Payday Loans in Kent, Minnesota

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

Company nameAddressZip codePhone number
Lendsmart Mortgage 1057 Madison Ave, Mankato, MN 56001 +1 (507) 388 - 8140
First Security Bank 106 5th St SE, Renville, MN 56284 +1 (320) 329 - 8373
Federal Reserve Bank of Minneapolis 90 Hennepin Ave, Minneapolis, MN 55401 +1 (612) 204 - 5000
Insurance Brokers of MN Chad Nelson 31061 Front St, Pequot Lakes, MN 56472 +1 (218) 568 - 4620
Wells Fargo Home Mortgage 201 E 7th St, Blue Earth, MN 56013 +1 (507) 387 - 9205
MoneyGram 106 E Lake St, Minneapolis, MN 55408 +1 (612) 824 - 2274
Advance Auto Parts 208 3rd St S, Cold Spring, MN 56320 +1 (320) 685 - 8233
State Bank of Delano 1300 Babcock Blvd, Delano, MN 55328 +1 (763) 972 - 2935
Merrill Lynch Wealth Management 510 22nd Ave E, Alexandria, MN 56308
Moorhead Motors LLC 2615 2nd Ave N 4, Moorhead, MN 56560 +1 (218) 443 - 0243

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Kent, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Andover, MN, Payday Loans in Burnsville, MN, Payday Loans in Cottage Grove, MN, Guaranteed Loans in Duluth, MN, Payday Loans in Eden Prairie, MN, 24-Hour Loan in Inver Grove Heights, MN, Payday Loans 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 Kent, MN.

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

56553

Are Payday Loans Legal In Kent, 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

Kent, MN payday loan calculator

Introduction

If you find yourself short on cash in Kent, Minnesota, a payday loan might seem like the perfect solution to your financial woes. Payday loans are legal in Minnesota, and they can be a great way to get emergency funds quickly. However, before you take out a payday loan, it’s important to understand how they work and the potential risks involved.

What are Payday Loans?

Payday loans are short-term loans typically given to borrowers who need cash fast. Loan amounts are usually limited to a few hundred dollars, and they are paid back within a few weeks. Payday loans are often used to cover emergency expenses like medical bills, car repairs, or utility bills. They are also popular with people who have bad credit or no credit history, who might not be able to get a traditional loan from a bank or credit union.

Payday loans are easy to get – all you need is a bank account and proof of income. Some lenders require a post-dated check or a debit authorization as collateral. The loan amount and fees are automatically deducted from your bank account on the due date.

How Do Payday Loans Work in Kent, Minnesota?

Payday loans are legal in the state of Minnesota, but there are some regulations that lenders must follow. The maximum loan amount in Minnesota is $350, and lenders cannot charge more than a 33% annual interest rate. Loans must be paid back within 30 days, and there is no rollover allowed.

In Kent, MN, you can find payday loan lenders in stores or online. When you apply for a payday loan, the lender will ask for your personal information, employment details, and bank account information. They may also require a post-dated check or a debit authorization as collateral.

Risks of Payday Loans in Kent, Minnesota

While payday loans can be a quick solution to your financial problems, they come with some risks. The high fees and interest rates associated with payday loans can put borrowers in a cycle of debt, where they have to keep taking out new loans to pay off old ones. Additionally, some lenders might use predatory practices, like hiding fees or offering loans with very short repayment terms, to take advantage of vulnerable borrowers. It’s important to read the terms and conditions of any loan carefully and to only borrow what you can repay.

Interesting Facts and Statistics about Payday Loans in Kent, Minnesota

  • Approximately 1 in 10 adults in Minnesota have used a payday loan in the past year.
  • The average payday loan in Minnesota is $380.
  • Payday lenders in Minnesota made over 385,000 loans in 2019.
  • The average annual interest rate for a payday loan in Minnesota is 272%, which is higher than the national average of 391%.

Apply Now

If you need emergency cash in Kent, Minnesota, TheGuaranteedLoans can help you connect with payday loan lenders. Simply fill out our online application, and we’ll match you with potential lenders who can provide the funds you need. Remember, we are a connection service, not a direct lender, so we cannot guarantee loan approval. However, we are committed to making the loan process as easy and stress-free as possible for our customers.

Conclusion

Payday loans can be a lifesaver in times of financial need, but they come with risks that borrowers should be aware of. Before taking out a payday loan in Kent, Minnesota, make sure you understand the terms and conditions of the loan and how much it will cost you in fees and interest. If you decide to apply for a payday loan, use a reputable lender and borrow only what you can repay. With careful planning and budgeting, you can successfully navigate the payday loan process and get the emergency funds you need.

F.A.Q.

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

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

Can I renew or rollover my payday loan in Kent, Minnesota?

No, renewing or rolling over a payday loan is not allowed in Kent, Minnesota.