Payday Loans in Melrude, Minnesota

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

Company nameAddressZip codePhone number
HomeTown Bank 326 Broadway St, Cleveland, MN 56017 +1 (507) 934 - 3174
TCF Bank 8690 E Point Douglas Rd S, Cottage Grove, MN 55016 +1 (800) 823 - 2265
ARO Accounting 32718 State Hwy 13, Hartland, MN 56042 +1 (507) 845 - 2763
S.A.M. Check Cashing Machine 3300 US-10 E, Moorhead, MN 56560 +1 (218) 236 - 4910
Affinity Plus Federal Credit Union 1990 2nd Ave SE, Cambridge, MN 55008 +1 (763) 689 - 9110
Pawn America 339 E Central Entrance, Duluth, MN 55811 +1 (218) 727 - 2274
Bremer Bank 113 E Front St, Brandon, MN 56315 +1 (320) 834 - 2249
Mid Minnesota Federal Credit Union - Baxter 13283 Isle Dr, Baxter, MN 56425 +1 (218) 829 - 0371
Red Wing Pawn Jewelry 215 Washington St, Red Wing, MN 55066 +1 (651) 385 - 7605
American Bank of the North 1215 S Pokegama Ave, Grand Rapids, MN 55744 +1 (218) 327 - 1121

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Melrude, MN, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Andover, MN, Payday Loans in Burnsville, MN, Online Loans in Cottage Grove, MN, Bad Credit Loans in Duluth, MN, 24-Hour Loan in Eden Prairie, MN, 24-Hour Loan in Inver Grove Heights, MN, Online 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 Melrude, MN.

Are Payday Loans Legal In Melrude, 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

Melrude, MN payday loan calculator

What Are Payday Loans?

Payday loans are short-term loans that are typically used to cover unexpected expenses or financial emergencies. They are designed to be repaid within a few weeks or on the borrower’s next payday.

In Melrude, Minnesota, payday loans are legal, and many people turn to them when they need quick cash. However, it’s important to understand the terms and conditions of these loans before taking one out.

Applying for a Payday Loan in Melrude

If you’re considering taking out a payday loan in Melrude, there are a few things you should know. First, you’ll need to find a lender that is licensed to operate in Minnesota. You can easily find a list of licensed lenders on the Minnesota Department of Commerce website.

Once you’ve found a lender, you’ll need to fill out an application. Most payday loan applications can be completed online, which makes the process quick and easy.

When you fill out the application, you’ll need to provide some basic information, such as your name, address, and employment status. You’ll also need to provide proof of income.

What to Consider Before Taking Out a Payday Loan

While payday loans can be a quick and convenient way to get cash, there are some things to consider before taking one out. First, payday loans have high-interest rates and fees, which can make them expensive to repay.

Additionally, if you’re unable to repay the loan on time, you could face additional fees and high-interest rates. This can create a cycle of debt that can be difficult to break out of.

Finally, if you’re considering a payday loan, it may be worth exploring your other options. For example, you could try borrowing money from friends or family, or you could consider a personal loan from a bank or credit union.

Benefits of Payday Loans

Despite the potential drawbacks, payday loans can have some benefits. For example:

  • They can be a quick and convenient way to get cash when you need it.
  • They don’t require a credit check, which can make them easier to obtain than traditional loans.
  • They can be used to cover unexpected expenses or financial emergencies.

The Bottom Line

If you need quick cash in Melrude, Minnesota, a payday loan may be a good option. However, it’s important to understand the terms and conditions of the loan, as well as the potential risks and drawbacks.

Remember, payday loans are a short-term solution and should not be used as a long-term financial strategy.

Interesting Facts and Statistics About Payday Loans in Melrude, Minnesota

  • In 2019, the average payday loan amount in Minnesota was $380.
  • The maximum loan amount allowed in Minnesota is $350.
  • Payday lending is regulated by the Minnesota Department of Commerce.
  • According to a survey by Pew Charitable Trusts, 69% of borrowers use payday loans to cover basic living expenses like rent and utilities.

Apply Now

If you’re in need of quick cash in Melrude, Minnesota, consider applying for a payday loan with TheGuaranteedLoans. We are a connector service that can facilitate your connection with potential lenders. Simply fill out our online application to get started.

Remember, we are not a direct lender, so you’ll need to read and understand the terms and conditions of any loan offer you receive.

F.A.Q.

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

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

Can payday lenders garnish my wages in Melrude, Minnesota?

No, payday lenders in Melrude, Minnesota are not allowed to garnish your wages if you default on a loan.