Payday Loans in McGrath, Minnesota

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

Company nameAddressZip codePhone number
Glenwood State Bank 2221 S Broadway St, Alexandria, MN 56308 +1 (320) 763 - 0200
Members Cooperative Credit Union: Terry Nummela Mortgage Loan Originator - NMLS 458773 149 W, MN-210, McGregor, MN 55760 +1 (218) 351 - 1304
First Southeast Bank 111 Main St N, Canton, MN 55922 +1 (507) 743 - 2204
adidas Outlet Store Albertville 6415 Labeaux Avenue NE, Ste B75, Albertville, MN 55301 +1 (763) 497 - 0922
Members Cooperative Credit Union: Jessica Lindahl Mortgage Loan Originator - NMLS 1572060 305 Lundorff Dr, Sandstone, MN 55072 +1 (218) 351 - 1311
Up North Credit Express 702 2nd St NE, Aitkin, MN 56431 +1 (218) 433 - 0098
U.S. Bank Branch 625 Hillside Ave SW, Pine City, MN 55063 +1 (320) 629 - 6777
Main Street Financial Associates - Thrivent Financial 116 E Main St STE 201, Anoka, MN 55303 +1 (763) 422 - 5090
Walmart Money Center 1800 1st Ave NE, Little Falls, MN 56345
First National Bank of Elk River 1121 US-10, Anoka, MN 55303 +1 (763) 241 - 3637

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in McGrath, 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, 24-Hour Loan in Cottage Grove, MN, Payday Loans in Duluth, MN, Payday Loan Companies in Eden Prairie, MN, Payday Loan for Inver Grove Heights, MN, Short-term 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 McGrath, MN.

Beautiful sights of McGrath, MN

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

56350

Are Payday Loans Legal In McGrath, 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

McGrath, MN payday loan calculator

Payday Loans in McGrath, Minnesota

Are you facing an urgent financial situation in McGrath, Minnesota, and you don’t have enough money to cover the expenses? Payday loans could be a solution for you. In Minnesota, payday loans are legal, and they can help you get the money you need quickly. However, before you apply for a payday loan, you need to understand how they work, their benefits, and possible drawbacks. In this article, we will provide you with comprehensive information to help you make an informed decision.

What are Payday Loans?

Payday loans are short-term, high-interest loans that borrowers take to cover immediate financial needs. Typically, borrowers pay back the loan on their next payday, hence the name “payday loan.” The loans attract high interest rates and fees, meaning borrowers end up paying more than they borrowed in some cases.

Payday loans in McGrath, Minnesota

In Minnesota, payday loans are legal, and the state regulates the industry via the Minnesota Department of Commerce. The state’s payday lending laws and regulations aim to protect consumers from predatory practices by payday loan providers. Before applying for a payday loan, it’s essential to understand the state laws to avoid falling prey to unscrupulous lenders.

How do payday loans work in McGrath, Minnesota?

Payday loans in McGrath, Minnesota work like those in other states. Borrowers fill out an application form and provide the lender with a post-dated check, a debit authorization, or their bank account details. The lender gives the borrower the money, and the borrower agrees to pay back the loan on their next payday. If the borrower can’t repay the loan on time, the lender can extend the loan and apply additional fees. The fees and interest rates vary depending on the lender, and the loan amount.

Benefits of Payday loans in McGrath, Minnesota

  • Fast approval: Most payday loans are processed within 24 hours, meaning borrowers can access the funds they need quickly.
  • No credit check: Payday lenders don’t usually perform credit checks, so people with poor credit scores or no credit history can still qualify for the loan.
  • Easy application process: Applying for a payday loan is quite simple, and borrowers can complete the application online or in-person.

Possible Drawbacks of Payday Loans

  • High-interest rates: Payday loans charge high-interest rates and fees, meaning borrowers end up paying more than they borrowed in some cases.
  • Short repayment period: Payday loans usually have a short repayment period, which means borrowers might struggle to pay back the loan on time. This could result in additional fees and interest rates.
  • Cycle of debt: If borrowers take out a payday loan to cover their expenses but can’t pay it back on time, they might find themselves trapped in a cycle of debt.

Interesting Facts About Payday Loans in McGrath, Minnesota

  • The average payday loan amount in Minnesota is $380.
  • In Minnesota, payday loans have an interest rate cap of 33% per annum.
  • According to a report by the Minnesota Department of Commerce, 23,000 payday loans were taken out in Minnesota in 2020, down from 33,000 in 2019.

Apply Now!

If you need a payday loan in McGrath, Minnesota, you can apply online on our website. TheGuaranteedLoans is a reliable connector service that connects borrowers with potential lenders. Our online application process is simple, and we only ask for basic information to help us find the best lenders for you. Remember, payday loans should be your last resort, and you should only apply for what you need.

In conclusion, payday loans in McGrath, Minnesota, can be a solution for those facing financial emergencies. However, borrowers must understand the benefits, drawbacks, and state laws regulating the industry to avoid falling into the trap. At TheGuaranteedLoans, we provide a reliable and convenient way to get payday loans in Minnesota. Apply now and get the money you need quickly and efficiently.

F.A.Q.

Are there any limits on the amount I can borrow?

Yes, the maximum amount you can borrow is $350 in McGrath, Minnesota.

How long do I have to repay the loan?

You must repay the loan within 30 days.