Payday Loans in Rock Creek, Minnesota

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

Company nameAddressZip codePhone number
Thrivent Financial 155 7th Ave SW, Perham, MN 56573 +1 (218) 346 - 5090
S.A.M. Check Cashing Machine 3300 US-10 E, Moorhead, MN 56560 +1 (218) 236 - 4910
KO Storage of Maple Lake Lumber 27 Maple Ave N, Maple Lake, MN 55358 +1 (320) 310 - 0819
Deer River Co-Op Credit Union 51 2nd St SE, Deer River, MN 56636 +1 (218) 246 - 8777
UnBank Check Cashing & Loans- Anoka 205 E Main St, Anoka, MN 55303 +1 (612) 843 - 5206
Like-Nu Gun and Pawn 118 1st St NE, Little Falls, MN 56345 +1 (320) 632 - 5865
U.S. Bank Stadium Station S 4th St, Minneapolis, MN 55415 +1 (612) 369 - 4072
Altra Federal Credit Union 205 N Chestnut St 102, La Crescent, MN 55947 +1 (507) 895 - 3700
Queen Employees Credit Union 1407 State Hwy 13, Albert Lea, MN 56007 +1 (507) 377 - 8909
Central Minnesota Credit Union 163 MN-23, Spicer, MN 56288 +1 (888) 330 - 8482

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rock Creek, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Minneapolis, MN, Online Loans in Minnetonka, MN, Guaranteed Loans in Moorhead, MN, Payday Loans in Rochester, MN, Payday Loan Companies 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 Rock Creek, MN.

Beautiful sights of Rock Creek, MN

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

55067

Are Payday Loans Legal In Rock Creek, 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

Rock Creek, MN payday loan calculator

Payday loans are nothing new to the citizens of Minnesota, and Rock Creek is no exception. These quick loans provide temporary financial relief for those who are struggling to make ends meet. Unlike traditional loans, payday loans are relatively easy to qualify for and do not require extensive credit checks. Despite their convenience, payday loans come with high-interest rates and fees, making them a costly option in the long run. In this article, we will delve into the world of payday loans in Rock Creek, Minnesota, and explore their pros, cons, and everything in between.

The Legal Landscape of Payday Loans in Rock Creek, Minnesota

Payday loans are legal in Minnesota, and Rock Creek residents have the opportunity to apply for them. Minnesota statutes regulate lenders and ensure that they follow specific rules and regulations. For example, Minnesota law requires that lenders charge a maximum annual percentage rate (APR) of 36% for small-dollar loans, which is significantly lower than the national average. Borrowers can take out up to $350 in payday loans with a term of no longer than 30 days. Lenders are not allowed to issue more than one loan to a borrower at a time, nor can they rollover or refinance loans. Additionally, borrowers have the right to rescind any payday loan within 24 hours of taking it out without penalty, as mandated by state law.

How Payday Loans Work in Rock Creek, Minnesota

Payday loans work by providing borrowers with quick access to cash, often within the same business day. To qualify for a payday loan, borrowers must provide proof of income, such as a pay stub or bank statement, and a valid government-issued ID. Some lenders may require additional documentation, such as proof of residency, before approving a loan. Typically, payday loans must be repaid in full on the borrower’s next payday, which can range from 14 to 30 days after taking out the loan. If the borrower cannot repay the loan on time, they may have the option to renew or extend it for an additional fee.

The Pros and Cons of Payday Loans in Rock Creek, Minnesota

Pros:

  • Quick and easy approval process
  • No credit check required
  • Can be a helpful tool for those facing unexpected financial emergencies

Cons:

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

It is important for borrowers to consider the pros and cons carefully before opting for a payday loan. While they can provide temporary relief, they should not be relied upon as a long-term financial solution.

Interesting Facts and Statistics About Payday Loans in Rock Creek, Minnesota

  • In Minnesota, the average payday loan is $380, with an APR of 277%. (Source: Minnesota Commerce Department)
  • In 2019, Minnesotans took out more than 330,000 payday loans, totaling over $138 million. (Source: Minnesota Commerce Department)
  • The average borrower in Minnesota takes out eight payday loans per year. (Source: Minnesota Commerce Department)

Apply Now

If you are a resident of Rock Creek, Minnesota, and are considering a payday loan, TheGuaranteedLoans can help. As a connector service, we can facilitate your connection with potential lenders and assist you in finding the best loan option that meets your needs. Simply fill out our online application, and we will match you with a lender in our network. Remember, payday loans can be a helpful tool in an emergency, but they should be used sparingly and with caution.

In conclusion, payday loans are a common financial solution for many people in Rock Creek, Minnesota, and other parts of the state. They provide a quick source of cash, but they come with a high cost in terms of interest rates and fees. Consumers must take the time to research and consider their options carefully before taking out a payday loan to avoid the potential pitfalls. As always, if you are in need of financial assistance, TheGuaranteedLoans is here to help you find the best loan option that meets your needs.

F.A.Q.

Can I be charged with criminal charges for defaulting on a payday loan in Rock Creek, Minnesota?

No, payday lenders in Rock Creek, Minnesota are not allowed to file criminal charges against borrowers for defaulting on a loan.

Can payday lenders garnish my wages in Rock Creek, Minnesota?

No, payday lenders in Rock Creek, Minnesota are not allowed to garnish your wages if you default on a loan.