Payday Loans in Grandy, Minnesota

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

Company nameAddressZip codePhone number
Asa Auto Plaza of Austin 703 17th Ave NW, Austin, MN 55912 +1 (507) 433 - 1871
504 Corporation 1961 Premier Dr 202, Mankato, MN 56001 +1 (507) 625 - 6056
First National Bank 101 Lake Ave S, Battle Lake, MN 56515 +1 (218) 864 - 5275
Sterling State Bank 10 25th St SE, Rochester, MN 55904 +1 (507) 280 - 9600
Stearns Bank N.A. - Pine City 600 Hillside Ave SW, Pine City, MN 55063 +1 (320) 629 - 6713
Messelt Family Sales Messelt Auto 903 3rd St NE suite d, Roseau, MN 56751 +1 (218) 450 - 2277
Cornerstone Bank 451 3rd St, Green Isle, MN 55338 +1 (507) 326 - 3200
Citizens Alliance Bank 900 6th St, Howard Lake, MN 55349 +1 (320) 543 - 2151
Larry Anderson - State Farm Insurance Agent 806 10th St E 102, Glencoe, MN 55336 +1 (320) 864 - 5515
Community Bank 201 E Main St, Vernon Center, MN 56090 +1 (507) 549 - 3679

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Grandy, MN, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Minneapolis, MN, Payday Loans in Minnetonka, MN, Short-term Loans in Moorhead, MN, Payday Loans in Rochester, MN, Guaranteed Loans in Saint Cloud, MN, Payday Loans in Saint Paul, MN, Payday Loan Without a Credit Check in Savage, MN and No Credit Check 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 Grandy, MN.

Beautiful sights of Grandy, MN

Are Payday Loans Legal In Grandy, 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

Grandy, MN payday loan calculator

Payday Loans in Grandy, Minnesota: What You Need to Know

If you’re in a financial bind and need quick cash, a payday loan may seem like an appealing choice. But before you dive in, it’s important to understand the implications of taking out a loan and to know your rights as a borrower. In this article, we’ll provide an in-depth look at payday loans in Grandy, Minnesota, and what you need to know before applying for one.

What are Payday Loans?

Payday loans are short-term loans typically ranging from $100 to $1,500. They’re designed to provide quick access to cash, with the expectation that the borrower will pay off the loan in full (plus interest and fees) with their next paycheck. Payday loans are typically used as a last resort for individuals who need to cover unexpected expenses or to bridge the gap between paychecks.

Payday Loans in Grandy, Minnesota

In Minnesota, payday loans are legal, but there are regulations in place to protect borrowers. According to the Minnesota Department of Commerce, payday loans cannot exceed $350, and lenders are not allowed to charge fees that exceed 33% of the loan amount. Additionally, borrowers are limited to one loan at a time and cannot take out more than eight loans in a 12-month period.

Grandy, Minnesota, is a small town located in Isanti County. As of 2019, the population was just over 1500 people. While there are a handful of lenders in the area that offer payday loans, borrowers should be cautious when selecting a lender. It’s important to research the lender thoroughly and understand the terms and fees associated with the loan before signing on the dotted line.

What to Consider Before Taking Out a Payday Loan

While payday loans can provide temporary relief for those in need of quick cash, it’s important to consider the potential downsides before taking out a loan. Here are some key things to keep in mind:

High-Interest Rates and Fees

Payday loans are notorious for their high-interest rates and fees. According to the Consumer Financial Protection Bureau, the average interest rate for payday loans is 391%. Additionally, lenders may charge various fees such as origination fees, late fees, and prepayment penalties. These fees can add up quickly.

Debt Cycle

One of the biggest risks associated with payday loans is the potential to get stuck in a debt cycle. If you’re unable to pay off the loan by your next paycheck, you may be forced to take out another loan to cover the original loan and its associated fees. This cycle can be difficult to break and can lead to long-term financial hardships.

Impact on Credit Score

Payday loans are typically not reported to credit bureaus, so they won’t directly impact your credit score. However, if you’re unable to pay off the loan and it goes to collections, that will negatively impact your credit score.

Apply Now

If you’re in need of a payday loan, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender but rather a connector service. Fill out our online application, and we’ll match you with lenders that meet your specific needs. It’s important to remember that loans come with risks, so it’s important to read the terms and conditions carefully before accepting an offer.

Interesting Facts and Statistics about Payday Loans in Grandy, Minnesota

  • In 2019, there were 52 payday lending locations in Minnesota.
  • The average payday loan in Minnesota was $380 in 2019.
  • The average interest rate for a payday loan in Minnesota is 277%.
  • In 2019, Minnesotans took out over 385,000 payday loans.

Wrapping It Up

Payday loans may seem like a quick solution to financial troubles, but they come with risks and high fees. If you’re considering taking out a payday loan, it’s important to understand your rights as a borrower and to research lenders thoroughly. TheGuaranteedLoans can help connect you with potential lenders, but it’s up to you to make an informed decision and to read the loan terms carefully before accepting an offer.

F.A.Q.

Can I apply for a payday loan if I am a military member or veteran in Grandy, Minnesota?

Yes, you can apply for a payday loan in Grandy, Minnesota if you are a military member or veteran. However, it is recommended to explore other options, as military members and veterans have access to special financial resources and protections.

Are there any nonprofit organizations or government agencies that offer financial assistance in Grandy, Minnesota?

Yes, there are nonprofit organizations and government agencies in Grandy, Minnesota that offer financial assistance to individuals in need. These include organizations such as the Minnesota Office of Higher Education and the Minnesota Department of Human Services.