Payday Loans in Tamarack, Minnesota

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

Company nameAddressZip codePhone number
Home State Bank 1610 US-12, Willmar, MN 56201 +1 (320) 231 - 1118
North Central Equity LLC 121 S 8th St UNIT 950, Minneapolis, MN 55402 +1 (612) 465 - 0260
Triton Wealth 312 Minnesota Ave N, Aitkin, MN 56431 +1 (218) 927 - 2427
Bremer Investments 201 N Broadway 1, Crookston, MN 56716 +1 (218) 281 - 0230
Cashpass Network 181 River Ridge Cir S Ste 300, Burnsville, MN 55337 +1 (952) 358 - 7080
AgStar Financial Services 1791 Diagonal Rd, Worthington, MN 56187 +1 (507) 376 - 4144
Wells Fargo Home Mortgage 304 Maple St, Alexandria, MN 56308 +1 (320) 762 - 2181
Walmart Money Center 1200 18th Ave NW, Austin, MN 55912
City & County Employees Federal Credit Union 1719 W Main St, Albert Lea, MN 56007 +1 (507) 373 - 7200
Peoples State Bank 400 Division St, Millville, MN 55957 +1 (507) 798 - 2333

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Tamarack, MN, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Minneapolis, MN, Bad Credit Loans in Minnetonka, MN, Payday Loans 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 Tamarack, MN.

Beautiful sights of Tamarack, MN

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

55787

Are Payday Loans Legal In Tamarack, 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

Tamarack, MN payday loan calculator

Payday loans are small-dollar loans that typically come with a high interest rate, short repayment terms, and are secured against the borrower’s next paycheck. Despite the risks and financial costs associated with these loans, they remain popular among some consumers in Tamarack, Minnesota.

What are Payday Loans?

A payday loan is designed to provide a consumer with quick cash, usually for a limited amount of time. Most payday loans range from $100 to $500, with repayment terms ranging from 14 to 30 days. In Tamarack, Minnesota, payday loans are legal and regulated by state law.

While payday loans may seem like a convenient solution to a financial emergency, they come with significant drawbacks. Payday loans are one of the most expensive forms of credit, with annual percentage rates (APRs) that can exceed 400%. These high-interest rates can trap borrowers in a cycle of debt, as they struggle to repay the loan and face additional fees and penalties.

How do Payday Loans Work in Tamarack, Minnesota?

In Tamarack, consumers who need a payday loan can find lenders online or in-person. To apply for a payday loan, borrowers typically need to provide proof of income, a valid ID, and a post-dated check or access to their bank account. Once approved, funds are typically deposited into the borrower’s account or provided in cash.

In Minnesota, payday loans are regulated by state law to protect consumers from predatory lending practices. For example, payday lenders are required to disclose the terms of the loan, including the APR and fees. They must also provide borrowers with a repayment plan that outlines the total cost of the loan and the due dates for each payment.

The Risks of Payday Loans

While payday loans may seem like a quick fix for a financial emergency, they come with significant risks. Borrowers who cannot repay their loan on time may face additional fees, penalties, and even legal action. This can lead to a cycle of debt that can be difficult to break free from.

Additionally, payday loans have a negative impact on a borrower’s credit score. Since payday loans are not reported to credit bureaus, borrowers cannot use these loans to build credit or improve their credit score.

Final Thoughts

Payday loans can be a risky form of credit, especially for consumers in Tamarack, Minnesota who are struggling to make ends meet. While payday loans are legal in Minnesota, they come with significant risks and high costs. If you need cash quickly, consider alternative options such as personal loans, credit cards, or asking for help from family and friends.

Interesting Facts and Statistics about Payday Loans in Tamarack, Minnesota

  • The average payday loan amount in Minnesota is $380
  • Approximately 20% of payday loan borrowers in Minnesota end up defaulting on their loan
  • In Minnesota, there are more payday lenders than McDonald’s restaurants

Apply Now

If you need cash quickly, TheGuaranteedLoans can help. Our online application process is fast and easy, and we work with a network of trusted lenders to connect you with the best loan options available. Remember that TheGuaranteedLoans is not a direct lender, but a connector service that can help you find the resources you need. Apply now and get the funds you need to cover your expenses and get back on track.

F.A.Q.

Can I file a complaint about a payday lender in Tamarack, Minnesota?

Yes, if you have a complaint about a payday lender in Tamarack, Minnesota, you can file a complaint with the Minnesota Department of Commerce.

Is it possible to negotiate a payment plan with a payday lender in Tamarack, Minnesota?

Yes, if you are unable to repay your payday loan in full by the due date, you can contact your lender to see if they are willing to negotiate a payment plan.