Payday Loans in Shelly, Minnesota
If you live in Shelly, Minnesota, and are in need of cash, payday loans might be an option for you. Payday loans are short-term loans that can help you cover unexpected expenses until your next payday. In Minnesota, payday loans are legal and regulated by law.
In this article, we will discuss the basics of payday loans in Shelly, Minnesota, including how they work, their interest rates and fees, and what you need to do to apply.
How Do Payday Loans in Shelly, Minnesota Work?
Payday loans are designed to help people who need cash quickly. They are typically small loans, ranging from $100 to $500, and are due on your next payday. To apply for a payday loan in Shelly, Minnesota, you will need to provide some basic information about yourself, your income, and your bank account.
When you apply for a payday loan, the lender will ask you to write a post-dated check for the loan amount plus any fees and interest. On your next payday, the lender will cash the check to repay the loan. If you cannot repay the loan on your payday, you can roll it over for another term by paying additional fees and interest.
What are the Interest Rates and Fees for Payday Loans in Shelly, Minnesota?
Payday loans in Shelly, Minnesota, can have high-interest rates and fees. In Minnesota, the maximum interest rate for payday loans is 33%. If you borrow $100 for two weeks, the maximum amount you can be charged is $9.22 in interest and fees.
In addition to interest, payday lenders in Minnesota can charge fees for origination and late payments. The origination fee cannot exceed $5, and the late payment fee cannot exceed $15.
It is important to remember that payday loans are intended to be short-term financing options, so the cost of borrowing can add up quickly. That’s why it’s always a good idea to explore alternative sources of funding before taking out a payday loan.
How to Apply for a Payday Loan in Shelly, Minnesota
To apply for a payday loan in Shelly, Minnesota, you can visit a local lender or apply online. Before applying, you should gather the following information:
- Your personal information, including your name, address, and phone number
- Your employment information, including your employer’s name and address
- Your bank account information, including your account number and routing number
- Your government-issued ID
- Your Social Security number
Once you have gathered all of this information, you can choose a lender and fill out an application. The lender will review your application and let you know if you have been approved for a loan.
Interesting Facts and Statistics about Payday Loans in Shelly, Minnesota
– Minnesota is one of 27 states that allows payday lending.
– The average payday loan in Minnesota is for $380.
– Interest rates on payday loans in Minnesota can be as high as 390% APR.
– In 2019, there were over 330,000 payday loans issued in Minnesota, totaling over $136 million in loans.
Apply Now for a Payday Loan in Shelly, Minnesota
If you need a payday loan in Shelly, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is fast and easy, and you can find out if you’ve been approved within minutes. Remember, TheGuaranteedLoans is a connector service, not a direct lender, so we do not make lending decisions or control the terms of your loan.
Apply now and get the cash you need to cover unexpected expenses in Shelly, Minnesota.