Payday Loans in South Saint Paul, Minnesota

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

Company nameAddressZip codePhone number
Midstate Insurance Services 320 Jefferson St N 2, Wadena, MN 56482 +1 (218) 631 - 1065
Premier Loans 181 S River Ridge Cir, Burnsville, MN 55337 +1 (952) 345 - 7550
21st Century Bank 699 N Medina St, Loretto, MN 55357 +1 (763) 479 - 2178
First National Bank 124 W 1st St, Fosston, MN 56542 +1 (218) 435 - 6878
Bell Bank 1001 Broadway St, Alexandria, MN 56308 +1 (320) 762 - 3200
Unity Bank 201 1/2, 3rd St W, Thief River Falls, MN 56701 +1 (218) 683 - 5480
Grand Rapids State Bank 523 NW 1st Ave, Grand Rapids, MN 55744 +1 (218) 326 - 9414
Northern Pawn Shop 60622 MN-23, Finlayson, MN 55735 +1 (320) 245 - 0595
Payday America 13959 Grand Ave Ste B, Burnsville, MN 55337 +1 (952) 435 - 2799
Thrivent Financial - Ashley Stevens 925 1st St E, Bemidji, MN 56601 +1 (218) 444 - 6679

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in South Saint Paul, 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, Payday Loans in Cottage Grove, MN, Payday Loan for Duluth, MN, Payday Loans in Eden Prairie, MN, Short-term Loans in Inver Grove Heights, MN, Payday Loans in Lakeville, MN and Bad Credit Loans 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 South Saint Paul, MN.

Beautiful sights of South Saint Paul, MN

Are Payday Loans Legal In South Saint Paul, 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

South Saint Paul, MN payday loan calculator

Payday Loans in South Saint Paul, Minnesota

When unexpected expenses arise, many people may find themselves struggling to make ends meet. In situations like these, payday loans can be a helpful option to bridge the gap until your next paycheck arrives. For residents of South Saint Paul, Minnesota looking for a short-term financial solution, payday loans are a legal and accessible option.

What are Payday Loans?

Payday loans are short-term loans that are designed to help borrowers cover unexpected expenses until their next payday. These loans typically have high-interest rates and fees, and are usually repaid within 14 days to a month.

How do Payday Loans Work in South Saint Paul, Minnesota?

In South Saint Paul, payday loans are regulated by Minnesota Statutes 47.60 et seq. According to this law, payday lenders are required to be licensed and can only lend up to $350 for a maximum of 30 days. The interest rates on payday loans in Minnesota are capped at 33% per annum, which translates to an effective interest rate of 390% for a 14-day loan. Additionally, lenders are required to disclose all fees and charges upfront.

Benefits of Payday Loans

Payday loans can be a helpful solution for people who find themselves in need of quick access to cash. Some of the benefits of payday loans include:

  • Fast approval and disbursement of funds
  • No collateral required
  • Easy application process
  • No credit checks required

Drawbacks of Payday Loans

While payday loans can be a useful financial tool, they do come with some drawbacks. Some of the drawbacks of payday loans include:

  • High-interest rates and fees
  • Short repayment terms
  • May lead to a cycle of debt

Interesting Facts and Statistics about Payday Loans in South Saint Paul, Minnesota

  • Minnesota is one of the 27 states in the US that allows payday lending.
  • According to the Minnesota Commerce Department, the average payday loan in the state is for $380.
  • Payday lenders in Minnesota made 385,000 loans in 2019, totaling $149 million in principal.
  • Payday lenders in Minnesota charged an average annual interest rate of 277% in 2019.

Apply Now

If you are a resident of South Saint Paul, Minnesota in need of financial assistance, you can apply for a payday loan through TheGuaranteedLoans website. Our service connects you with potential lenders who may be able to provide you with the funds you need. Please note that TheGuaranteedLoans is not a direct lender, and we do not make any lending decisions. If you are approved for a loan, the lender will provide you with all of the details and terms of the loan.

In conclusion, payday loans can be a helpful financial tool for people who are facing unexpected expenses. However, it is important to carefully consider the terms and fees of any loan before applying. If you do decide to take out a payday loan, make sure that you are borrowing only what you need and are able to repay the loan on time.

F.A.Q.

Is there a cooling-off period after I repay a payday loan in South Saint Paul, Minnesota?

Yes, after you repay a payday loan in South Saint Paul, Minnesota, you must wait seven days before taking out another loan.

Can I be charged with criminal charges for defaulting on a payday loan in South Saint Paul, Minnesota?

No, payday lenders in South Saint Paul, Minnesota are not allowed to file criminal charges against borrowers for defaulting on a loan.