Payday Loans in Iona, Minnesota

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

Company nameAddressZip codePhone number
RiverWood Bank 1260 Paul Bunyan Dr NW, Bemidji, MN 56601 +1 (218) 751 - 8610
Associated Bank 2999 County Rd 42 W, Burnsville, MN 55306 +1 (651) 306 - 1831
Merchants Bank 316 Main St, La Crescent, MN 55947 +1 (507) 895 - 4486
Thrivent Financial 2308 S Broadway St 4, Alexandria, MN 56308 +1 (320) 763 - 5100
ATM Remer Junction Oil 6790 MN-6, Remer, MN 56672
Northwoods Bank of MN 1200 1st St E, Park Rapids, MN 56470 +1 (218) 732 - 7221
Security Bank & Trust Co. 735 11th St E, Glencoe, MN 55336 +1 (320) 864 - 3171
Initiative Foundation 405 1st St SE, Little Falls, MN 56345 +1 (877) 632 - 9255
Hoff's Insurance Specialist 225 N Benton Dr 214, Sauk Rapids, MN 56379 +1 (320) 654 - 8766
Grand Rapids Loan Co 423 NW 1st Ave, Grand Rapids, MN 55744 +1 (218) 326 - 6646

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Iona, MN

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

56141

Are Payday Loans Legal In Iona, 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

Iona, MN payday loan calculator

Payday loans are a popular form of short-term borrowing that can help you cover unexpected expenses. In Iona, Minnesota, payday loans are legal, which means you can apply for these loans without worrying about breaking any state laws. However, it’s important to understand how payday loans work and how to use them responsibly.

What is a Payday Loan?

A payday loan is a small, short-term loan that is usually due on your next payday. These loans are designed to help you cover unexpected expenses or bridge the gap between paychecks. Payday loans are intended to be used for short-term financial needs only and should not be used as a long-term borrowing solution.

Payday loans typically have higher fees and interest rates compared to traditional loans. However, they can be a convenient option if you need to borrow money quickly and don’t have access to other types of credit.

How Do Payday Loans Work in Iona, Minnesota?

In Iona, Minnesota, payday loans are legal and regulated by state law. The state has set limits on the amount of money you can borrow, the fees lenders can charge, and the duration of the loan.

According to Minnesota law, you can borrow up to $350 from a payday lender. The maximum term for a payday loan in Minnesota is 30 days. Lenders can charge a fee of up to $15 for every $100 borrowed. This means that if you borrow $100, you would need to repay the loan amount of $115. If you borrow $350, you would need to repay $402.50.

It’s important to note that lenders in Iona, Minnesota are required to be licensed by the state and must follow all state regulations. As a borrower, it’s important to verify that the lender you’re working with is properly licensed to operate in the state.

The Pros and Cons of Payday Loans

Before deciding to take out a payday loan, it’s important to weigh the pros and cons of this type of borrowing. Here are some of the benefits and drawbacks of payday loans:

Pros:

  • Payday loans can provide cash quickly when you have an urgent expense.
  • They may be easier to obtain than other forms of credit, especially if you have bad credit or no credit history.
  • Payday loans are a short-term solution, which means you won’t be in debt for a long time.

Cons:

  • Payday loans have higher fees and interest rates compared to other forms of credit.
  • They can lead to a cycle of debt if you’re unable to repay the loan on time.
  • The short repayment period can make it difficult to manage your finances if you’re not prepared to repay the loan in full.

Responsible Borrowing Tips

If you decide to take out a payday loan, it’s important to use the loan responsibly. Here are some tips to help you borrow responsibly:

  • Only borrow what you need and can afford to repay.
  • Read the terms and conditions carefully before signing the loan agreement.
  • Make sure you understand the fees and interest rates you’ll be charged.
  • Have a plan to repay the loan on time and avoid late fees or additional interest charges.
  • Avoid taking out multiple payday loans at once, as this can lead to a cycle of debt.

Interesting facts and statistics about Payday loans in Iona, Minnesota

  • Minnesota has one of the lowest average payday loan interest rates in the country, at 196% APR
  • According to a report by the Consumer Financial Protection Bureau, the average payday loan borrower takes out 10 loans per year.
  • The same report found that borrowers spend an average of $458 in fees for a $350 payday loan.

Apply Now

If you need to borrow money quickly to cover unexpected expenses, a payday loan may be an option to consider. TheGuaranteedLoans is a connector service that can help match you with potential lenders in Iona, Minnesota. We work with a network of trusted lenders who are licensed to operate in the state and follow all state regulations.

To apply for a payday loan through TheGuaranteedLoans, simply fill out our online application form. We’ll review your information and connect you with potential lenders who may be able to provide you with a loan. Keep in mind that we are not a direct lender and don’t make lending decisions.

Remember to borrow responsibly and only take out a loan if you’re able to repay it on time. Don’t hesitate to contact us if you have any questions about the loan process or our services.

F.A.Q.

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

Yes, late fees may be charged for a payday loan in Iona, 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 Iona, Minnesota unless they obtain a court order.