Payday Loans in Shafer, Minnesota

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

Company nameAddressZip codePhone number
Minnesota Lakes Bank 710 Babcock Blvd E, Delano, MN 55328 +1 (763) 972 - 3385
Jeffrey Rotz - Thrivent 1107 Hazeltine Blvd Suite 390, Chaska, MN 55318 +1 (320) 864 - 2022
Deerwood Bank 131 6th Ave S 100, Waite Park, MN 56387 +1 (320) 252 - 4200
Moorhead Motors LLC 2615 2nd Ave N 4, Moorhead, MN 56560 +1 (218) 443 - 0243
U.S. Bank ATM - New Prague 111 Central Ave N, New Prague, MN 56071 +1 (800) 872 - 2657
CLA CliftonLarsonAllen 14275 Golf Course Dr 300, Baxter, MN 56425 +1 (218) 828 - 0100
Bremer Bank 11800 Singletree Ln, Eden Prairie, MN 55344 +1 (952) 944 - 6262
ATM Affinity Plus Federal Credit Union 535 US-2, Grand Rapids, MN 55744 +1 (800) 627 - 3999
Frandsen Bank & Trust 206 Main St S, Hector, MN 55342 +1 (320) 848 - 2222
Austin City Employees CU 711 4th Ave NE, Austin, MN 55912 +1 (507) 433 - 6580

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shafer, 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, Payday Loan Without a Credit Check in Rochester, MN, Quick Loan in Saint Cloud, MN, 24-Hour Loan in Saint Paul, MN, Payday Loans in Savage, MN and Online 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 Shafer, MN.

Beautiful sights of Shafer, MN

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

55074

Are Payday Loans Legal In Shafer, 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

Shafer, MN payday loan calculator

Payday Loans in Shafer, Minnesota – A Comprehensive Guide

If you live in Shafer, Minnesota, and are facing financial difficulties, a payday loan might be a viable option for you. Payday loans provide short-term relief to the borrowers who need urgent cash for unexpected expenses. However, before taking out a payday loan, it’s essential to understand the advantages, drawbacks, and relevant laws regarding payday loans in Shafer, Minnesota.

What are Payday Loans?

A payday loan is a small-dollar, short-term loan that borrowers can use to cover unexpected expenses. Payday loans usually range from $100 to $1000, with repayment terms of up to four weeks. Payday loans are popular for their easy application process and quick fund transfer. In Shafer, Minnesota, payday loans are legal and regulated by state laws.

Advantages of Payday Loans

Payday loans provide several benefits over traditional loans, including:

  • Easy application process, online or in-store
  • Quick fund disbursement, often within 24 hours
  • No credit check required, making it an option for those with poor credit scores
  • Flexibility in terms of usage of funds

Drawbacks of Payday Loans

Payday loans also have several drawbacks, including:

  • High-interest rates, sometimes exceeding 400%
  • Short repayment terms, which can lead to repetitive borrowing and a cycle of debt
  • Additional fees and penalties for late payments or missed payments
  • Risk of collection efforts, including lawsuits and wage garnishment

Payday Loan Laws in Shafer, Minnesota

Payday loans are legal in Shafer, Minnesota, but regulated by state laws that limit the amount of loan and fees charged by the lenders. The maximum amount you can borrow in Shafer is $350, with a maximum loan term of 30 days. Lenders can charge up to $15 per $100 borrowed in fees. The state also prohibits rollovers, which involve extending a payday loan’s repayment term to a new loan, and limits the number of outstanding payday loans to two at a time.

How to Apply for a Payday Loan

If you’ve decided to apply for a payday loan, you can find several online and in-store lenders in Shafer, Minnesota. The application process is straightforward and usually involves the following steps:

  • Gather the necessary documents, including your identification, proof of income, and bank account information
  • Fill out the application form with your personal and financial details
  • Submit the application and wait for approval, which can take a few minutes to a few business days
  • If approved, sign the loan agreement and receive the funds

Interesting Facts and Statistics about Payday Loans in Shafer, Minnesota

  • In 2020, the average payday loan amount in Minnesota was $380.
  • According to a report by the Minnesota Department of Commerce, the payday loan industry made 4.5 million loans in 2019, with a total value of $1.9 billion.
  • Minnesota’s payday lending industry employs around 1,000 people and generates around $160 million in annual economic activity.
  • A 2016 report by the Consumer Financial Protection Bureau found that 80% of payday loans in Minnesota are taken out within two weeks of paying off a previous payday loan.

Apply Now

If you are facing unexpected expenses in Shafer, Minnesota, and need urgent cash, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, and our online application process is secure, fast, and easy. Fill out the application form on our website, and we’ll take care of the rest.

Remember that payday loans are not a long-term financial solution and borrow only what you can repay on time to avoid additional fees and a cycle of debt.

F.A.Q.

Are there any protections for consumers who take out payday loans in Shafer, Minnesota?

Yes, Minnesota has regulations in place to protect consumers who take out payday loans, including a cooling-off period between loans and a requirement for lenders to provide information about alternative forms of credit.

Can I be charged late fees for a payday loan in Shafer, Minnesota?

Yes, late fees may be charged for a payday loan in Shafer, Minnesota if the loan is not paid on time.