Payday Loans in Ihlen, Minnesota

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

Company nameAddressZip codePhone number
Tanner Motors: Dodge Chrysler Jeep Ram Nissan 620 W Washington St, Brainerd, MN 56401 +1 (218) 829 - 3597
Citizens Alliance Bank 55 1st St NW, Clara City, MN 56222 +1 (320) 847 - 3702
United Prairie Bank 1141 3rd Ave, Mountain Lake, MN 56159 +1 (507) 427 - 2422
MidWestOne Bank 1650 Lake St S, Forest Lake, MN 55025 +1 (651) 464 - 2880
Financial Security Bank 1011 Atlantic Ave, Kerkhoven, MN 56252 +1 (320) 264 - 2161
Tawakal Money Express 1926 Chicago Ave, Minneapolis, MN 55404 +1 (612) 871 - 8232
Jon Wagner at Guaranteed Rate NMLS 331960 17685 Juniper Path Suite 300, Lakeville, MN 55044 +1 (651) 251 - 1738
National Bank of Commerce 2521 1st Ave, Hibbing, MN 55746 +1 (218) 263 - 4642
U.S. Bank Branch 3376 Northern Valley Pl NE, Rochester, MN 55906 +1 (507) 536 - 2444
Fidelity Investments 11450 Wayzata Blvd, Minnetonka, MN 55305 +1 (800) 409 - 6485

Payday Loan Companies in Nearby Cities

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

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

56140

Are Payday Loans Legal In Ihlen, 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

Ihlen, MN payday loan calculator

When unexpected expenses arise, many people in Ihlen, Minnesota turn to payday loans for financial relief. Payday loans are a type of short-term loan that can provide quick cash to borrowers who need it. While payday loans are legal in Minnesota, it is important to understand the risks and regulations associated with these loans before taking out one.

How do Payday Loans work in Ihlen?

Payday loans are typically small loans that are due on the borrower’s next payday. In Ihlen, borrowers can typically apply for payday loans from a storefront lender or online. To qualify for a payday loan, borrowers will need to provide proof of income and a valid ID. Many lenders will also require a post-dated check or electronic access to the borrower’s bank account for repayment.

The maximum amount borrowers can borrow with a payday loan in Minnesota is $350. Additionally, lenders cannot charge more than $15 in fees for every $100 borrowed. This means that the maximum finance charge on a $350 loan is $52.50. Lenders are also required to provide borrowers with a written contract that outlines the terms and conditions of the loan.

What are the risks of Payday Loans?

While payday loans can provide short-term financial relief, they also come with risks. One of the main risks of payday loans is high interest rates and fees. Borrowers who cannot repay their loan on time may be subject to additional fees and interest charges, which can quickly add up and make the loan unaffordable.

Another risk of payday loans is their short repayment terms. Borrowers who are unable to repay their loan on time may be tempted to roll over their loan, which involves taking out a new loan to cover the original loan plus fees. This can lead to a cycle of debt that is difficult to escape.

What are the regulations surrounding Payday Loans in Ihlen?

Payday loans are legal in Minnesota, but the state has implemented regulations to protect borrowers. Lenders are required to be licensed and follow certain rules, such as limiting the amount of interest and fees they can charge.

Minnesota law also requires lenders to provide borrowers with a repayment plan if they are unable to repay their loan on time. Additionally, lenders cannot charge borrowers additional fees for entering into a repayment plan.

Interesting facts about Payday Loans in Ihlen, Minnesota

  • In Minnesota, the average payday loan amount is $380.
  • Minnesota has one of the lowest maximum payday loan amounts in the United States.
  • 95% of payday loans in Minnesota are repaid on time.

Apply Now

If you need a payday loan in Ihlen, Minnesota, TheGuaranteedLoans can help connect you with lenders who may be able to provide you with the cash you need. We are not a direct lender, but a connector service that helps connect borrowers with potential lenders. To apply now, visit our website and fill out our online application form. We will work to match you with a lender who can meet your needs.

Conclusion

Payday loans can be a useful financial tool for borrowers who need quick cash. However, it is important to understand the risks and regulations associated with payday loans before taking out one. By being informed and working with a reputable lender, borrowers in Ihlen, Minnesota can use payday loans responsibly to address their financial needs.

F.A.Q.

What are the maximum loan amounts and fees for payday loans in Ihlen, Minnesota?

The maximum loan amount for a payday loan in Ihlen, Minnesota is $350, and the maximum finance charge is $15 per $100 borrowed.

How long do I have to repay a payday loan in Ihlen, Minnesota?

Payday loans in Ihlen, Minnesota must be repaid within 30 days.