Payday Loans in Lengby, Minnesota

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

Company nameAddressZip codePhone number
K A Moe & Associates Accounting 701 8th St SE 2, Kasson, MN 55944 +1 (507) 634 - 4314
Raymond James Financial Services 2210 MN-29, Alexandria, MN 56308 +1 (320) 762 - 3704
Members Cooperative Credit Union 1299 MN-33 S, Cloquet, MN 55720 +1 (218) 879 - 3304
Citizens Bank Minnesota 170 Meeker Ave N, Watkins, MN 55389 +1 (320) 764 - 2600
North Shore Mortgage 807 Cloquet Ave 100, Cloquet, MN 55720 +1 (218) 625 - 1263
Golden Fenders 700 2nd St, Jackson, MN 56143 +1 (507) 847 - 4197
Members Cooperative Credit Union 605 W Central Entrance, Duluth, MN 55811 +1 (218) 625 - 8500
Sunvold Accounting 222 3rd St SW, Willmar, MN 56201 +1 (320) 231 - 3880
Brenda Fischer - State Farm Insurance Agent 29 Central Ave N, Elbow Lake, MN 56531 +1 (218) 685 - 4335
Comfort Keepers Home Care 1206 25th St S Unit S, Moorhead, MN 56560 +1 (701) 204 - 4039

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lengby, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Andover, MN, Payday Loan for Burnsville, MN, No Credit Check Loans in Cottage Grove, MN, Payday Loans in Duluth, MN, Bad Credit Loans in Eden Prairie, MN, Payday Loans in Inver Grove Heights, MN, Payday Loan for Lakeville, MN and Guaranteed 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 Lengby, MN.

Beautiful sights of Lengby, MN

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

56651

Are Payday Loans Legal In Lengby, 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

Lengby, MN payday loan calculator

Payday Loans in Lengby, Minnesota

If you live in Lengby, Minnesota, and you have a bill due or an emergency expense that cannot wait until your next paycheck, you might be considering a payday loan. Payday loans are a type of short-term, high-interest loan that can help you bridge the financial gap between paychecks. However, it’s essential to understand the regulations of Lengby, Minnesota, regarding payday loans before taking out a loan.

Payday Loans Law in Lengby, Minnesota

Payday lending is legal in Minnesota, and according to the Minnesota Commerce Department, there are specific rules that lenders must follow to offer payday loans in Lengby. First, borrowers are only allowed to take out a loan of up to $350, and the loan term must be a minimum of 14 days. Lenders can’t charge more than $15 for every $100 borrowed, meaning the APR or Annual Percentage Rate on a 14-day loan is 390%. To protect borrowers from repeated borrowing cycles, lenders must also adhere to a 30-day cooling-off period between loans, so borrowers aren’t trapped in a cycle of debt.

The Pros and Cons of Payday Loans

Like any financial product, payday loans have their advantages and disadvantages. Here are some of the pros and cons of payday loans in Lengby, Minnesota.

Pros:

  • Quick and Easy to get: Unlike traditional loans, payday loans are relatively easy to obtain and might take less than 24 hours.
  • No collateral required: Payday loans don’t require any form of collateral, so borrowers don’t need to risk any property.
  • Can help improve credit score: As long as you pay back your payday loan on time, it could improve your credit score.
  • No restriction: Lenders don’t restrict how the loan is used, providing borrowers flexibility on how to spend the money.

Cons:

  • High-interest rates: The APR for payday loans is significantly higher than traditional loans, making them more expensive over time.
  • Can lead to a debt cycle: Borrowers can become trapped in a cycle of debt, where they keep on borrowing to repay the previous loan, increasing the financial burden.
  • Penalties for missed payments: Lenders can charge high penalties for missed payments, which could make the loan even more expensive.
  • Not a long-term solution: Payday loans offer a quick fix for short-term financial problems but aren’t a long-term solution for continuous financial struggles.

Facts and Statistics about Payday Loans in Lengby, Minnesota

  • The Minnesota Commerce Department reports that Minnesotans have taken out 386,408 payday loans, worth more than $150 million in the past year.
  • The average loan size in Minnesota is $390, with an average APR of 277%.
  • According to the Pew Charitable Trust, the average payday loan borrower takes out eight loans a year, spending nearly $600 on loan fees alone.
  • The number of payday lenders in Minnesota has decreased by more than half since 2012, from 115 to around 50 today. This reduction is due to increased regulation by both state and federal authorities.

Apply Now with TheGuaranteedLoans

If you do decide to take out a payday loan, remember that TheGuaranteedLoans is here to help. We are not a direct lender but work with a network of reputable lenders across the country to connect borrowers with the best possible loan option for their needs. Our streamlined online application process makes obtaining a loan fast and easy, and we secure our clients’ information with the latest security measures. Apply now and get connected with the right lender.

F.A.Q.

Are there any nonprofit organizations or government agencies that offer financial assistance in Lengby, Minnesota?

Yes, there are nonprofit organizations and government agencies in Lengby, Minnesota that offer financial assistance to individuals in need. These include organizations such as the Minnesota Office of Higher Education and the Minnesota Department of Human Services.

What are the eligibility requirements for payday loans in Lengby, Minnesota?

To be eligible for a payday loan in Lengby, Minnesota, you must be at least 18 years old and have a regular source of income.