Payday Loans in Kensington, Minnesota

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

Company nameAddressZip codePhone number
Citizens Bank Minnesota 170 Meeker Ave N, Watkins, MN 55389 +1 (320) 764 - 2600
U.S. Bank ATM - Holiday Store MN-6, Garrison, MN 56450 +1 (800) 872 - 2657
First National Bank of Moose Lake 20 Hartman Dr, Moose Lake, MN 55767 +1 (218) 485 - 4441
HomeTown Bank 326 Broadway St, Cleveland, MN 56017 +1 (507) 934 - 3174
Walmart Money Center 955 Frontenac Dr, Winona, MN 55987 +1 (507) 452 - 0102
MPECU 30 W Superior St, Duluth, MN 55802 +1 (218) 336 - 1800
AgCountry Farm Credit Services 17 1st Ave NE, Elbow Lake, MN 56531 +1 (218) 685 - 5311
Central Minnesota Credit Union 641 Railroad Ave, Albany, MN 56307 +1 (888) 330 - 8482
Raymond James 1777 Bunker Lake Blvd NW, Andover, MN 55304
United States Postal Service 281 Kennedy Memorial Dr, Hoyt Lakes, MN 55750 +1 (800) 275 - 8777

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Kensington, 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 Loans in Minnetonka, MN, Online Loans in Moorhead, MN, No Credit Check Loans in Rochester, MN, Payday Loans in Saint Cloud, MN, Payday Loans in Saint Paul, MN, Online Loans 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 Kensington, MN.

Beautiful sights of Kensington, MN

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

56343

Are Payday Loans Legal In Kensington, 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

Kensington, MN payday loan calculator

Overview of Payday Loans in Kensington, Minnesota

Payday loans are a type of short-term loan that can provide quick cash to those who are in dire financial need. These loans typically have high-interest rates and fees, making them a controversial financial product that is heavily regulated in some parts of the country.

In Kensington, Minnesota, payday loans are legal. However, there are several regulations in place to protect consumers. In this article, we will discuss the regulations surrounding payday loans in Kensington and some things you should consider before taking one out.

Payday Loan Regulations in Kensington, Minnesota

While payday loans are legal in Kensington, the state of Minnesota has put in place several regulations to protect consumers. These regulations include:

  • Maximum loan amount: $350
  • Maximum loan term: 30 days
  • Finance charge: 10% of the loan amount, plus a $5 administrative fee
  • Annual percentage rate (APR): 390%

Furthermore, lenders in Minnesota are required to be licensed and must comply with state regulations. They are also required to provide borrowers with a clear contract that outlines the terms of the loan, including the APR, fees, and repayment terms.

The Pros and Cons of Payday Loans

While payday loans can be a useful tool for those who need quick cash, they also come with several drawbacks. Here are some of the pros and cons of payday loans:

Pros

  • Quick cash: Payday loans can provide borrowers with cash in a matter of hours, making them a great option for those who need money quickly.
  • No credit check required: Most payday lenders do not require a credit check, which can be helpful for those with poor credit scores who may not be able to qualify for other loan products.
  • Easy to qualify: Payday loans typically have minimal requirements, making them easy to qualify for. In most cases, borrowers must have an active checking account, proof of income, and identification.

Cons

  • High fees and interest rates: Payday loans typically have high-interest rates and fees, which can make them an expensive form of credit.
  • Short repayment terms: Payday loans are designed to be repaid quickly, typically within 30 days. This short repayment term can make it challenging for borrowers to repay the loan on time and avoid additional fees and interest charges.
  • Potential debt trap: If borrowers are unable to repay their payday loan on time, they may end up in a cycle of debt, taking out additional loans to cover the original loan and its fees.

It’s essential to carefully consider the pros and cons of payday loans before deciding to take one out. If you’re considering a payday loan in Kensington, make sure you understand the state’s regulations and the terms of the loan before signing a contract.

Interesting Facts About Payday Loans in Kensington, Minnesota

  • Approximately 6.5% of Minnesota residents have taken out a payday loan in the past year.
  • The total revenue for the payday lending industry in Minnesota in 2019 was $156 million.
  • Minnesota has the third-lowest maximum loan amount for payday loans in the United States.

Apply Now

If you’re considering a payday loan in Kensington, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is fast and easy, and we work with a network of trusted lenders who are committed to following state regulations and providing transparent loan terms.

It’s important to remember that TheGuaranteedLoans is a connector service, not a direct lender. We do not make lending decisions or determine loan terms. However, we will work with you to find a lender that meets your needs and provides you with a loan that is transparent and affordable.

Conclusion

Payday loans can be a useful financial tool for those who need quick cash. However, they also come with high fees and interest rates and can be a debt trap if not used responsibly. If you’re considering a payday loan in Kensington, Minnesota, make sure you understand the state’s regulations and the terms of the loan before signing a contract.

F.A.Q.

Are payday loans legal in Kensington, Minnesota?

Yes, payday loans are legal in Kensington, Minnesota.

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

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