Payday Loans in Hancock, Minnesota

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

Company nameAddressZip codePhone number
KO Storage of Maple Lake Cenex 4824 Hwy 55, Maple Lake, MN 55358 +1 (320) 316 - 3563
Marthaler Chevrolet of Glenwood 2200 MN-29, Glenwood, MN 56334 +1 (320) 634 - 6918
TCF Bank 8015 Den Rd, Eden Prairie, MN 55344 +1 (800) 823 - 2265
Members Cooperative Credit Union: Travis Betley Mortgage Loan Originator - NMLS 1223027 108 Minnesota Ave N, Aitkin, MN 56431 +1 (218) 625 - 8907
United Prairie Bank 1509 N State St, Waseca, MN 56093 +1 (507) 835 - 8180
Gale E Schmitz Ltd 103 3rd St E, Thief River Falls, MN 56701 +1 (218) 681 - 6008
U.S. Bank Branch 207 W Main St, Marshall, MN 56258 +1 (507) 532 - 1073
Foresight Bank 138 W Broadway, Plainview, MN 55964 +1 (507) 534 - 3131
Stearns Bank Equipment Finance Division 500 13th St, Albany, MN 56307 +1 (800) 247 - 1922
Christianson PLLP 194 S Litchfield Ave, Litchfield, MN 55355 +1 (320) 373 - 1040

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Hancock, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Andover, MN, Quick Loan in Burnsville, MN, Payday Loans in Cottage Grove, MN, No Credit Check Loans in Duluth, MN, Payday Loans in Eden Prairie, MN, Payday Loans in Inver Grove Heights, MN, Payday Loan Companies 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 Hancock, MN.

Beautiful sights of Hancock, MN

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

56244

Are Payday Loans Legal In Hancock, 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

Hancock, MN payday loan calculator

What You Need to Know About Payday Loans in Hancock, Minnesota

If you live in Hancock, Minnesota, and are in need of a short-term loan, you may be considering taking out a payday loan. These types of loans can be a useful tool when used responsibly, but it is important to educate yourself on the facts before making a decision. Here’s what you need to know about payday loans in Hancock, Minnesota.

What is a Payday Loan?

A payday loan is a short-term loan that is typically due on your next payday. These loans are intended to provide quick cash to cover unexpected expenses or financial emergencies. The application process is typically quick and easy, with most lenders allowing you to apply online or in person.

Are Payday Loans Legal in Minnesota?

Yes, payday loans are legal in Minnesota. However, there are certain regulations that lenders must follow. According to Minnesota law, payday lenders must be licensed by the state and cannot charge more than a certain amount in interest and fees. In addition, the maximum loan amount is $350, and the loan term cannot exceed 30 days.

How Do Payday Loans Work?

When you take out a payday loan, you will typically be required to provide the lender with a post-dated check or authorization for an electronic debit from your bank account. This check or debit will cover the amount of the loan, plus any interest and fees. On your next payday, the lender will cash the check or debit your account to collect the loan payment.

It is important to note that payday loans are meant to be short-term solutions and should not be used as a long-term financial strategy. The high interest rates and fees associated with these loans can quickly add up and leave you in a worse financial situation than before.

The Pros and Cons of Payday Loans

Like any financial product, payday loans have both pros and cons. Here are some things to consider:

  • Pros:
    • Quick access to cash in an emergency
    • Easier to qualify for than traditional loans
    • No credit check required in most cases
  • Cons:
    • High interest rates and fees
    • Short repayment period can lead to a cycle of debt
    • Risk of overdraft fees if the lender cashes your check before you have enough funds in your account

    Interesting Facts and Statistics About Payday Loans in Hancock, Minnesota

    Did you know that in 2019, there were approximately 77 licensed payday lending locations in Minnesota? In addition, the average borrower takes out 10 payday loans per year, with an average loan amount of $380. According to a study by the Federal Reserve, approximately 12 million Americans take out payday loans every year, with a total of $9 billion in fees paid annually.

    Apply Now

    If you have considered all the facts and have decided that a payday loan is the right choice for you, TheGuaranteedLoans can help. Our website connects borrowers with potential lenders, making it easy to apply for a loan online. It is important to remember that we are a connector service and not a direct lender. We will facilitate your connection with potential lenders, and it is up to you to decide whether or not to accept their terms.

    If you are facing a financial emergency and need cash fast, applying for a payday loan may seem like a good option. However, it is important to remember that payday loans are not a long-term financial solution and should only be used in emergencies. Always read the terms and conditions carefully and make sure you understand the total cost of the loan before accepting any offers.

    Take control of your finances today and apply for a payday loan through TheGuaranteedLoans.

F.A.Q.

Can I be charged late fees for a payday loan in Hancock, Minnesota?

Yes, late fees may be charged for a payday loan in Hancock, Minnesota if the loan is not paid on time.

Can a payday lender garnish my wages if I fail to repay the loan?

No, a payday lender cannot garnish your wages in Hancock, Minnesota unless they obtain a court order.