Payday Loans in Richmond, Minnesota

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

Company nameAddressZip codePhone number
Wells Fargo Bank 201 E 7th St, Blue Earth, MN 56013 +1 (507) 526 - 2174
Renovo Capital, LLC 407 Lake St E Suite 201, Wayzata, MN 55391 +1 (952) 240 - 6290
Grand Rapids State Bank 523 NW 1st Ave, Grand Rapids, MN 55744 +1 (218) 326 - 9414
ATM Affinity Plus Fcu 550 Paul Bunyan Dr SE, Bemidji, MN 56601 +1 (800) 627 - 3999
Peoples State Bank 98 3rd St SE, Wells, MN 56097 +1 (507) 553 - 3155
Members Cooperative Credit Union: Terry Nummela Mortgage Loan Originator - NMLS 458773 301 Elm Ave, Moose Lake, MN 55767 +1 (218) 351 - 1304
Members Cooperative Credit Union: Tammy Hoveland Mortgage Loan Originator - NMLS 500118 210 6th Avenue Northeast Suite 1, Isanti, MN 55040 +1 (218) 625 - 8808
First State Bank 101 N Main St, Kiester, MN 56051 +1 (507) 294 - 3621
Central Minnesota Credit Union 208 3rd Ave S, Cold Spring, MN 56320 +1 (888) 330 - 8482
Farmers & Merchants State Bank 11 N Walker Ave, New York Mills, MN 56567 +1 (218) 385 - 2300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Richmond, MN, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Minneapolis, MN, Payday Loans in Minnetonka, MN, Payday Loans in Moorhead, MN, Payday Loan for Rochester, MN, Payday Loans in Saint Cloud, MN, No Credit Check Loans in Saint Paul, MN, Payday Loans in Savage, MN and Bad Credit 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 Richmond, MN.

Beautiful sights of Richmond, MN

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

56368

Are Payday Loans Legal In Richmond, 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

Richmond, MN payday loan calculator

The Truth About Payday Loans in Richmond, Minnesota

If you’re in a financial bind and need cash quickly, you may be considering a payday loan. Payday loans are a type of short-term loan that is designed to help you cover your expenses until your next paycheck.

In Minnesota, payday loans are legal, but they come with strict regulations to protect consumers from predatory lending practices. Read on to learn more about payday loans in Richmond, Minnesota and how they work.

What Are Payday Loans?

Payday loans are small, short-term loans that are designed to be repaid on your next payday. These loans are typically used for emergency expenses and are not meant to be a long-term financial solution.

When you apply for a payday loan, you will be asked to provide proof of income and a post-dated check or authorization for an electronic debit from your bank account. The lender will then give you the cash you need, and you will be required to repay the loan plus interest and fees on your next payday.

The Regulations for Payday Loans in Richmond, Minnesota

In Minnesota, payday loans are legal, but they come with strict regulations to protect consumers from predatory lending practices. The state regulates the amount of money that lenders can give and the fees they can charge.

According to the Minnesota Attorney General’s Office, payday lenders in the state are limited to charging a maximum of $15 in fees for every $100 borrowed. Additionally, lenders are not allowed to give more than $350 to any one borrower at one time.

These regulations were put in place to prevent borrowers from falling into a cycle of debt, where they take out loans they cannot afford to repay and end up paying more in fees and interest than the amount they originally borrowed.

The Benefits of Payday Loans

While payday loans are not a long-term financial solution, they can provide short-term relief when you’re in a bind.

  • They are easy to qualify for, and you can get your money quickly.
  • You can use the money for whatever you need, such as emergency car repairs or medical bills.
  • You can complete the application process online, making it convenient and accessible.

However, it’s important to remember that payday loans come with high-interest rates and fees, so it’s essential to use them responsibly and only when absolutely necessary.

Interesting Facts and Statistics About Payday Loans in Richmond, Minnesota

  • The average payday loan in Minnesota is $380.
  • In Minnesota, payday loans usually have an interest rate of around 200%.
  • 83% of payday loans in Minnesota are taken out by borrowers who end up taking out another loan within two weeks of repaying their last one.

Apply Now

If you’re considering a payday loan in Richmond, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. Keep in mind that we are a connector service and not a direct lender.

To apply for a payday loan, simply fill out our online application, and we’ll match you with lenders that meet your needs. From there, you can review the terms of your loan and decide whether to accept the offer.

Remember to use payday loans responsibly and only when absolutely necessary. They come with high-interest rates and fees, and if not repaid on time, can put you into a cycle of debt. If you’re unsure whether a payday loan is right for you, consider reaching out to a financial advisor or credit counselor for guidance.

F.A.Q.

Are there any limits on the amount I can borrow?

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

How long do I have to repay the loan?

You must repay the loan within 30 days.