Installment Loans in Lewisville, Minnesota

Understanding Installment Loans in Lewisville, Minnesota

If you’re in need of a loan in Lewisville, Minnesota, you may want to consider an installment loan. Installment loans are becoming an increasingly popular option for borrowers because they provide the flexibility of paying off your debt over time while also meeting your immediate financial needs. The state of Minnesota allows installment loans under certain regulations and there are plenty of options available to you in Lewisville.

What are Installment Loans?

Installment loans are essentially personal loans that allow you to borrow a lump sum of money that you can pay back over a set period of time with regular installment payments. The payments typically consist of both principal and interest, with the loan agreement outlining your repayment term and schedule. Installment loans can be secured or unsecured, meaning borrowers may be required to put up collateral or can get a loan without doing so respectively. They’re often used for medium to high expenses, including home renovations, car repairs, and emergency medical bills.

Installment Loans in Lewisville, Minnesota

The state of Minnesota regulates installment loans to protect consumers from predatory lending practices. This means that loans must adhere to certain regulations and parameters to ensure that borrowers are protected. Below are some key regulations that installment loans in Lewisville, Minnesota must follow:

• Interest rates cannot exceed an APR of 33% for loans of up to $3500
• Installment loans have a maximum loan term of 35 months
• Lenders must be licensed with the Minnesota Department of Commerce
• Borrowers have the right to cancel their loan within 24 hours of taking it out without penalty

It’s important to choose a lender who abides by these regulations and is licensed with the Minnesota Department of Commerce. Luckily, there are several options for installment loans in Lewisville, Minnesota that are reputable and reliable. You can do research on different lenders and their terms to find the best fit for your needs.

Applying for an Installment Loan in Lewisville, Minnesota

If you’re interested in applying for an installment loan, you can fill out an online application on TheGuaranteedLoans website to be connected with a potential lender. It’s important to remember that TheGuaranteedLoans is a connector service, meaning they won’t directly lend you money, but instead help connect you with lenders who may be able to provide you with a loan.

When filling out an application, it’s important to provide accurate information about yourself, your income, and your loan needs. This information will help lenders determine your creditworthiness and whether or not they can offer you a loan.

Interesting Facts and Statistics about Installment Loans in Lewisville, Minnesota

• In 2020, the average installment loan in Minnesota was $1,798
• Minnesota has some of the strongest consumer protection laws related to payday and installment loans in the country
• The maximum APR for payday and installment loans in Minnesota is 33%, which is significantly lower than other states
• In Lewisville, Minnesota, you have the option of both online and in-person installment loans from licensed lenders

Conclusion

Installment loans may be a great option for those who need to borrow money but want to pay it back over time. In Lewisville, Minnesota, there are many reputable and licensed lenders to choose from who can provide you with the loan you need. It’s important to do research and choose a lender who offers the best terms and interest rates. By filling out an online application on TheGuaranteedLoans website, you may be able to secure the loan you need quickly and easily.

Apply Now

If you’re interested in applying for an installment loan, fill out an application today on TheGuaranteedLoans website. Our service will help connect you with potential lenders who can provide you with the loan you need. Please note that TheGuaranteedLoans is a connector service and not a direct lender.