Payday Loans in Okabena, Minnesota

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

Company nameAddressZip codePhone number
Northwoods Bank of Minnesota 1015 Hillside Ave SW, Pine City, MN 55063 +1 (320) 629 - 5000
Minnesota National Bank 131 12th St S, Sauk Centre, MN 56378 +1 (320) 352 - 5211
maX it PAWN 2726 E Lake St, Minneapolis, MN 55406 +1 (612) 722 - 8232
Bremer Bank 11800 Singletree Ln, Eden Prairie, MN 55344 +1 (952) 944 - 6262
MoneyGram 106 E Lake St, Minneapolis, MN 55408 +1 (612) 824 - 2274
Angland Janelle CPA 309 NW 3rd St, Brainerd, MN 56401 +1 (218) 829 - 3585
United States Postal Service 111 S Houk St, Good Thunder, MN 56037 +1 (800) 275 - 8777
Jackson Hewitt Tax Service 150 Western Ave NW, Faribault, MN 55021 +1 (507) 412 - 4076
First State Bank of Rosemount 3025 145th St W, Rosemount, MN 55068 +1 (651) 423 - 1121
Freeport State Bank 219 E Main St, Melrose, MN 56352 +1 (320) 256 - 7208

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Okabena, MN

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

56161

Are Payday Loans Legal In Okabena, 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

Okabena, MN payday loan calculator

Payday loans are an attractive option for those who need quick cash and do not have time to go through the lengthy process of traditional loans. In Okabena, Minnesota, payday loans are legal, and many lenders operate in the area. Before entering into a payday loan agreement, it is important to know the ins and outs of the process and what to expect.

What are payday loans in Okabena, Minnesota?

Payday loans are short-term loans that are typically repaid on the borrower’s next payday. They are attractive to those who need cash quickly and do not have a good credit score, as many lenders do not perform credit checks. In Okabena, Minnesota, payday loans are legal, but there are regulations in place to protect borrowers.

How do payday loans work in Okabena, Minnesota?

To get a payday loan in Okabena, Minnesota, a borrower must provide proof of income and a checking account. The lender will then give the borrower a loan, which is typically around $500, with an interest rate of around 10-20%. The loan must be repaid on the borrower’s next payday. If the borrower cannot repay the loan, they may be able to roll it over for an additional fee.

What are the regulations for payday loans in Okabena, Minnesota?

Payday lenders in Okabena, Minnesota are regulated by both state and federal law. At the state level, lenders must be licensed and must follow certain regulations, including:

  • Limiting the amount of the loan to $500
  • Limiting the interest rate to 33% per year
  • Limiting the fees to $5 for loan amounts up to $50, $10 for loan amounts between $50 and $100, and $15 for loan amounts over $100.

At the federal level, lenders must comply with the Truth in Lending Act, which requires lenders to disclose the terms of the loan, including the interest rate and fees, before the borrower agrees to the loan.

The Pros and Cons of Payday Loans in Okabena, Minnesota

There are both advantages and disadvantages to taking out a payday loan in Okabena, Minnesota.

Advantages

  • Quick access to cash
  • No credit check required
  • May be a good solution for unexpected expenses or emergencies

Disadvantages

  • High-interest rates and fees
  • May lead to a cycle of debt
  • May not be a long-term solution to financial problems

Interesting Facts and Statistics about Payday Loans in Okabena, Minnesota

  • According to the Minnesota Department of Commerce, the average payday loan in Minnesota is around $350, with an interest rate of around 230% per year.
  • During the COVID-19 pandemic, many people turned to payday loans as a way to make ends meet. In Minnesota, payday loan usage increased by 50% in 2020 compared to the previous year.

Apply Now for a Payday Loan in Okabena, Minnesota

If you’re in need of quick cash in Okabena, Minnesota, consider applying for a payday loan through TheGuaranteedLoans. We are a connector service, not a direct lender, and we can help you find a reputable lender who can provide you with the funds you need. Apply today and get the cash you need to take care of unexpected expenses or emergencies.

F.A.Q.

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

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

Are there any limits on the amount I can borrow?

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