Best Loans In Minnesota, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Minnesota, Payday, Auto Title Laws 2019

EPF November 1, 2019
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Minnesota’s Regulated Loan Act requires licensed lenders to cap installment loans at $100,000 and cap finance charges at 21.75%. However, licensed lenders also have the option of charging 33% on the first $750 and 19% on balances exceeding $750.

Best Bad Credit Loans In Minnesota 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Minnesota:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

To learn more about how to qualify for a bad credit loan, see our complete guide.

Best Personal Loans for Good Credit In Minnesota

Lender:Min Credit Score:Loan Amount:APR:Licensed in Minnesota:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

To see what other reputable companies have to offer, check out our full list of recommended lenders. Also try SuperMoney. It’s a great place to compare loans.

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Payday Loans in Minnesota

Maximum Loan Amount: $350

Minimum Loan Term: Not specified

Maximum Loan Term: 30 days

Maximum Fee: Varies by amount borrowed

Maximum APR: Averages 200%

Rollovers: Prohibited

Loan Limit: No limit

Payday loans are legal in Minnesota.

However, Minnesota’s Consumer Small Loan Act requires licensed lenders to cap loans at $350 and terms at 30 days. Rollovers are prohibited, but borrowers can take out as many payday loans as they want.

Finance charges are as follows:

  • For loans ≤ $50, the maximum finance charge is $5.50
  • For loans > $50 but ≤ $100, the maximum finance charge is 10% of the loan amount plus a $5 administrative fee
  • For loans > $100 but ≤ $250, the maximum finance charge is 7% of the loan amount ($10 minimum) plus a $5 administrative fee
  • For loans > $250 but ≤ $350, the maximum finance charge is 6% of the loan amount ($17.50 minimum) plus a $5 administrative fee

If a borrower defaults on the loan, the maximum finance charge going forward is 2.75% per month on the remaining unpaid balance.

Minnesota’s Consumer Short-Term Loan Act also provides similar regulations for small loans of up to $1,000.

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