Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
Understanding Payday Loans in Burtrum, Minnesota
When faced with a financial emergency, it can be challenging to find quick access to cash. This is where payday loans come in handy. Payday loans are short-term loans that provide quick cash for borrowers, with the promise of repayments due on their next payday.
In Burtrum, Minnesota, payday loans are legal and regulated by state law. While payday loans can help individuals cover unexpected expenses, there are strict regulations that lenders must adhere to when providing these loans.
Regulations for Payday Loans in Burtrum, Minnesota
Under Minnesota state law, payday loans must be limited to a maximum of $350 and can only be extended for a maximum of 30 days. Additionally, lenders are required to obtain a license and follow specific regulations.
Some of the requirements that lenders must follow include:
- Lenders must provide a written agreement that outlines the loan terms, including the fees and charges associated with the loan.
- Lenders cannot charge more than 33% interest, which includes all fees and finance charges associated with the loan.
- Lenders are required to provide borrowers with a repayment plan at no additional cost if the borrower is unable to repay the loan on the due date.
- Lenders are prohibited from providing loans to borrowers who currently have outstanding payday loans.
It is important to note that lenders who violate these regulations can face penalties and fines.
Getting a Payday Loan in Burtrum, Minnesota
If you find yourself in need of a payday loan in Burtrum, Minnesota, it is important to choose a reputable lender who follows all state regulations. While there are many lenders available, not all of them are trustworthy or reliable.
One option for finding a reputable lender is to use a connecting service like TheGuaranteedLoans. As a connecting service, we work to match borrowers with potential lenders who may be a good fit for their specific financial needs.
It is important to note that while we do not directly offer payday loans or loan money, we do provide access to a large network of lenders who may be able to help. Our online application makes the process quick and easy, allowing borrowers to get the cash they need as soon as possible.
Interesting Facts and Statistics about Payday Loans in Burtrum, Minnesota
- As of 2020, the average payday loan amount in Minnesota was $349.
- According to the Minnesota Department of Commerce, there were 385 lenders licensed to provide payday loans in the state as of October 2021.
- Payday lenders in Minnesota collected $62 million in fees from borrowers in 2020.
- Between 2014 and 2020, the number of payday loans issued in Minnesota decreased by 70% due to regulations and increased oversight.
Apply Now
If you are in need of a payday loan in Burtrum, Minnesota, apply now through TheGuaranteedLoans to connect with potential lenders who can help you get the cash you need. Our application process is quick and easy, taking just a few minutes to complete. Remember, we are a connecting service and do not directly lend money or offer payday loans.
Get started now by filling out our online application and taking control of your finances today.