Payday Loans in Saint Cloud, Minnesota

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

Company nameAddressZip codePhone number
Dacotah Bank 4 Atlantic Ave, Morris, MN 56267 +1 (320) 589 - 3361
First Farmers & Merchants Bank 111 20th St NE, Stewartville, MN 55976 +1 (507) 533 - 4081
Walmart Money Center 2301 E Frontage Rd, Litchfield, MN 55355 +1 (320) 693 - 1022
Prudential Victoria Radel Life Insurance & Annuities 6784 140th Ave NE, Spicer, MN 56288 +1 (320) 796 - 6432
Harbor Pointe Credit Union 11 W 2nd St, Duluth, MN 55802 +1 (218) 722 - 9242
Merchants Bank 316 Main St, La Crescent, MN 55947 +1 (507) 895 - 4486
Northwestern Bank 4 Main St N, Dilworth, MN 56529 +1 (218) 287 - 2311
Mid Minnesota Federal Credit Union - Baxter 13283 Isle Dr, Baxter, MN 56425 +1 (218) 829 - 0371
Lincoln Financial Advisors 1903 Broadway Ave S, Rochester, MN 55904 +1 (507) 282 - 3273
Comfort Keepers In Home Care 1200 MN-25 Suite 108, Buffalo, MN 55313 +1 (763) 450 - 1500

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Saint Cloud, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Saint Paul, MN, Payday Loan Without a Credit Check in Savage, MN, Payday Loan for Shakopee, MN, Online Loans in Andover, MN, Payday Loans in Burnsville, MN, Online Loans in Cottage Grove, MN, Payday Loans in Duluth, MN and Emergency Loan in Eden Prairie, 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 Saint Cloud, MN.

Beautiful sights of Saint Cloud, MN

Are Payday Loans Legal In Saint Cloud, 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

Saint Cloud, MN payday loan calculator

Introduction to Payday Loans in Saint Cloud, Minnesota

Payday loans are short-term, unsecured loans designed to help individuals when they face unexpected financial emergencies. Payday loans are legal in Minnesota, although the state imposes restrictions on the amount loaned and the duration of the loan. In Saint Cloud, payday loans are regulated by the Department of Commerce, which sets the limits for the amount a borrower can take out and the associated fees and interest rates.

How do Payday Loans Work in Saint Cloud, Minnesota?

Payday loans can be a useful tool for consumers needing short-term financial assistance, but borrowers should be aware of the terms and conditions of a payday loan. In Saint Cloud, payday loan fees are regulated by the state, and those fees must be clearly disclosed to borrowers.

The maximum amount of money a borrower can take out on a payday loan in Saint Cloud is $350.00. Payday loans typically must be repaid within 14 days and the borrower is responsible for the interest, fees, and any other charges related to the loan.

When applying for a payday loan, the borrower must provide evidence of a verifiable source of income, proof of identification and residence, and a checking account in their name. The lender will then review the information, approve or deny the loan, and deposit it electronically into the borrower’s account.

Fees and Interest Rates Associated with Payday Loans in Saint Cloud, Minnesota

Payday loan fees and interest rates vary depending on the lender. The Minnesota Department of Commerce sets certain limits on the fees and interest rates charged by lenders. Those limits are as follows:

  • Finance charges: For every $100 loaned, the charge cannot exceed $10.00
  • Interest and fees: The combined interest and fees cannot exceed 33% of the loan amount

The Benefits and Risks of Payday Loans

Payday loans can be helpful for consumers facing financial hardships, but it is important to understand the risks associated with taking out such a loan.

Benefits

  • Fast cash: Payday loans can provide quick access to funds for those who need it most.
  • Convenience: Payday loans are easy to apply for, and funds can be deposited into a borrower’s account quickly.
  • No collateral: Payday loans are unsecured, meaning a borrower does not need to put up any collateral to receive the loan.

Risks

  • High fees: Payday loans often have high fees and interest rates, so borrowers should be aware of the full cost of the loan.
  • Difficulty repaying: Payday loans are short-term and should be repaid quickly, making it difficult for borrowers to repay in a timely manner.
  • Loan traps: Many payday lenders use loan traps, where borrowers cannot repay the loan in full and are instead forced to take out additional loans to pay off the original.

Conclusion

Payday loans are legal in Minnesota, and can be a helpful tool for those in need of short-term financial assistance. Borrowers should be aware of the fees and interest rates associated with payday loans, as well as the risks of taking out such a loan. TheGuaranteedLoans is not a lender and is not responsible for any loans taken out by those in Saint Cloud, Minnesota. However, if you are in need of a loan, you can apply on our website and we’ll connect you with lenders who can provide the funds you need.

Frequently Asked Questions

Q: How much can I borrow on a payday loan in Saint Cloud, Minnesota?
A: The maximum amount of money a borrower can take out on a payday loan in Saint Cloud is $350.00.

Q: How long do I have to repay the loan?
A: Typically, payday loans must be repaid within 14 days.

Q: Can I extend the loan?
A: No. In Saint Cloud, payday loan fees are regulated by the state and it is not possible to extend a payday loan.

Q: Are there any other fees or charges associated with payday loans?
A: Yes. Payday loan fees are regulated by the state and must be clearly disclosed to borrowers. These fees and charges include finance charges, interest and fees, and other associated fees.

Apply Now

If you’re in need of a payday loan in Saint Cloud, Minnesota, theGuaranteedLoans can help. Just click on the ‘Apply Now’ button and fill out the application. We’ll connect you with lenders who can provide the funds you need. Don’t forget that TheGuaranteedLoans is not a lender.

More F.A.Q.

How long does it take to receive a payday loan in Saint Cloud, Minnesota?

The process of receiving a payday loan in Saint Cloud, Minnesota can typically be completed within one business day.

Can I apply for a payday loan online in Saint Cloud, Minnesota?

Yes, many lenders in Saint Cloud, Minnesota offer the option to apply for a payday loan online.