Payday Loans in Pengilly, Minnesota

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

Company nameAddressZip codePhone number
Pioneer Bank 301 Main St NE, Mapleton, MN 56065 +1 (507) 524 - 3630
Premier Financial Resources, LLP 16545 Haven Rd, Little Falls, MN 56345 +1 (320) 632 - 4321
TCF Bank 7850 Cahill Ave, Inver Grove Heights, MN 55076 +1 (800) 823 - 2265
United States Postal Service 141 Broadway Ave N, New Richland, MN 56072 +1 (800) 275 - 8777
S.A.M. Check Cashing Machine 3300 US-10 E, Moorhead, MN 56560 +1 (218) 236 - 4910
Frandsen Bank & Trust 35470 Co Rd 3, Crosslake, MN 56442 +1 (218) 692 - 2455
Cummings Mobility Albertville 6540 Jansen Ave NE, Albertville, MN 55301 +1 (763) 498 - 7887
Northview Bank 5584 MN-210, Cromwell, MN 55726 +1 (218) 644 - 3351
Profinium 414 N 5th Ave E, Truman, MN 56088 +1 (507) 776 - 2311
Tschider Financial Planning 1112 US-59, Detroit Lakes, MN 56501 +1 (218) 844 - 7526

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pengilly, MN, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Minneapolis, MN, Short-term Loans in Minnetonka, MN, No Credit Check Loans in Moorhead, MN, Guaranteed Loans in Rochester, MN, Payday Loans in Saint Cloud, MN, Same Day 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 Pengilly, MN.

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

55775

Are Payday Loans Legal In Pengilly, 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

Pengilly, MN payday loan calculator

Payday loans are a popular option in Minnesota for individuals needing fast cash. They can be a helpful option in times of emergency or unexpected expenses. Pengilly, Minnesota residents have access to payday loans as they are legal in the state. However, before deciding to take out a payday loan, there are several factors to consider.

What is a Payday Loan?

A payday loan, also known as a cash advance, is a short-term loan with a high-interest rate. Typically, they are meant to be paid back within two weeks or by the borrower’s next payday. Payday loans are unsecured loans, meaning they do not require collateral such as a car or home.

The application process is relatively straightforward and can be completed online or in-person. Generally, lenders require borrowers to have a steady source of income, an active checking account, and a valid identification card.

Payday Loan Regulations in Minnesota

In Minnesota, the maximum amount a borrower can take out in payday loans is $350. The loan must be repaid within 30 days, and the interest rate cannot exceed 10%. Additionally, lenders are prohibited from using any abusive or deceptive practices such as threatening legal action or charging additional fees.

It’s important to note that while payday loans are legal in Minnesota, some states have banned them altogether due to their predatory nature. It’s crucial to understand the risks associated with payday loans before taking one out.

Pros and Cons of Payday Loans

Pros

  • Quick access to cash
  • Easy application process
  • No credit check required

Cons

  • High interest rates
  • Short repayment terms
  • Potential for debt cycle
  • Can harm credit score if not repaid on time

It’s crucial to weigh the pros and cons of payday loans before taking one out. While they can provide quick cash in emergencies, the high interest rates and short repayment terms can quickly cause a debt cycle that may harm your finances in the long run.

Interesting Facts and Statistics About Payday Loans in Pengilly, Minnesota

  • According to a 2017 report by the Center for Responsible Lending, the average payday loan interest rate in Minnesota is 277 percent.
  • In 2018, nearly 2.5 million payday loans were taken out in Minnesota, totaling over $580 million in loans.
  • In Pengilly, Minnesota, there are several payday loan lenders available to residents.

Apply Now with TheGuaranteedLoans

If you’re considering a payday loan, it’s essential to do your research and understand the risks associated with them. At TheGuaranteedLoans, we provide a connector service to potential lenders, making the application process easier.

Our online application is straightforward and can be completed in minutes. Once you submit your application, we’ll connect you with potential lenders who can offer loans that fit your needs. It’s important to remember that we are not a direct lender, and we do not make loan decisions. We are here to facilitate your connection with potential lenders to find a loan that works for you.

To apply now, visit TheGuaranteedLoans website and fill out our online application.

Conclusion

Payday loans can be a helpful option for individuals needing quick cash in emergencies. However, it’s essential to understand the risks associated with payday loans before deciding to take one out. By doing your research and thoroughly reading the terms and conditions of your loan, you can make an informed decision that is best for you.

F.A.Q.

Are there any fees or charges associated with payday loans in Pengilly, Minnesota?

Yes, there is a fee of $15.50 per $100 borrowed, which must be paid in addition to the loan amount.

Can I renew or extend my payday loan in Pengilly, Minnesota?

No, payday loans in Pengilly, Minnesota cannot be renewed or extended. You must repay the loan in full by the due date.