Payday Loans in Bovey, Minnesota

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

Company nameAddressZip codePhone number
Lake Area Bank 808 W Broadway Ave, Forest Lake, MN 55025 +1 (651) 464 - 9001
Bremer Bank 11800 Singletree Ln, Eden Prairie, MN 55344 +1 (952) 944 - 6262
Lake Area Bank 12790 N 1st Ave, Lindstrom, MN 55045 +1 (651) 257 - 1117
Advance Auto Parts 208 3rd St S, Cold Spring, MN 56320 +1 (320) 685 - 8233
A.G. Management Service & Baker/Axelson 128 Main St, Wanamingo, MN 55983 +1 (507) 932 - 3593
Minnesota First 660 W Bridge St, Owatonna, MN 55060 +1 (507) 451 - 1705
ACE Cash Express 2761 Winnetka Ave N, New Hope, MN 55427 +1 (763) 546 - 0443
Wells Fargo Home Mortgage 206 E Hickory St, Mankato, MN 56001 +1 (507) 387 - 9236
Olson Steven R CPA 1305 Dale St, Thief River Falls, MN 56701 +1 (218) 681 - 6977
Northern Communities Credit Union 800 S 16th Ave W, Virginia, MN 55792 +1 (218) 279 - 3200

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bovey, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Andover, MN, Payday Loans in Burnsville, MN, Payday Loans in Cottage Grove, MN, Payday Loans in Duluth, MN, Payday Loans in Eden Prairie, MN, Payday Loans in Inver Grove Heights, MN, Payday Loan Without a Credit Check in Lakeville, MN and Payday Loan Without a Credit Check 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 Bovey, MN.

Beautiful sights of Bovey, MN

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

55709

Are Payday Loans Legal In Bovey, 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

Bovey, MN payday loan calculator

Understanding Payday Loans in Bovey, Minnesota

Life is full of surprises, and sometimes those surprises come with a hefty price tag. Whether it’s an unexpected car repair, medical expense, or simply an overdue bill, financial emergencies can be stressful and overwhelming. In situations like this, many people turn to payday loans as a solution. Payday loans in Bovey, Minnesota are a viable option for people who need quick cash and have limited or no access to traditional lending services.

What are Payday Loans?

Payday loans are a short-term loan option for people who need money quickly. They are typically offered by non-traditional lenders and are designed to be repaid within a few weeks, or when the borrower’s next paycheck arrives. Payday loans usually come with high interest rates, and lenders often require that borrowers provide proof of income, employment, and a bank account.

Are Payday Loans Legal in Minnesota?

Yes, payday loans are legal in Minnesota. However, there are regulations in place to protect consumers from predatory lending practices. Minnesota law limits payday loan amounts to $350, with a maximum loan term of 30 days. Lenders cannot charge more than 33% interest on loans under $350, and must be licensed by the state to provide this service.

How Do Payday Loans Work in Bovey, Minnesota?

Getting a payday loan in Bovey, Minnesota is a straightforward process. Almost any adult with a job and a bank account can apply for a payday loan. Borrowers simply need to provide a few basic pieces of information, including proof of income, employment, and identification. Once the application is submitted, the lender will assess the borrower’s ability to repay the loan and will determine the loan amount and interest rate.

Once the loan is approved, the borrower must repay the loan in full, including interest and any fees, on the next payday. If the borrower cannot repay the loan on time, they may be able to roll the loan over, but this can result in additional fees and interest charges.

Pros and Cons of Payday Loans in Bovey, Minnesota

As with any financial product, there are both advantages and disadvantages to using payday loans in Bovey, Minnesota. Here are a few key factors to consider:

Advantages:

  • Quick cash when you need it most: Unlike traditional loan products, payday loans can provide fast access to cash for emergencies.
  • No credit check required: Payday lenders typically do not require a credit check, making them a viable option for people with poor credit or no credit history.

Disadvantages:

  • High interest rates: Payday loans come with high interest rates, sometimes as high as 400%. This can result in significant debt if the loan is not repaid on time.
  • Additional fees: Payday lenders may charge additional fees, such as application fees, late payment fees, or loan rollover fees.
  • Can lead to a cycle of debt: Rolling over payday loans can lead to a cycle of debt, where borrowers take out new loans to pay off old ones.

Interesting Facts About Payday Loans in Bovey, Minnesota

Here are a few interesting facts about payday loans in Bovey, Minnesota:

  • According to a study by the Minnesota Department of Commerce, the average payday loan in Minnesota is $380.
  • In 2019, Minnesotans took out more than 385,000 payday loans, totaling $146 million in loans.
  • Minnesota law requires payday lenders to provide borrowers with a written loan agreement that includes all terms and conditions of the loan.

Apply Now for a Payday Loan in Bovey, Minnesota

If you’re in need of quick cash for an emergency in Bovey, Minnesota, TheGuaranteedLoans can help. As a loan connector service, we work with a network of trusted lenders who can provide payday loans to eligible borrowers. Simply fill out our online application to get started. Remember, payday loans are a short-term solution and should not be used for long-term financial problems. Always borrow responsibly and repay your loans on time.

F.A.Q.

Can I file a complaint about a payday lender in Bovey, Minnesota?

Yes, if you have a complaint about a payday lender in Bovey, Minnesota, you can file a complaint with the Minnesota Department of Commerce.

Is it possible to negotiate a payment plan with a payday lender in Bovey, Minnesota?

Yes, if you are unable to repay your payday loan in full by the due date, you can contact your lender to see if they are willing to negotiate a payment plan.