Payday Loans in Richwood, Minnesota

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

Company nameAddressZip codePhone number
T & B Pawn & Gun 2530 1st Ave, Hibbing, MN 55746 +1 (218) 263 - 9335
Town & Country Abstract-Title 212 Main St SW, Preston, MN 55965 +1 (507) 765 - 5270
Community Resource Bank Northfield 1605 Heritage Dr, Northfield, MN 55057 +1 (507) 645 - 4441
First Community Bank - Lester Prairie 500 Central Ave, Lester Prairie, MN 55354 +1 (320) 395 - 2515
TruStone Financial Credit Union 1400 Riverwood Dr, Burnsville, MN 55337 +1 (800) 862 - 1998
Minnesota Business Finance 1710 Paul Bunyan Dr NW Suite 105, Bemidji, MN 56601 +1 (218) 759 - 8481
Payday America 339 E Central Entrance Ste B, Duluth, MN 55811 +1 (218) 722 - 0469
Mille Lacs Pawn 9547 Madison St, Garrison, MN 56450 +1 (320) 692 - 4034
Farmers and Merchants State Bank 110 Meeker Ave W, Eden Valley, MN 55329 +1 (320) 453 - 2000
Bremer Bank 345 4th Ave, International Falls, MN 56649 +1 (218) 283 - 9411

Payday Loan Companies in Nearby Cities

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

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

56577

Are Payday Loans Legal In Richwood, 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

Richwood, MN payday loan calculator

Payday loans are a type of short-term loan designed to help people meet their financial obligations until their next payday. They are typically used to cover unexpected expenses such as car repairs, medical bills, or other emergency financial needs. In Minnesota, payday loans are legal and regulated by the state government. However, residents of Richwood, Minnesota should be aware of the potential risks and benefits of taking out a payday loan.

The Basics of Payday Loans

A payday loan is a small, short-term loan that typically must be repaid within two weeks or by the borrower’s next payday. Payday loans are typically easy to qualify for and require only proof of income and a valid checking account. Borrowers usually receive their funds in cash or via direct deposit into their account.

Payday loans typically come with high interest rates, often exceeding 400% annually. This high interest rate can make payday loans difficult to repay, especially for those living paycheck to paycheck. Borrowers should carefully consider the risks and benefits of taking out a payday loan before applying.

Benefits of Payday Loans in Richwood, Minnesota

Despite the high interest rates, payday loans can provide benefits to Richwood, Minnesota residents in need of emergency funds. One benefit is the easy qualification process. Borrowers with poor credit scores or limited credit history may still qualify for a payday loan. Additionally, payday loans can be a quicker alternative to traditional bank loans, with funds often available within a day.

Another benefit of payday loans is the flexibility they offer. Borrowers can typically use the loan funds for any urgent financial need, including car repairs, medical expenses, or other emergency costs. These loans can also be helpful for those who do not have access to traditional bank loans or lines of credit.

Risks of Payday Loans in Richwood, Minnesota

While payday loans can be helpful in emergency situations, they also come with significant risks. Most notably, the high interest rates can make repayment difficult for borrowers who are already struggling to pay bills. This can lead to a cycle of debt, with borrowers taking out new loans to pay off old ones.

Another risk of payday loans is the potential for predatory lending practices. Some payday lenders may engage in deceptive or unfair practices, such as charging hidden fees or trying to roll over the loan into a new loan with higher fees.

Facts and Statistics about Payday Loans in Richwood, Minnesota

  • In Minnesota, payday loans are legal and regulated by state law.
  • Minnesota law caps payday loan amounts at $350.
  • The maximum finance charge on a Minnesota payday loan is $26.22 for a 14-day loan of $100.
  • Minnesota law requires payday lenders to disclose all fees and costs associated with the loan, as well as the annual percentage rate (APR).
  • In 2019, there were 184 licensed payday lending storefronts in Minnesota.

Apply Now with TheGuaranteedLoans

If you are a resident of Richwood, Minnesota in need of emergency funds, TheGuaranteedLoans may be able to help. As a connector service, we work with a network of potential lenders to help borrowers find the right loan for their needs. Our online application process is quick and easy, with funds often available within a day.

Please note that TheGuaranteedLoans is not a direct lender and does not provide loans directly to borrowers. Instead, we connect borrowers with potential lenders who may be able to provide loans. Borrowers should carefully review all loan terms and fees before accepting the loan.

Don’t let unexpected expenses put a strain on your finances. Apply now with TheGuaranteedLoans and get the emergency funds you need.

F.A.Q.

Can I have multiple payday loans in Richwood, Minnesota at the same time?

No, you are only allowed to have one outstanding payday loan at a time in Richwood, Minnesota.

Do I need to have a checking account to get a payday loan in Richwood, Minnesota?

Yes, most lenders require you to have a checking account in order to receive a payday loan in Richwood, Minnesota.