Payday Loans in Saint Peter, Minnesota

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

Company nameAddressZip codePhone number
A.G. Management Service & Baker/Axelson 128 Main St, Wanamingo, MN 55983 +1 (507) 932 - 3593
ATM Associated Bank 7533 Egan Dr, Savage, MN 55378 +1 (800) 627 - 3999
U.S. Bank Branch 11493 Lake Ln, Chisago City, MN 55013 +1 (651) 257 - 9074
U.S. Bank ATM - Walgreens 7135 E Point Douglas Rd S, Cottage Grove, MN 55016 +1 (800) 872 - 2657
CorTrust Bank 737 Hall St, Stewart, MN 55385 +1 (320) 562 - 2553
Albert Lea Economic Development Agency 132 N Broadway Ave, Albert Lea, MN 56007 +1 (507) 373 - 3930
Thrivent Financial 12 6th Ave NW 102, Glenwood, MN 56334 +1 (320) 634 - 5361
Vermillion State Bank 107 Main St E, Vermillion, MN 55085 +1 (651) 437 - 4433
Mortgages on Main 512 Main St S, Sauk Centre, MN 56378 +1 (320) 352 - 3999
Jackson Hewitt Tax Service 9320 Cedar St, Monticello, MN 55362 +1 (763) 567 - 5438

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Saint Peter, 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, Payday Loans in Moorhead, MN, Online Loans in Rochester, MN, Emergency Loan in Saint Cloud, MN, Payday Loans in Saint Paul, MN, Payday Loans in Savage, MN and 24-Hour Loan 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 Peter, MN.

Beautiful sights of Saint Peter, MN

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

Payday Loans in Saint Peter, Minnesota: Your Complete Guide

When emergencies arise, and you’re in need of quick cash, payday loans can seem like a lifesaver. Saint Peter, Minnesota, like many other states within the United States, permits payday loans, but with regulations. Understanding the laws and regulations around payday loans can help you make an informed decision before borrowing. This article aims to provide you with everything you need to know about payday loans in Saint Peter, Minnesota.

What Are Payday Loans?

Payday loans are a type of short-term loan where the borrower borrows a small amount of money, typically $500 or less. These loans cater to people who need cash quickly and have no other way of acquiring it. Payday loan lenders typically do not evaluate the borrower’s credit scores before lending. Instead, they require the borrower to write a check for the loan amount plus a fee, to be repaid on the borrower’s next payday.

Regulations in Saint Peter, Minnesota

The state of Minnesota regulates payday loans through Minnesota Statutes 47.60 to 47.6081. The regulations limit finance charges and fees to protect consumers from predatory lending practices. In Saint Peter, Minnesota, payday loan providers can charge up to 33% interest and a $25 administrative fee. The maximum loan amount you can borrow in Minnesota is $350. Payday loans in Minnesota must follow legal requirements, including the 30-day limit on loans and cooling-off periods.

The Pros and Cons of Payday Loans

Pros

  • Quick access to cash
  • No credit check
  • Easier qualifying requirements than other types of loans

Cons

  • High-interest rates
  • Short repayment periods
  • Defaulting can lead to serious financial consequences
  • May trap people in debt cycles

It is essential to understand the pros and cons of payday loans before making the decision to borrow. Carefully evaluate whether you can repay the loan on time to avoid the risk of default and further penalties.

Interesting Facts and Statistics about Payday Loans in Saint Peter, Minnesota

  • The average payday loan repayment period is 14 days.
  • According to the Minnesota Attorney General, 20% of payday loan borrowers default and end up paying twice the amount they borrowed.
  • Minnesota payday loan lenders earn a yearly revenue of more than $13 million.

Apply Now

If you decide to take out a payday loan, an online application can be an easy and convenient option. TheGuaranteedLoans is a connector service that can help you find potential lenders. Fill out our online application, and we’ll connect you with lenders that may be able to assist. Note that TheGuaranteedLoans does not directly lend any money. Our service is provided to connect borrowers and lenders.

Conclusion

Payday loans can offer a solution for unplanned expenses that require immediate attention. However, it’s crucial to understand the laws and regulations surrounding payday loans to make sure you’re entering into a safe agreement that won’t hurt you financially. Always make sure you can repay the loan on time and avoid falling into the debt trap. Remember to use TheGuaranteedLoans as a connector service to connect with potential lenders.

F.A.Q.

Are there any limits on the interest rates that payday lenders can charge in Saint Peter, Minnesota?

Yes, the maximum interest rate that a payday lender can charge in Saint Peter, Minnesota is 28% per year.

Can a payday lender refuse to provide a loan if I have a poor credit score in Saint Peter, Minnesota?

Yes, a payday lender can refuse to provide a loan if you have a poor credit score in Saint Peter, Minnesota. However, they are required to provide information about alternative forms of credit.