Payday Loans in Cedar, Minnesota

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

Company nameAddressZip codePhone number
Bank of the West 120 N Mill St, Fergus Falls, MN 56537 +1 (218) 739 - 0200
Cornerstone Chevrolet 1005 MN-25, Monticello, MN 55362 +1 (763) 230 - 3600
Wells Fargo Bank 615 Hwy 55 E, Buffalo, MN 55313 +1 (612) 667 - 5000
Geneva Capital LLC 1311 Broadway St, Alexandria, MN 56308 +1 (320) 762 - 8400
TruStar Federal Credit Union 211 1st St NW, Menahga, MN 56464 +1 (218) 564 - 5678
Members Cooperative Credit Union: Tammy Hoveland Mortgage Loan Originator - NMLS 500118 210 6th Avenue Northeast Suite 1, Isanti, MN 55040 +1 (218) 625 - 8808
United States Postal Service 148 Broadway Ave S, Shevlin, MN 56676 +1 (800) 275 - 8777
Woody's Auto Sales Inc 29195 Randolph Blvd 100, Randolph, MN 55065 +1 (612) 280 - 2277
Wells Fargo Home Mortgage 17365 Kenyon Ave, Lakeville, MN 55044 +1 (952) 892 - 0928
NorthRidge Community Credit Union - Virginia 921 17th St S, Virginia, MN 55792 +1 (877) 672 - 2848

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cedar, 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, Quick Loan in Eden Prairie, MN, Payday Loans in Inver Grove Heights, MN, Payday Loans 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 Cedar, MN.

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

00000

Are Payday Loans Legal In Cedar, 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

Cedar, MN payday loan calculator

Understanding Payday Loans in Cedar, Minnesota

Payday loans can be a useful solution when you are in need of quick cash to cover unexpected expenses. These loans are short-term, high-interest loans that are typically due on your next payday.

If you are considering a payday loan in Cedar, Minnesota, it’s important to understand the regulations and requirements to make an informed decision about whether this type of loan is right for you.

Legal Status of Payday Loans in Cedar, Minnesota

Payday loans are legal in Minnesota, but they are subject to strict regulations to protect consumers. The Minnesota Department of Commerce regulates payday lenders to ensure that they operate within the law and do not engage in predatory lending practices.

Under Minnesota law, payday lenders are required to be licensed and must comply with a variety of regulations regarding interest rates, loan amounts, and fees. For example, the maximum loan amount for a payday loan in Minnesota is $350, and lenders may charge up to $15 for every $100 borrowed.

Requirements for Obtaining a Payday Loan in Cedar, Minnesota

If you are considering a payday loan in Cedar, Minnesota, you will need to meet certain requirements to qualify. These requirements vary from lender to lender, but they typically include:

  • Being 18 years of age or older
  • Having a checking account
  • Having a steady source of income
  • Providing proof of identity and income

It’s important to keep in mind that payday loans are intended to be short-term solutions for unexpected expenses and should not be used as a long-term financial solution. If you are struggling with long-term financial issues, you may want to consider other options such as a personal loan or credit counseling.

Benefits and Risks of Payday Loans

Payday loans can be a useful solution when you are in need of quick cash to cover unexpected expenses. One of the primary benefits of payday loans is that they do not require a credit check, which can be beneficial if you have poor credit or no credit history.

However, payday loans also come with risks and drawbacks. One of the main risks of payday loans is the high interest rate, which can make it difficult to repay the loan on time. If you are unable to repay the loan on time, you may be subject to additional fees and charges.

Another risk of payday loans is the potential for predatory lending practices. Some lenders may engage in unethical or illegal practices to try to extract more money from borrowers. It’s important to do your research and choose a reputable lender that operates within the law and treats its borrowers fairly.

Interesting Facts and Statistics about Payday Loans in Cedar, Minnesota

  • The average payday loan in Minnesota has an annual percentage rate (APR) of around 390%.
  • In 2019, Minnesota payday lenders made over 400,000 loans totaling over $152 million.
  • Approximately 20% of payday loan borrowers in Minnesota default on their loans.

Apply Now for a Payday Loan in Cedar, Minnesota

If you are in need of quick cash to cover unexpected expenses in Cedar, Minnesota, TheGuaranteedLoans can help. We are a connector service that can facilitate your connection with potential lenders and help you find the best loan option for your needs.

To get started, simply fill out our online application form, and we will connect you with lenders who may be able to offer you a payday loan. It’s important to keep in mind that we do not make loans ourselves and cannot guarantee that you will be approved for a loan.

If you are approved for a payday loan, it’s important to take the time to read and understand the terms and conditions before accepting the loan. If you have any questions or concerns, be sure to ask your lender before accepting the loan.

Remember, payday loans are a short-term solution for unexpected expenses and should not be used as a long-term financial solution. If you are struggling with long-term financial issues, you may want to consider other options such as a personal loan or credit counseling.

F.A.Q.

Can payday lenders seize my property in Cedar, Minnesota?

No, payday lenders in Cedar, Minnesota are not allowed to seize your property as collateral for a loan.

Are payday loans in Cedar, Minnesota regulated by the state government?

Yes, payday lending is regulated by the Minnesota Department of Commerce.