Payday Loans in Young America, Minnesota

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

Company nameAddressZip codePhone number
Steele County Abstract Co 125 W Bridge St, Owatonna, MN 55060 +1 (507) 451 - 6487
Thrivent Financial-Lutherans 378 State St N, Eden Valley, MN 55329 +1 (320) 335 - 2539
Steven E. Pierce,Ltd 51 Downtown Plaza, Fairmont, MN 56031 +1 (507) 238 - 4304
ABM Janitorial Services 90 S 7th St, Minneapolis, MN 55402 +1 (612) 378 - 0646
Fulda Area Credit Union 850 1st Ave N, Windom, MN 56101 +1 (507) 831 - 3700
Probanc Commercial Lending 2751 Hennepin Ave, Minneapolis, MN 55408 +1 (612) 235 - 2000
American National Bank of MN 727 Western Avenue North, Fergus Falls, MN 56537 +1 (218) 739 - 3221
The Northern State Bank 283 Main St, Gonvick, MN 56644 +1 (218) 487 - 5244
Members Cooperative Credit Union - Brad Neuharth Mortgage Loan Originator - NMLS 1444048 215 N 40th Ave W, Duluth, MN 55807 +1 (218) 625 - 8825
TruStar Federal Credit Union 2313 Trustar Ave NW, Bemidji, MN 56601 +1 (218) 444 - 5567

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Young America, MN

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

55557, 55573, 55559, 55550, 55567, 55394, 55552, 55566, 55562, 55397, 55594, 55556, 55564, 55399, 55558, 55568, 55553, 55551, 55560, 55555

Are Payday Loans Legal In Young America, 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

Young America, MN payday loan calculator

Understanding Payday Loans in Young America, Minnesota

Payday loans have become increasingly popular in recent years, especially among those who are living paycheck to paycheck or facing unexpected financial emergencies. Young America, Minnesota residents are no exception, making use of this lending option to help them make ends meet. However, before you consider taking out a payday loan, it’s important to understand the basics.

What Exactly Is a Payday Loan?

A payday loan is a short-term, high-interest loan that is typically due on your next payday. The loan amount is usually a small sum, ranging from $100 to $500. While payday loans are easy to apply for and can offer fast cash, they come with extremely high interest rates and fees.

Payday loans are legal in Minnesota, and there are specific laws in place to regulate the industry. These laws aim to protect consumers from predatory lenders and unfair lending practices.

How Do Payday Loans Work in Young America, Minnesota?

If you’re a Young America, Minnesota resident who needs a payday loan, you can find lenders both in-store and online. To apply, you’ll need to provide proof of income, a valid ID, and a post-dated check or authorization for an electronic debit from your bank account.

Once approved, you’ll receive the loan amount, which must be repaid in full on your next payday, typically within two weeks. If you’re unable to repay the loan on time, the lender will charge additional fees and interest, which can quickly add up and trap you in a cycle of debt.

Pros and Cons of Payday Loans

Like any other financial product, payday loans have both advantages and disadvantages. It’s important to carefully consider both before deciding whether to take out a payday loan.

Pros

  • Access to quick cash when you need it most.
  • Easy application process, with no credit check required.
  • Short-term repayment period, so you won’t be in debt for long.

Cons

  • Extremely high interest rates and fees.
  • Can easily trap you in a cycle of debt if you’re unable to repay on time.
  • Not a sustainable or long-term solution to your financial struggles.

Interesting Facts and Statistics about Payday Loans in Young America, Minnesota

According to a report from the Minnesota Attorney General’s Office, payday loans in Minnesota typically carry an annual percentage rate (APR) of roughly 391%. The report also found that borrowers in Minnesota took out an average of 10 payday loans per year, with a typical loan amount of $380.

Interestingly, the report found that the majority of payday loan borrowers in Minnesota were women, low-income earners, and those without a four-year college degree.

How to Apply for a Payday Loan on TheGuaranteedLoans Website

TheGuaranteedLoans is a connection service that helps match borrowers in Young America, Minnesota with potential lenders. Here’s how to apply:

  1. Visit TheGuaranteedLoans website and fill out the online application.
  2. Wait for lenders to review your application and send you offers.
  3. Review the terms and conditions of each offer carefully before accepting.
  4. If you find a loan that meets your needs, accept the offer and start the loan process.

Keep in mind that TheGuaranteedLoans is not a direct lender and cannot guarantee loan approval. However, we work with reputable lenders who follow state and federal lending laws and regulations.

The Final Word

Payday loans can be a useful tool for short-term financial needs, but they come with significant risks and high costs. If you’re considering a payday loan, it’s important to weigh the pros and cons carefully and only borrow what you can afford to repay.

At TheGuaranteedLoans, we strive to provide our clients with accurate information and a hassle-free loan application process. If you have any questions or concerns about payday loans in Young America, Minnesota, don’t hesitate to contact us today.

Apply Now: To start your application for a payday loan today, simply visit our website and fill out the online form. We will match you with lenders who can offer loan options that meet your specific needs.

F.A.Q.

How long do I have to repay the loan?

You must repay the loan within 30 days.

Are there any fees or charges associated with payday loans in Young America, Minnesota?

Yes, there is a fee of $15.50 per $100 borrowed, which must be paid in addition to the loan amount.