Payday Loans in Saint Michael, Minnesota

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

Company nameAddressZip codePhone number
Bonanza Valley State Bank 147 Central Ave S, Brooten, MN 56316 +1 (320) 346 - 2234
Jackson Hewitt Tax Service 1303 Charles St, Park Rapids, MN 56470 +1 (218) 407 - 8112
United States Postal Service 138 W 5th St, Zumbrota, MN 55992 +1 (800) 275 - 8777
Home Federal Savings Bank 143 W Clark St, Albert Lea, MN 56007 +1 (507) 379 - 2551
Minn Star Bank NA 201 Poplar St, Mankato, MN 56001 +1 (507) 625 - 6816
Marshall County State Bank 118 E Minnesota Ave, Newfolden, MN 56738 +1 (218) 874 - 7265
MidCountry Bank Lobby & Drive-Thru Open 6505 Cahill Ave E, Inver Grove Heights, MN 55076 +1 (651) 455 - 1553
Minnesota First 660 W Bridge St, Owatonna, MN 55060 +1 (507) 451 - 1705
Payee Central 700 Cedar St # 7, Alexandria, MN 56308 +1 (320) 763 - 4943
Wells Fargo Bank 1010 2nd Ave, Worthington, MN 56187 +1 (507) 376 - 3141

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Saint Michael, 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, Bad Credit Loans in Moorhead, MN, Payday Loans in Rochester, MN, Short-term Loans in Saint Cloud, MN, Payday Loan for Saint Paul, MN, No Credit Check Loans in Savage, MN and Payday Loan Without a Credit Check 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 Saint Michael, MN.

Beautiful sights of Saint Michael, MN

Are Payday Loans Legal In Saint Michael, 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 Michael, MN payday loan calculator

Payday Loans in Saint Michael, Minnesota:

If you need immediate cash to cover expenses, payday loans may be an option. Payday loans are short-term loans that typically come with higher interest rates than traditional personal loans. This type of loan is designed to help people in emergency situations who need money quickly, but may not have the credit score necessary to apply for a traditional loan.

How Do Payday Loans Work?

In Minnesota, payday loans are legal but heavily regulated. Before you apply for a payday loan, it’s important to understand how they work. Loan amounts are typically between $100 and $500, with an average term of two weeks. The borrower is required to pay back the loan amount in full on their next payday, along with any interest and fees that apply.

Unlike traditional loans, payday loans don’t require a credit check. Instead, they may require proof of employment or income to ensure that the borrower has the means to repay the loan. Borrowers should be aware that payday loans usually come with a high interest rate and fees. The annual percentage rate (APR) for payday loans in Minnesota can be as high as 390%.

What Are the Requirements for a Payday Loan in Saint Michael, Minnesota?

The requirements for payday loans vary by state. In Minnesota, borrowers must be at least 18 years old and have a valid ID. They must also have a steady source of income and a checking or savings account. Some lenders may require additional documentation such as proof of income or residency.

  • Borrowers must be at least 18 years old
  • Borrowers must have a valid ID
  • Borrowers must have a steady source of income
  • Borrowers must have a checking or savings account
  • Some lenders may require additional documentation

What Are the Benefits of Payday Loans?

For those who need immediate cash in an emergency situation, payday loans can provide a quick solution. Unlike traditional loans that may take weeks to process, payday loans can be approved and funded within a matter of hours. Additionally, payday loans don’t require a credit check, which is helpful for people with poor credit scores.

However, borrowers should be aware of the high interest rates and fees associated with payday loans. Borrowers who are unable to pay back the loan on time may incur additional fees or interest charges, which can lead to a cycle of debt.

Interesting Facts and Statistics:

  • In Minnesota, payday loans are limited to a maximum of $350 per loan.
  • Minnesota requires payday lenders to be licensed with the Department of Commerce.
  • In 2019, there were 350,000 payday loans taken out in Minnesota with an average loan size of $380.
  • The average APR for a payday loan in Minnesota is 273%.

Apply Now:

If you’re considering a payday loan in Saint Michael, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. We offer a simple online application process that requires no collateral or credit check. Our service is fast, secure, and convenient. Please note that TheGuaranteedLoans is not a direct lender, but a connector service that matches borrowers with potential lenders. To get started, fill out our online application today.

F.A.Q.

Can a payday lender report my loan to the credit bureau in Saint Michael, Minnesota?

Yes, a payday lender can report your loan to the credit bureau in Saint Michael, Minnesota, which may impact your credit score.

Is there a maximum number of times a payday loan can be extended in Saint Michael, Minnesota?

Yes, payday loans in Saint Michael, Minnesota can only be extended once.