Payday Loans in Pine Island, Minnesota

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

Company nameAddressZip codePhone number
Dawson Home Mortgage 665 3rd Ave SE, Perham, MN 56573 +1 (218) 346 - 6371
Fairway Independent Mortgage Corporation 7825 Washington Ave S Suite 650, Suite 650, Minneapolis, MN 55439 +1 (952) 838 - 3060
Wells Fargo Bank 122 E Main St, Albert Lea, MN 56007 +1 (507) 373 - 1423
Northfield Fast Cash 650 Professional Dr, Northfield, MN 55057 +1 (507) 645 - 2570
First National Bank-Coleraine 600 Powell Ave, Coleraine, MN 55722 +1 (218) 245 - 1272
Citizens Alliance Bank 900 6th St, Howard Lake, MN 55349 +1 (320) 543 - 2151
NAPA Auto Parts - Arlington Auto & Truck Supply 402 5th Ave NW, Arlington, MN 55307 +1 (507) 964 - 2202
Raymond James Financial Services 14115 James Rd Suite 300, Rogers, MN 55374 +1 (763) 712 - 7944
Lake City Federal Bank 201 E Marion St, Lake City, MN 55041 +1 (651) 345 - 3373
Wells Fargo Bank 201 E 7th St, Blue Earth, MN 56013 +1 (507) 526 - 2174

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pine Island, MN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Minneapolis, MN, Online Loans in Minnetonka, MN, Payday Loan for Moorhead, MN, Payday Loan Companies in Rochester, MN, Payday Loans in Saint Cloud, MN, Short-term Loans in Saint Paul, MN, Same Day Loans in Savage, MN and Payday Loan Without a Credit Check 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 Pine Island, MN.

Beautiful sights of Pine Island, MN

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

55963

Are Payday Loans Legal In Pine Island, 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

Pine Island, MN payday loan calculator

Understanding Payday Loans in Pine Island, Minnesota

In Minnesota, payday loans are legal but are highly regulated, providing a level of protection to borrowers. These short-term loans are a popular option for those needing quick cash to cover unexpected expenses or make ends meet between paychecks.

How Do Payday Loans Work?

Payday loans, also known as cash advances, are small-dollar loans typically ranging from $100 to $500, with repayment terms of two to four weeks. To qualify for a payday loan, the borrower must have an active checking account, a regular source of income, and identification proving their age and residency.

When the borrower takes out a payday loan, they must write a post-dated check to the lender for the loan amount plus the finance charge, which can be as high as $15 per $100 borrowed. The lender will hold the check until the borrower’s next payday, at which point they cash the check to receive payment.

Regulations in Pine Island, Minnesota

Minnesota law specifies several regulations lenders must follow when offering payday loans. These regulations include:

  • A maximum loan amount of $350
  • A maximum finance charge of $26.65 for a $100 loan
  • A maximum term of 30 days
  • Prohibition on extending or rolling over loans

These restrictions are designed to protect borrowers from getting trapped in debt cycles by requiring lenders to provide affordable rates and terms.

The Pros and Cons of Payday Loans

Payday loans can be a helpful resource for those who need quick cash for emergencies. However, they also come with some risks and drawbacks that should be considered before applying.

Pros:

  • Fast and convenient application process
  • No credit check required for approval
  • No collateral required

Cons:

  • High-interest rates and fees
  • Short repayment terms can lead to financial strain
  • Potential for lenders to trap borrowers in debt cycles

Interesting Facts about Payday Loans in Pine Island, Minnesota

  • Minnesota has some of the strictest payday loan regulations in the country
  • The average payday loan borrower in Minnesota earns less than $30,000 per year
  • Studies have shown that payday loan usage decreases in states with stricter regulations

Apply Now for a Payday Loan

If you need quick cash to cover an unexpected expense, a payday loan may be a good option for you. TheGuaranteedLoans can help connect you with potential lenders, making the application process fast and easy.

Our online application is secure and straightforward. Remember, TheGuaranteedLoans is not a direct lender, but a connector service. We work with our network of trusted lenders to find the best loan option for you.

Don’t let unexpected expenses put you in a financial bind. Apply now for a payday loan and get the cash you need today!

F.A.Q.

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

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