Payday Loans in Woodstock, Minnesota

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

Company nameAddressZip codePhone number
Minnco Credit Union 100 Opportunity Blvd, Cambridge, MN 55008 +1 (763) 689 - 5776
North Shore Mortgage 807 Cloquet Ave 100, Cloquet, MN 55720 +1 (218) 625 - 1263
Premier Bank Osseo 301 Central Ave, Osseo, MN 55369 +1 (763) 493 - 3456
Plainview Business Center 445 W Broadway, Plainview, MN 55964 +1 (507) 421 - 6564
United States Postal Service 281 Kennedy Memorial Dr, Hoyt Lakes, MN 55750 +1 (800) 275 - 8777
Northview Bank 5584 MN-210, Cromwell, MN 55726 +1 (218) 644 - 3351
Sara Labraaten - State Farm Insurance Agent 1582 US-59 C, Thief River Falls, MN 56701 +1 (218) 681 - 8100
Jeremiah Sedler - Thrivent Financial 145 2nd Ave SW, Cambridge, MN 55008 +1 (763) 237 - 3800
Affinity Plus Federal Credit Union 1301 Miller Trunk Hwy #100, Duluth, MN 55811 +1 (218) 722 - 4004
Agstar Financial Services 1260 5th St W, Northfield, MN 55057 +1 (507) 645 - 0552

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Woodstock, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Andover, MN, Bad Credit Loans in Burnsville, MN, Bad Credit Loans in Cottage Grove, MN, Payday Loans in Duluth, MN, Payday Loans in Eden Prairie, MN, No Credit Check Loans in Inver Grove Heights, MN, Quick Loan in Lakeville, MN and Payday 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 Woodstock, MN.

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

56186

Are Payday Loans Legal In Woodstock, 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

Woodstock, MN payday loan calculator

Payday Loans in Woodstock, Minnesota: Understanding the Basics

If you’re in a financial bind and need quick cash, a payday loan may seem like the best solution. Payday loans are short-term loans that provide cash advances on your next paycheck. They are typically easy to obtain and can be a lifesaver if you need cash fast. In this article, we will explore payday loans in Woodstock, Minnesota, their benefits and drawbacks, and how to apply for one.

What are Payday Loans?

Payday loans are a popular type of short-term loan that allows borrowers to receive cash advances based on their next paycheck. They are unsecured loans, meaning they don’t require collateral and are typically due on the borrower’s next payday. Payday loans are most commonly used for emergency expenses, such as car repairs or medical bills.

Minnesota is one of the few states in the United States that allows payday lending. In Woodstock, there are several payday lenders who operate in compliance with state laws and regulations.

The Benefits of Payday Loans

One of the main benefits of payday loans is their accessibility. They are often payday advances granted even to people with poor credit history. Additionally, payday lenders typically require minimal information when applying for a loan, and the approval process is usually quick and straightforward.

Another benefit of payday loans is their versatility. Borrowers can use the cash advance for any purpose, such as covering unexpected bills, medical expenses, or car repairs.

The Drawbacks of Payday Loans

Despite their convenience, payday loans have several drawbacks. One of the most significant is their high-interest rates and fees. Due to their short-term nature and minimal eligibility requirements, payday loans tend to have much higher rates than traditional loans. This is why they are not recommended for long-term borrowing.

Additionally, payday loans can become a vicious cycle for borrowers who cannot afford to repay the loan on time. If the borrower misses a payment, they may be hit with additional fees and penalties. This can quickly spiral out of control, leading to more significant debt and financial stress.

The Application Process for Payday Loans in Woodstock, Minnesota

To apply for a payday loan in Woodstock, Minnesota, you must be at least 18 years old, a legal resident of the United States, and provide proof of income and identification. The application process typically involves filling out an online form or visiting the lender’s physical location and providing required documentation.

At TheGuaranteedLoans, we work as a connector service between borrowers and potential lenders. To apply for a payday loan, fill out our secure online application form, and we will forward your request to our network of lenders. If you are approved, you will be connected with a lender, and the funds will be deposited into your bank account within one business day.

Interesting Facts and Statistics About Payday Loans in Woodstock, Minnesota

  • The average payday loan amount in Woodstock, Minnesota is $350.
  • In 2020, there were over 400,000 payday loans issued in Minnesota, totaling $126 million.
  • Payday loans in Minnesota have an average APR of 200-500%.
  • The average income of payday loan borrowers in Minnesota is less than $40,000 per year.

Apply Now for a Payday Loan

If you need cash fast and are considering a payday loan, apply now through TheGuaranteedLoans. Our service connects borrowers with potential lenders, making it easier to find the best loan options for your needs. Remember, payday loans should only be used for emergency expenses and repaid as soon as possible to avoid costly fees and penalties.

Note: Remember to read the loan terms and conditions carefully and only borrow what you can repay. Payday loans are not recommended for long-term borrowing and should only be used when necessary.

F.A.Q.

Are there any options for borrowers who are unable to repay their payday loan in Woodstock, Minnesota?

Yes, borrowers who are unable to repay their payday loan can contact the Minnesota Department of Commerce for assistance and information about alternative forms of credit.

Can a payday lender report my loan to the credit bureau in Woodstock, Minnesota?

Yes, a payday lender can report your loan to the credit bureau in Woodstock, Minnesota, which may impact your credit score.