Payday Loans in Reading, Minnesota

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

Company nameAddressZip codePhone number
Thrivent Financial 110 S Broad St, Mankato, MN 56001 +1 (507) 304 - 8000
U.S. Bank ATM 2400 Maple Grove Rd, Duluth, MN 55811 +1 (800) 872 - 2657
SouthPoint Financial Credit Union 975 W Central St, Springfield, MN 56087 +1 (877) 794 - 6712
Nelson International Trucks - Finance Department 1422 Gateway Dr NE, East Grand Forks, MN 56721 +1 (218) 773 - 1009
Bank of the West 203 10th St, Windom, MN 56101 +1 (507) 831 - 2323
BANKWEST 11000 River Rd NE, Hanover, MN 55341 +1 (763) 477 - 5231
Gate City Bank 428 W Lincoln Ave, Fergus Falls, MN 56537 +1 (218) 998 - 7900
Currie Pangerl & Associates Ltd 1015 Hillside Ave SW 2, Pine City, MN 55063 +1 (320) 629 - 2090
CLA CliftonLarsonAllen 809 Meander Ct, Hamel, MN 55340 +1 (763) 557 - 4954
North Star Mortgage LLC 1720 Adams St 100, Mankato, MN 56001 +1 (507) 387 - 6789

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Reading, 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

Reading, MN payday loan calculator

What are Payday Loans?

If you live in Reading, Minnesota, you might have heard of payday loans. A payday loan is a loan for a small amount of money that must be repaid with interest on the borrower’s next payday. The borrower writes a post-dated check to the lender, and the lender cashes it on the payday. Payday loans are designed to help people who need cash quickly and don’t have access to other forms of credit, such as credit cards or personal loans.

How do Payday Loans Work in Reading, Minnesota?

It’s important to note that payday loans are legal in Minnesota. However, there are some regulations that lenders must follow. For example, lenders can’t charge more than a certain amount in fees and interest, and they must disclose the total cost of the loan to the borrower.

Before you take out a payday loan in Reading, Minnesota, it’s important to understand how they work. First, you’ll need to find a lender that offers payday loans in your area. You can typically do this by searching online or looking in the phone book.

Once you’ve found a lender, you’ll need to fill out an application. This will typically require you to provide some basic information about yourself, such as your name, address, and employment status. You’ll also need to provide the lender with some information about your income and how much you want to borrow.

If the lender approves your application, they’ll give you the cash you need. They’ll also require you to write a post-dated check for the amount of the loan plus interest and fees. The lender will cash this check on your next payday.

What are the Pros and Cons of Payday Loans in Reading, Minnesota?

Payday loans can be a good option if you need cash quickly and don’t have access to other forms of credit, but they also come with some risks and drawbacks.

Pros of Payday Loans in Reading, Minnesota:

  • Quick and easy process.
  • No credit check required.
  • You can get cash the same day you apply.
  • You don’t need collateral.

Cons of Payday Loans in Reading, Minnesota:

  • High fees and interest rates.
  • You must pay the loan back on your next payday.
  • If you can’t pay the loan back on time, you could incur additional fees and interest charges.
  • Payday loans can lead to a cycle of debt if you take out multiple loans.

What are the Statistics about Payday Loans in Reading, Minnesota?

According to a report by the Minnesota Attorney General’s Office, payday loans in Minnesota have an average annual interest rate of 277%. The report also found that payday lenders tend to target low-income communities and communities of color.

In addition, the report found that many borrowers take out multiple loans and stay in debt for longer than they anticipated. This can lead to a cycle of debt that’s hard to break free from.

Apply Now

If you need cash quickly and are considering a payday loan, TheGuaranteedLoans can help. We’re a connector service, which means we connect borrowers with potential lenders. Simply fill out our online application, and we’ll match you with lenders who may be able to help.

It’s important to remember that payday loans come with risks and drawbacks, so it’s important to think carefully before taking one out. Make sure you understand the terms and conditions of the loan, and have a plan in place to pay it back on time.

F.A.Q.

Can I renew or rollover my payday loan in Reading, Minnesota?

No, renewing or rolling over a payday loan is not allowed in Reading, Minnesota.

Are there any protections for consumers who take out payday loans in Reading, Minnesota?

Yes, Minnesota has regulations in place to protect consumers who take out payday loans, including a cooling-off period between loans and a requirement for lenders to provide information about alternative forms of credit.