Payday Loans in Sawyer, Minnesota

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

Company nameAddressZip codePhone number
Levi's Outlet Store at Albertville Premium Outlets 6415 Labeaux Ave. N.E., Suite A 180, Albertville, MN 55301 +1 (763) 497 - 0563
Woodlands National Bank 424 Main St, Onamia, MN 56359 +1 (888) 532 - 4142
Jackson Hewitt Tax Service 100 SE 29th St, Grand Rapids, MN 55744 +1 (218) 407 - 8113
Stifel 701 Lake St E, Wayzata, MN 55391 +1 (952) 473 - 6010
Wings Financial Credit Union 601 Iron Dr, Chisholm, MN 55719 +1 (952) 997 - 8000
Keystone Home Finance/John Munson 110 2nd St S 227, Waite Park, MN 56387 +1 (320) 260 - 1390
West Metro Schools Credit Union 1001 Minnesota 7 Service Rd 249, Hopkins, MN 55305 +1 (952) 988 - 4165
American Federal Bank 117 S Mill St, Fergus Falls, MN 56537 +1 (218) 739 - 3377
Legends Automotive 605 Hwy 55 105, Buffalo, MN 55313 +1 (763) 325 - 0269
Jerrod Hammerback - Raymond James 720 Broadway St, Alexandria, MN 56308 +1 (320) 762 - 3704

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sawyer, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Minneapolis, MN, Short-term Loans in Minnetonka, MN, Payday Loan Companies in Moorhead, MN, Payday Loans in Rochester, MN, Payday Loans in Saint Cloud, MN, 24-Hour Loan in Saint Paul, MN, Payday Loans in Savage, MN and Payday 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 Sawyer, MN.

Are Payday Loans Legal In Sawyer, 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

Sawyer, MN payday loan calculator

Payday Loans in Sawyer, Minnesota: All You Need to Know

If you are facing an unexpected expense or emergency, a payday loan may seem like a solution. As a resident of Minnesota, you may be curious about how payday loans work in Sawyer. In this article, we will explore the ins and outs of payday loans in Sawyer and provide you with everything you need to know before making a decision.

What are payday loans?

Payday loans are short-term loans that are meant to be repaid on the borrower’s next payday. They are typically used to cover unexpected expenses that arise between paychecks. The repayment period for payday loans in Minnesota ranges from 14 to 30 days. In Minnesota, payday loans are legal, but there are certain regulations in place to protect borrowers.

How do payday loans work in Sawyer, Minnesota?

The process of obtaining a payday loan in Sawyer is straightforward. Borrowers can apply in-person at a payday lender’s physical location or online through a lender’s website. To qualify for a payday loan, a borrower must:

  • Be at least 18 years old
  • Have a valid ID and Social Security number
  • Show proof of income
  • Provide a checking account and routing number

Once a borrower is approved, they can receive the funds in as soon as one business day. The loan amount varies depending on the lender, but in Minnesota, payday loans cannot exceed $350. The borrower then repays the loan and any associated fees on their next payday.

What are the regulations for payday loans in Sawyer, Minnesota?

In Minnesota, payday loans are governed by the Minnesota Department of Commerce. The regulations include:

  • The maximum loan amount is $350
  • The maximum loan term is 30 days
  • The maximum finance charge is $15 for every $100 borrowed
  • No rollovers or extensions are allowed

Borrowers in Minnesota are protected by these regulations to prevent them from falling into the cycle of debt that can occur with payday loans.

Key Points to Consider

Before taking out a payday loan in Sawyer, there are several things you must consider:

  • Payday loans have high interest rates and fees, which can make them costly over time.
  • You must be able to repay the loan on your next payday.
  • Missing the repayment can lead to further fees and debt.
  • There are alternative options, such as personal loans and installment loans, that may offer lower fees and longer repayment terms.

Interesting Facts and Statistics about Payday Loans in Sawyer, Minnesota

  • According to the Minnesota Department of Commerce, there were 385,657 payday loan transactions in Minnesota in 2019.
  • The average loan size in Minnesota was $380 in 2019.
  • The average interest rate for payday loans in Minnesota is 277%, the highest in the nation.

Apply Now

If you are considering a payday loan in Sawyer, Minnesota, TheGuaranteedLoans can help you connect with potential lenders. Fill out our online application to get started. Please note that TheGuaranteedLoans is not a direct lender but instead facilitates connections between borrowers and potential lenders. We prioritize transparency and ensure that our borrowers are aware of the lenders’ terms and conditions before proceeding with a loan.

We hope that this article has provided you with valuable insight into payday loans in Sawyer, Minnesota. Remember to consider all your options and make an informed decision that suits your financial situation.

F.A.Q.

Can payday lenders seize my property in Sawyer, Minnesota?

No, payday lenders in Sawyer, Minnesota are not allowed to seize your property as collateral for a loan.

Are payday loans in Sawyer, Minnesota regulated by the state government?

Yes, payday lending is regulated by the Minnesota Department of Commerce.