Payday Loans in Lansing, Minnesota

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

Company nameAddressZip codePhone number
Farmers Insurance - Mark Kelley 6409 City W Pkwy 101, Eden Prairie, MN 55344 +1 (952) 944 - 6400
Tom Stark - Mortgage Banker 530 N 3rd St 310, Minneapolis, MN 55401 +1 (651) 699 - 2525
First Financial Bank-Winnebago 1 S Main St, Winnebago, MN 56098 +1 (507) 893 - 3155
Heartland Credit Union 5500 S Robert Trail, Inver Grove Heights, MN 55077 +1 (651) 451 - 5160
Montray Insurance Agency 133 S Union St 102, Mora, MN 55051 +1 (320) 679 - 5000
First Community Credit Union 2315 N Acres Dr, Crookston, MN 56716 +1 (218) 281 - 5741
Community Bank 201 E Main St, Vernon Center, MN 56090 +1 (507) 549 - 3679
North Shore Mortgage 807 Cloquet Ave 100, Cloquet, MN 55720 +1 (218) 625 - 1263
Walmart Money Center 12200 River Ridge Blvd, Burnsville, MN 55337
Northveiw Bank 40 4th St SE, Deer River, MN 56636 +1 (218) 246 - 8221

Payday Loan Companies in Nearby Cities

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

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

55950

Are Payday Loans Legal In Lansing, 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

Lansing, MN payday loan calculator

Payday loans are a type of short-term lending that have become increasingly popular in recent years. For residents of Lansing, Minnesota, this is a viable option for accessing quick funding for unexpected expenses. This article explores what payday loans are, how they work in Lansing, Minnesota, and what to consider before applying for one.

What are Payday Loans?

A payday loan is a small-dollar, short-term loan that is designed to tide over an individual until their next payday. These loans are unsecured and usually have high-interest rates, with fees charged according to the amount borrowed.

In Lansing, Minnesota, payday loans are legal. However, the state has imposed regulations on the fees and interest rates that lenders can charge borrowers. This means that lenders must be licensed by the state, and borrowers are protected from excessive fees.

How do Payday Loans Work in Lansing, Minnesota?

When taking out a payday loan in Lansing, Minnesota, borrowers can typically request up to $350 in loan value. Once they have applied and been approved, they will be required to repay the loan, along with any fees and interest, within 30 days or by their next payday. There are no restrictions on how borrowers use the funds.

In Lansing, Minnesota, payday loan lenders cannot charge more than a 33% annual percentage rate (APR) on loans up to $1,000. For loans between $1,000 and $2,500, the APR is capped at 23%. In addition, the state limits the origination fee to no more than $30 for each $100 borrowed.

It is important to note that payday loans can be an expensive way to borrow money. Due to their high interest rates and fees, borrowers can find themselves in a cycle of debt if they are unable to repay the loan on time. Before taking out a payday loan, borrowers should carefully consider their options and ensure they can afford the repayment schedule.

What to Consider Before Applying for a Payday Loan in Lansing, Minnesota

Before applying for a payday loan in Lansing, Minnesota, borrowers should take the following factors into account:

  • State Regulations: As mentioned earlier, payday loan lenders in Lansing, Minnesota must be licensed by the state and abide by the fee and interest rate caps imposed.
  • Loan Amount: Payday loans in Lansing, Minnesota have a maximum loan value of $350. Borrowers should determine whether this amount is sufficient to meet their financial needs.
  • Interest Rates and Fees: As with any type of loan, payday loans come with fees and interest rates. Borrowers should ensure that they fully understand these fees before agreeing to the loan.
  • Repayment Schedule: Payday loans in Lansing, Minnesota must be repaid within 30 days or by the borrower’s next payday. Borrowers should carefully consider whether they will be able to afford this repayment schedule before applying.

Interesting Facts and Statistics about Payday Loans in Lansing, Minnesota

  • In Lansing, Minnesota, 435,414 payday loans were taken out in 2020, with a total loan amount of over $146 million
  • The average payday loan amount in Lansing, Minnesota is $335
  • Across the state of Minnesota, there are over 100 licensed payday loan lenders

Apply Now and Get Connected with Lenders

If you are considering a payday loan in Lansing, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but a connector service that provides access to multiple lenders with just one application, saving you time and effort.

Our online application process is simple, easy, and secure. Fill out the form on our website, and we will submit your application to our network of lenders. If a lender approves your application, you could receive the funds you need within one business day.

Apply now and get connected with lenders!

F.A.Q.

Can I take out multiple payday loans at the same time in Lansing, Minnesota?

No, Minnesota law limits consumers to only one outstanding payday loan at a time.

Are there any options for borrowers who are unable to repay their payday loan in Lansing, Minnesota?

Yes, borrowers who are unable to repay their payday loan can contact the Minnesota Department of Commerce for assistance and information about alternative forms of credit.