rate (APR), and the due date of the loan.

It’s important to note that while these regulations offer some protection to borrowers, payday loans can still be an expensive and risky form of borrowing.

How to Stay Safe When Borrowing Payday Loans in Blomkest

While payday loans can be a lifeline for borrowers in certain circumstances, they should be approached with caution. Here are some tips for staying safe when borrowing payday loans in Blomkest:

  • Read the fine print: Make sure to read all of the terms and conditions of the loan before signing on the dotted line.
  • Shop around: Look for lenders with the best rates and terms, and always compare multiple lenders before choosing one.
  • Consider alternatives: If possible, consider other options like credit cards, installment loans, or speaking with a credit counselor.
  • Budget carefully: Make sure you can afford to repay the loan in full by the due date.
  • Avoid rollovers: Rollovers can lead to a cycle of debt that can be difficult to escape. Only take out a payday loan if you’re confident you can pay it back in full on time.

Interesting Facts and Statistics about Payday Loans in Blomkest, Minnesota

  • The number of payday lenders in Minnesota dropped from 111 in 2016 to 82 in 2019.
  • In 2018, the average payday loan amount in Minnesota was $382.
  • The average APR on a payday loan in Minnesota is around 277%.
  • Minnesota borrowers typically use payday loans to cover basic living expenses, including rent, utilities, and groceries.

Apply for a Payday Loan in Blomkest, Minnesota Today

If you’re considering a payday loan in Blomkest, Minnesota, TheGuaranteedLoans can help you find a lender that meets your needs. Our online application process is quick and easy, and we’ll connect you with lenders who can provide the funds you need. Keep in mind that we are a connector service and not a direct lender. We work with a network of reputable lenders who are committed to responsible lending practices.

Don’t let unexpected expenses get in the way of your financial stability. Apply for a payday loan in Blomkest, Minnesota today with TheGuaranteedLoans and get the funds you need to get back on track.

F.A.Q.

Are there any fees or charges associated with payday loans in Blomkest, Minnesota?

Yes, there is a fee of $15.50 per $100 borrowed, which must be paid in addition to the loan amount.

Can I renew or extend my payday loan in Blomkest, Minnesota?

No, payday loans in Blomkest, Minnesota cannot be renewed or extended. You must repay the loan in full by the due date.