Payday Loans in Williams, Minnesota

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

Company nameAddressZip codePhone number
Compeer Financial 4960 Miller Trunk Hwy 400, Duluth, MN 55811 +1 (218) 725 - 6347
Wadena Federal Credit Union 217 Jefferson St N, Wadena, MN 56482 +1 (218) 631 - 1401
Grand Rapids State Bank 523 NW 1st Ave, Grand Rapids, MN 55744 +1 (218) 326 - 9414
North Risk Partners 1499 Anne St NW, Bemidji, MN 56601 +1 (218) 759 - 1201
Amec Mortgage Co 26219 Fremont Dr A, Zimmerman, MN 55398 +1 (763) 856 - 0683
AgCountry Farm Credit Services 208 3rd Ave NW, Roseau, MN 56751 +1 (218) 463 - 2766
Payday America 1565 Tullamore St, Mankato, MN 56001 +1 (507) 345 - 5481
Minnesota First 1932 Viking Dr NW 2460, Rochester, MN 55901 +1 (507) 289 - 0411
Thrivent Financial 189 2nd Ave SW, Cambridge, MN 55008
Scott Stavn - Raymond James 2506 E Beltline, Hibbing, MN 55746 +1 (218) 263 - 5000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Williams, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Minneapolis, MN, Payday Loans in Minnetonka, MN, Payday Loans in Moorhead, MN, Payday Loans in Rochester, MN, Online 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 Williams, MN.

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

56686

Are Payday Loans Legal In Williams, 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

Williams, MN payday loan calculator

Understanding Payday Loans in Williams, Minnesota

Payday loans are a popular type of short-term loan available to individuals who need quick cash to meet urgent financial needs. Despite their popularity, payday loans are often subject to criticism and scrutiny. However, in Minnesota, payday loans are legal, and individuals can access these loans in Williams, Minnesota, and other locations in the state. In this article, we will delve deeper into the world of payday loans in Williams, Minnesota, their legality, and how they work.

What are payday loans?

A payday loan is a short-term loan that typically matures within two weeks to a month. Payday loans provide individuals access to cash when they need it urgently, and they require the borrower to repay the loan amount, plus interest and charges, on their next payday. These loans are unsecured, meaning that borrowers do not need to put up any collateral to secure the loan. Payday loans are ideal for individuals who need cash to cover unexpected expenses such as car repairs, medical bills, or other emergencies.

Payday Loans in Williams, Minnesota

In Minnesota, payday loans are legal, and residents of Williams and other towns can access payday loans. Payday lending is regulated by the Minnesota Department of Commerce, and all lenders must comply with the state’s regulations. The state’s regulations require that payday loans in Minnesota must not exceed $350, and loan terms cannot be more than 30 days. The maximum fee that lenders can charge is $15 for every $100 borrowed, and the annual percentage rate is capped at 390%. In addition, borrowers have the right to a repayment plan if they are unable to repay the loan on time.

How do Payday Loans work?

The process of obtaining a payday loan in Williams, Minnesota, is relatively straightforward. Borrowers must typically provide proof of employment or a steady income source and an active checking account. Once the lender verifies the information provided, the borrower signs the loan agreement, and the money is disbursed to their checking account. The borrower must then repay the loan amount, plus any interest and fees, on their next payday. Lenders offer various options for repaying the loan, including automatic deductions from the borrower’s paycheck or their checking account.

Benefits of Payday Loans in Williams, Minnesota

Payday loans in Williams, Minnesota, provide several benefits to borrowers. Firstly, payday loans provide instant cash to individuals who need it urgently. Secondly, payday loans are relatively easy to obtain compared to other types of loans, and the application process is often simple. Thirdly, payday loans do not require collateral, meaning that borrowers do not need to put up their assets to secure the loan.

Disadvantages of Payday Loans in Williams, Minnesota

Despite their benefits, payday loans in Williams, Minnesota, have several disadvantages that borrowers need to be aware of. Firstly, payday loans have high-interest rates, which can make the loan expensive in the long run. Secondly, payday loans have short repayment periods, which can make it challenging for borrowers to repay the loan in full on their next payday. Thirdly, if the borrower fails to repay the loan on time, they may incur additional fees and charges, leading to a cycle of debt.

Interesting Facts and Statistics about Payday Loans in Williams, Minnesota

  • In Minnesota, payday loans are legal, but there are strict regulations to protect consumers from predatory lending practices.
  • According to the Center for Responsible Lending, the average payday loan APR in Minnesota is 277%, which is higher than the national average of 391%.
  • A study by Pew Charitable Trusts found that the average payday loan borrower in Minnesota takes out eight loans in a year, spending an average of 162 days in debt annually.

Apply Now

If you need a payday loan in Williams, Minnesota, TheGuaranteedLoans can help you find lenders who can meet your needs. We are a connector service, not a direct lender, and we will facilitate your connection with potential lenders. To apply for a payday loan, fill out our online application form today.

Conclusion

Payday loans in Williams, Minnesota, provide a quick and easy way for individuals to access cash when they need it urgently. However, payday loans have high-interest rates and short repayment periods, making it essential to understand the terms of the loan before applying. By following the state’s regulations, borrowers can protect themselves from predatory lending practices and use payday loans responsibly to meet their financial needs.

F.A.Q.

Are there any alternatives to payday loans in Williams, Minnesota?

Yes, there are alternatives to payday loans in Williams, 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.

Can I apply for a payday loan if I am a military member or veteran in Williams, Minnesota?

Yes, you can apply for a payday loan in Williams, Minnesota if you are a military member or veteran. However, it is recommended to explore other options, as military members and veterans have access to special financial resources and protections.