Payday Loans in Makinen, Minnesota

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

Company nameAddressZip codePhone number
Co-Op Credit Union 501 19th Ave SE, Willmar, MN 56201 +1 (320) 235 - 1573
United States Postal Service 4613 Main St, Bruno, MN 55712 +1 (800) 275 - 8777
AgCountry Farm Credit Services 2044 State Hwy 1 NE, Thief River Falls, MN 56701 +1 (218) 681 - 2304
Northwoods Bank of Minnesota 112 Bunyan Trails Rd, Nevis, MN 56467 +1 (218) 652 - 2265
Plainview Business Center 445 W Broadway, Plainview, MN 55964 +1 (507) 421 - 6564
Freedom Bancorporation Inc 12790 N 1st Ave, Lindstrom, MN 55045 +1 (651) 257 - 1117
Minnwest Bank 324 1st Ave SW, Rochester, MN 55902 +1 (507) 206 - 2999
William Goldberg Tax/Financial 3960 E Calvary Rd, Duluth, MN 55803 +1 (218) 724 - 1005
A E Goetze Credit Union 201 N 8th St, Lake City, MN 55041 +1 (651) 345 - 5210
Affinity Plus Federal Credit Union 900 4th St NW 102, Faribault, MN 55021 +1 (800) 322 - 7228

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Makinen, 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, Guaranteed Loans in Moorhead, MN, Emergency Loan in Rochester, MN, Short-term Loans in Saint Cloud, MN, Payday Loans in Saint Paul, MN, Payday Loans in Savage, MN and Bad Credit 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 Makinen, MN.

Are Payday Loans Legal In Makinen, 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

Makinen, MN payday loan calculator

What you need to know about Payday loans in Makinen, Minnesota

Payday loans are short-term loans that are designed to help borrowers cover expenses until their next paycheck. They are often used by people who need money quickly to pay for unexpected expenses, such as car repairs or medical bills.

In Makinen, Minnesota, payday loans are a legal option for those in need of short-term financial assistance. As with all loans, it is important to do your research and make sure you understand the terms and conditions of your loan before agreeing to it.

How Payday loans work in Makinen, Minnesota

Payday loans in Makinen, Minnesota are offered by both storefront lenders and online lenders. To apply for a payday loan, you will typically need to provide proof of income and a valid ID. Lenders may also require other information depending on their specific requirements.

Once you have been approved for a payday loan, you will be required to sign a loan agreement that outlines the terms and conditions of the loan. This agreement will include the total loan amount, the interest rate, and the repayment plan.

You will be required to repay the loan in full, along with any interest and fees, by your next payday. If you are unable to repay the loan on time, you may be charged additional fees or penalties.

The benefits and drawbacks of Payday loans

  • Benefits
    • Quick and easy access to cash for those in need
    • No credit check required
    • Loans are often available to those with poor credit
    • Can be a helpful tool for those in financial emergencies
  • Drawbacks
    • High interest rates and fees
    • Can be a difficult cycle to break if used frequently
    • May lead to increased debt and financial instability
    • Some lenders may engage in predatory lending practices

Facts and Statistics about Payday loans in Makinen, Minnesota

  • According to the Minnesota Department of Commerce, the average payday loan in Minnesota is $380.
  • The interest rate on payday loans in Minnesota is capped at 33%, and lenders are also limited to charging a $25 administrative fee.
  • In 2020, the Minnesota legislature passed a series of reforms designed to protect consumers from predatory lending practices. These reforms include a cap on the total number of loans a borrower can take out in a year and new restrictions on loan rollovers.

Apply Now

If you are in need of a payday loan in Makinen, Minnesota, TheGuaranteedLoans can help. We are a connector service that can help you find potential lenders who may be willing to offer you a loan.

To apply for a loan, simply fill out our online application form. We will then provide you with a list of potential lenders who may be able to offer you a loan. Please note that TheGuaranteedLoans is not a direct lender, and we do not make credit decisions or provide loans.

Before agreeing to any loan, be sure to carefully read and understand the terms and conditions. Make sure you are comfortable with the repayment schedule and that you understand the total cost of the loan.

F.A.Q.

Is there a cooling-off period after I repay a payday loan in Makinen, Minnesota?

Yes, after you repay a payday loan in Makinen, Minnesota, you must wait seven days before taking out another loan.

Can I be charged with criminal charges for defaulting on a payday loan in Makinen, Minnesota?

No, payday lenders in Makinen, Minnesota are not allowed to file criminal charges against borrowers for defaulting on a loan.