Payday Loans in Margie, Minnesota

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

Company nameAddressZip codePhone number
Northern Lights Mortgage Co 509 S Washington Ave, Minneapolis, MN 55415 +1 (612) 435 - 3500
Mid-Central Federal Savings 520 Jefferson St S, Wadena, MN 56482 +1 (218) 631 - 1414
North Star Credit Union 24 S River St, Cook, MN 55723 +1 (218) 666 - 5940
Freeport State Bank 450 1st Ave N, Greenwald, MN 56335 +1 (320) 987 - 2265
Co-Op Credit Union 501 19th Ave SE, Willmar, MN 56201 +1 (320) 235 - 1573
Northern Communities Credit Union 1004 Woodland Ave, Duluth, MN 55812 +1 (218) 279 - 3200
American Bank of the North 117 Central Ave, Nashwauk, MN 55769 +1 (218) 885 - 2278
First National Bank 101 Lake Ave S, Battle Lake, MN 56515 +1 (218) 864 - 5275
Central Minnesota Credit Union 701 Lake St S, Long Prairie, MN 56347 +1 (888) 330 - 8482
Deerwood Bank 1350 Paul Bunyan Dr NW, Bemidji, MN 56601 +1 (218) 759 - 6919

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Margie, MN, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Minneapolis, MN, Payday Loans in Minnetonka, MN, Payday Loans in Moorhead, MN, Payday Loans in Rochester, MN, Payday Loans in Saint Cloud, MN, Bad Credit Loans in Saint Paul, MN, Payday 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 Margie, MN.

Are Payday Loans Legal In Margie, 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

Margie, MN payday loan calculator

Payday Loans in Margie, Minnesota: What You Need to Know

If you find yourself in a tight financial spot, a payday loan may be the solution you need. Payday loans are short-term loans that can help you cover unexpected expenses or bridge the gap until your next paycheck. In Margie, Minnesota, payday loans are legal and can be a helpful resource for those in need of quick cash. Here’s what you need to know before taking out a payday loan in Margie.

How do payday loans work in Margie, Minnesota?

In Margie, payday loans are regulated by the Minnesota Department of Commerce. The state laws require payday lenders to obtain a license and cap the loan amount at $350. The loan term must be no longer than 30 days, and the fees and interest rates are capped as well. These regulations are in place to protect consumers from exorbitant interest rates and fees.

To apply for a payday loan in Margie, you must meet certain requirements. You must be at least 18 years old, have a valid ID, and proof of income. Most lenders also require a checking account in good standing. The application process is straightforward and can usually be completed online or in-person at a payday loan store.

Once you are approved for a loan, the lender will provide you with the funds and set a repayment date. On the repayment date, the lender will withdraw the loan amount plus fees and interest from your checking account. It’s important to ensure you have enough money in your account to cover the repayment, or you risk facing additional fees and damage to your credit score.

What are the benefits of payday loans?

Payday loans can be a helpful resource for those facing unexpected expenses or cash flow issues. Here are a few benefits of payday loans:

  • Quick access to cash when you need it
  • No credit check required
  • Regulated to prevent excessive fees and interest rates
  • Flexible eligibility requirements

What are the risks of payday loans?

While payday loans have their benefits, they also come with risks. Here are a few things to keep in mind before taking out a payday loan:

  • High fees and interest rates
  • Potential for debt cycle if not repaid on time
  • Can negatively impact your credit score
  • May not solve underlying financial issues
  • Some lenders may engage in unethical or fraudulent practices

Interesting Facts and Statistics About Payday Loans in Margie, Minnesota

  • In 2019, there were over 243,000 payday loans taken out in Minnesota, totaling over $149 million.
  • In Margie, the average payday loan borrower takes out six loans per year, with an average loan amount of $332.
  • The average APR for payday loans in Minnesota is 199%, but some lenders may charge as much as 1,000% APR.

Apply Now

If you are considering a payday loan in Margie, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and our network of lenders can provide you with the options you need to make an informed decision. Remember, TheGuaranteedLoans is a connector service and not a direct lender. We are dedicated to providing you with the best possible service and helping you find the resources you need to solve your financial issues.

In conclusion, payday loans can be a helpful resource for those in short-term financial need. If you’re considering a payday loan in Margie, it’s important to understand the regulations and risks involved. By doing your research and working with a reputable lender, you can make an informed decision and get the financial help you need.

F.A.Q.

Can I be charged late fees for a payday loan in Margie, Minnesota?

Yes, late fees may be charged for a payday loan in Margie, Minnesota if the loan is not paid on time.

Can a payday lender garnish my wages if I fail to repay the loan?

No, a payday lender cannot garnish your wages in Margie, Minnesota unless they obtain a court order.