Payday Loans in Welcome, Minnesota

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

Company nameAddressZip codePhone number
Security Bank Minnesota 185 N Broadway, Alden, MN 56009
Little Dearborn 2605 Wayzata Blvd 300, Long Lake, MN 55356 +1 (612) 331 - 2066
Citizens State Bank-Midwest 101 Shevlin Ave SW, Bemidji, MN 56601 +1 (218) 444 - 3487
Bremer Bank 100 W Main St, Rice, MN 56367 +1 (320) 393 - 2600
Walmart Money Center 12200 River Ridge Blvd, Burnsville, MN 55337
Ideal Pawn 265 Paul Bunyan Dr NW, Bemidji, MN 56601 +1 (218) 444 - 3325
TCF Bank 1208 Kirby Dr, Duluth, MN 55812 +1 (800) 823 - 2265
United States Postal Service 129 Main St S, Grand Meadow, MN 55936 +1 (800) 275 - 8777
Affinity Plus Federal Credit Union 120 E 2nd St, Winona, MN 55987 +1 (800) 322 - 7228
Southwest State University Financial 1501 State St, Marshall, MN 56258 +1 (507) 537 - 6281

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Welcome, 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, Quick Loan in Moorhead, MN, Short-term Loans in Rochester, MN, Guaranteed Loans in Saint Cloud, MN, Payday Loans 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 Welcome, MN.

Beautiful sights of Welcome, MN

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

56181

Are Payday Loans Legal In Welcome, 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

Welcome, MN payday loan calculator

Understanding Payday Loans in Welcome, Minnesota

Payday loans are short-term, high-interest loans that provide borrowers with quick cash. These loans are often marketed to people who are struggling financially and need money to cover unexpected expenses. In Welcome, Minnesota, payday loans are legal and available to those who meet certain requirements.

Eligibility for Payday Loans in Welcome, Minnesota

In order to qualify for a payday loan in Welcome, Minnesota, you must:

  • Be at least 18 years old
  • Have a valid government-issued ID
  • Have a checking account
  • Provide proof of income

If you meet these requirements, you can apply for a payday loan in Welcome, Minnesota. It’s important to note that while payday loans can provide quick cash, they often come with high interest rates and fees. It’s important to read the terms and conditions carefully before applying for a payday loan.

How Payday Loans Work in Welcome, Minnesota

In Welcome, Minnesota, payday loans are limited to $350 and must be repaid within 30 days. Lenders are not allowed to charge more than 33% interest on the loan amount. This means that if you borrow $100, you can be charged up to $33 in interest.

When you apply for a payday loan, you will need to provide proof of income and employment. The lender will use this information to determine how much you can borrow and what the repayment terms will be.

One thing to keep in mind is that if you are unable to repay the loan on time, you may be subject to additional fees and interest charges. This can quickly turn a small loan into a significant financial burden.

The Pros and Cons of Payday Loans in Welcome, Minnesota

Like any financial product, payday loans have both advantages and disadvantages. Here are the pros and cons of payday loans in Welcome, Minnesota:

Pros:

  • Quick access to cash
  • No credit check required
  • Can be used for a variety of expenses

Cons:

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

Interesting Facts About Payday Loans in Welcome, Minnesota

Here are some interesting facts and statistics about payday loans in Welcome, Minnesota:

  • The average payday loan in Minnesota is $380
  • The average APR on a payday loan in Minnesota is 237%
  • In 2020, Minnesotans paid $10.6 million in payday loan fees alone

Apply Now

If you’re in need of a payday loan in Welcome, Minnesota, TheGuaranteedLoans can help. We are a connector service that can connect you with potential lenders. Simply visit our website and fill out the online application. Remember, payday loans can be a helpful financial tool, but they should be used responsibly and only when necessary.

F.A.Q.

Is it possible to negotiate a payment plan with a payday lender in Welcome, 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.

Are payday loans legal in Welcome, Minnesota?

Yes, payday loans are legal in Welcome, Minnesota.