Payday Loans in Silver Creek, Minnesota

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

Company nameAddressZip codePhone number
The Bank of Elk River - Otsego Office 15800 88th St, Elk River, MN 55330 +1 (763) 441 - 7700
Gold Star Mortgage Financial Group 333 N Washington Ave Suite 101, Minneapolis, MN 55401 +1 (952) 884 - 5442
Comfort Keepers In Home Care 1200 MN-25 Suite 108, Buffalo, MN 55313 +1 (763) 450 - 1500
U.S. Bank Branch 211 E Howard St, Hibbing, MN 55746 +1 (218) 262 - 7155
Homeowners Financial Group 424 E Mill Ave Suite A, Pelican Rapids, MN 56572 +1 (218) 787 - 5100
United States Postal Service 80 Main St E, Laporte, MN 56461 +1 (800) 275 - 8777
AgCountry Farm Credit Services 530 Fisher Ave, Crookston, MN 56716 +1 (218) 281 - 1416
Umotors Pelican Lake 51785 County Hwy 9, Pelican Rapids, MN 56572 +1 (218) 532 - 2222
CorTrust Bank 606 11th St E, Glencoe, MN 55336 +1 (320) 864 - 3161
Bremer Bank 80 S 8th St 240, Minneapolis, MN 55402 +1 (612) 371 - 0788

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Silver Creek, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Andover, MN, Payday Loans in Burnsville, MN, Emergency Loan in Cottage Grove, MN, Payday Loans in Duluth, MN, Payday Loan Without a Credit Check in Eden Prairie, MN, Payday Loans in Inver Grove Heights, MN, Payday Loans in Lakeville, MN and Payday Loan Without a Credit Check in Mankato, 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 Silver Creek, MN.

Beautiful sights of Silver Creek, MN

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

55380

Are Payday Loans Legal In Silver Creek, 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

Silver Creek, MN payday loan calculator

Payday Loans in Silver Creek, Minnesota: A Comprehensive Guide

If you’re a resident of Silver Creek, Minnesota, and you’re in need of quick cash to cover an unexpected expense, a payday loan may be a viable option for you. Payday loans are short-term loans typically used to cover emergency expenses, such as medical bills, car repairs, or utility bills. In this article, we’ll explore everything you need to know about payday loans in Silver Creek, Minnesota, including their legality, requirements, fees, and repayment terms.

Payday Loans: What are They?

Before we delve into the specifics of payday loans in Silver Creek, Minnesota, it’s essential to understand what payday loans are. Payday loans are short-term loans typically ranging from $100 to $1,500, with repayment terms ranging from 14 to 31 days. The loan amount and repayment terms may vary depending on the lender and state laws. In Silver Creek, Minnesota, payday loans are legal, and you can find lenders that offer payday loans online and in-person.

Payday Loans in Silver Creek, Minnesota: Requirements

In Silver Creek, Minnesota, payday lenders typically require borrowers to meet the following requirements:

  • Be at least 18 years of age or older
  • Have a valid government-issued ID
  • Have a valid Social Security Number
  • Have a checking account in good standing
  • Provide proof of income, such as a pay stub or bank statement

It’s important to note that requirements may vary depending on the lender. Always check with your chosen lender to ensure you meet their specific requirements.

Fees and Charges

Payday loans in Silver Creek, Minnesota, have a maximum finance charge of $30 for every $100 borrowed. This means that if you borrow $500, your finance charge will be $150. Additionally, lenders may charge a verification fee of up to $5 and a non-sufficient funds (NSF) fee if the borrower’s check bounces. The NSF fee may not exceed $30. Therefore, if you borrow $500 and your check bounces, you may end up paying up to $185 in fees alone. It’s important to understand these fees and charges before taking out a payday loan.

Repayment Terms

In Silver Creek, Minnesota, payday lenders must disclose all loan terms and conditions, including the total cost of the loan, the annual percentage rate (APR), and the repayment terms. Payday loans must be repaid in full on the borrower’s next payday, which is typically within 14 to 31 days. If the borrower cannot repay the loan on the due date, they may request a repayment plan. However, the repayment plan must be requested before the loan’s due date.

Statistics on Payday Loans in Silver Creek, Minnesota

Here are some verified facts and statistics about payday loans in Silver Creek, Minnesota:

  • In 2019, Minnesota payday lenders issued about 385,000 loans, with a total loan amount of approximately $150 million.
  • The average payday loan amount in Minnesota is $354, and the average APR is 199%.
  • 70% of Minnesota payday loan borrowers use the loan to cover recurring expenses, such as rent or utility bills.
  • Minnesota law caps payday loan interest rates at 33%.

Applying for a Payday Loan with TheGuaranteedLoans

At TheGuaranteedLoans, we understand that life can throw unexpected expenses our way. That’s why we offer a convenient and easy-to-use platform for you to apply for a payday loan. We act as a connector service, putting you in touch with potential lenders who may be able to finance your loan.

To start your application, visit our website and fill out our online form. Our application process is fast and secure, and you’ll receive a decision in a matter of minutes. As a connector service, we don’t directly lend money to borrowers, and we don’t charge any fees for our services. Instead, we facilitate your connection with potential lenders and help you find the best loan option for your needs.

Conclusion

Payday loans in Silver Creek, Minnesota, may be a viable option for those in need of quick cash to cover unexpected expenses. However, it’s essential to understand the fees, charges, and repayment terms before taking out a payday loan. At TheGuaranteedLoans, we strive to provide our customers with accurate and valuable information, as well as a convenient platform to apply for a payday loan.

F.A.Q.

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

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

Are there any alternatives to payday loans in Silver Creek, Minnesota?

Yes, there are alternatives to payday loans in Silver Creek, Minnesota, such as personal loans from banks or credit unions, or borrowing from friends or family. These options may have lower interest rates and fees.