Fast & Easy Payday Loans in Minnesota
The Land of 10,000 Lakes is a midwestern wonderland full of outdoor activities and industrious cities. Residents of Minnesota enjoy all the highs and lows of harsh, snowy winters, hot and sunny summers, springtime rain and picturesque fall colors. There's a lot to be said about choosing Minnesota as your home state.
However, many residents of Minneapolis, Saint Paul, Duluth, Rochester and all the surrounding rural areas and small towns understand financial insecurity. Middle-class and low-income residents alike can wonder how they'll pay their bills on time. The average income in Minnesota is 58,000, which is less than the national average. The average cost of living is more here than the national average, so many households need financial assistance to pay bills on time or buy monthly groceries.
Thankfully, payday loans offer support for any individual who needs fast cash. Whether you're paid weekly or monthly, find the assistance you need to cover your bills with flexible and affordable financing.
What Are Payday Loans?
Payday loans work by providing short-term assistance to individuals who are waiting for their paycheck. Unlike a bank loan, payday loans only require a short application and are far easier to become approved for. These loans have a higher interest rate than long-term, stable loans, but the rate is used to cover the additional risk of lenders not repaying the loan.
These loans are often very short-term in nature, usually less than 30 days. The main purpose is to borrow enough to make a payment, then repay it with your next paycheck. While the interest rates and fees can be high, this form of financing is typically preferable to a credit card balance.
Advantages of Payday Loans
Minnesotans have successfully used payday loans to overcome a myriad of financial hurdles. From unexpected medical bills and skyrocketing costs of electricity and gas, to routine rent payments and weekly groceries, there are many ways that a payday loan can save you from overcharging your account or paying late fees on critical bills.
Payday loans are highly regulated by the state, so you can be sure that you won't be deceived by hidden fees, varying interest rates or other dishonest rules or exorbitant fees. The state of Minnesota officially licenses providers, so you can easily distinguish which payday loan providers are following state laws and which ones aren't. Because these short-term loans are designed to be used for a variety of needs, your loan can be used for anything you need.
Of course, there are some disadvantages to using payday loans. Because they are for-profit loan companies, these loans charge interest and come with fees. This means that, in the long term, you won't receive the same paycheck that you would have if you waited. Payday loans are designed to be used in emergency situations, so consider your financial options carefully before using this alternative. For individuals in an emergency, a payday loan can sometimes have better terms than a late payment.
What Makes Snappy Payday Loans Different?
We're working hard to restore the reputation of payday loans, cash advances and other short term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Minnesota has been marred by less than reputable lenders who prey on the financially vulnerable.
If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Minnesota to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.
How the Loan Process Works
When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.
We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:
- Have an active checking account in good standing
- Are a permanent resident or citizen of the United States
- Are age 18 or older
- Have had a job for at least one month
- Can supply a working phone number and email address
The Types of Lenders Available
You can get payday loans and cash advances in Minnesota either online or in person. Scores of brick-and-mortar lenders operate in Minnesota, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.
Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:
- With our quick service, most loans distributed within one business day.
- Loans are deposited right into your bank account.
- Lenders are often willing to work with applicants who have bad credit.
- You only have to fill out a simple online form.
We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). The direct lenders working with us operate by Online Lenders Association best practices. This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.
Fast Facts and Figures
Take a look at some of the essential facts and figures that describe payday loans that comply with Minnesotan law. Be sure to not agree to any payday loan that doesn't follow these guidelines:
- Maximum loan term: 30 days
- Maximum loan amount: $350
- Interest rate: 200% APR
- Finance charges: 5.5% and higher, depending on the loan amount
- No rollovers allowed
- One non-sufficient fund fee allowed
These facts are specific to Minnesota. Each state has its own guidelines regarding payday loans, so a loan provider from another state may not follow Minnesotan law. This is particularly true if you're shopping for online loans, where providers can be located in another state. Remember that these limits are set primarily for your safety, so it isn't always in your best interest to avoid them or attempt to take out a larger loan.
Minnesota Payday Loan Laws
Each of these laws and guidelines are set by the state to avoid deceiving and trapping Minnesotans in unfair loans. The Minnesota Attorney General's Office handles all complaints and ensures that loans follow these regulations.
The finance charge varies depending on the amount you borrow. If you borrow less than $50, the maximum fee is $5.50, or 5.5%. Borrowing up to $100 can come with a fee of 10% interest plus $5. Any loan between $100 and $250 can be charged a rate of 7% and $5. Finally, the largest loan you can receive is up to $350. These loans can only be charged a 6% interest rate and a $5 fee.
Rollovers aren't allowed in Minnesota. This tactic is popular in other states to convince borrowers to go further into debt. A rollover occurs when you are unable or unwilling to repay your loan at the end of the pay period. Instead, the lender will simply extend the period or offer you a cash advance for your next paycheck as well. The additional fees and interest accumulate quickly and often become unbearable.
Minnesota also protects its residents from criminal charges. Some lenders attempt to prosecute borrowers for failure to repay a debt. You won't have to worry about criminal charges with these small loans. Lenders can, however, issue an NSF fee, or a non-sufficient funds fee. This one-time fee is applied if you aren't able to repay your loan on time.
Unlike other states, however, Minnesota doesn't put a limit on the number of loans you're able to take out at a time. This means that Minnesotans could borrow $350 multiple times, doubling or tripling your loan limit. While this practice is legal in Minnesota, many states prohibit it. Taking out multiple loans can easily lead to large amounts of debt that becomes very difficult to pay off.
Get Cash Now
If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.
Frequently Asked Questions
Are Online Payday Loans Legal?
Minnesota allows payday lenders to be licensed in the state regardless of their physical location. This gives you access to plenty of online lenders, so you can conveniently shop for the best loan terms and most convenient provider. However, this also makes it possible for illegal loans to be issued. Be sure to verify that any payday loan provider you contact online is licensed in the state of Minnesota and follows the Minnesota Attorney General's rules and regulations.
When in doubt, you can also contact the Minnesota Department of Commerce directly. They can verify whether a loan provider is registered and licensed with the state. Even companies that are licensed may still attempt to bypass the laws in Minnesota, so be sure you understand how to file a formal complaint should you feel you're being treated unfairly or illegally by your payday loan provider.
How can Senior Citizens Apply for Payday Loans?
As a senior citizen, you may struggle to make payments as you wait to collect Social Security. Don't wait and pay expensive overdue or overdrawn charges. Payday loans in Minnesota don't have a maximum age, so you can still take out payday loans even if you are retired or working part-time job.
Where can I File a Payday Loan Complaint?
If you feel your lender isn't following the Minnesota payday loan laws, you can contact the Minnesota Attorney General's Office to file a formal complaint. You may also misunderstand the details of the loan, so you can also contact your loan provider for more information before making a formal complaint.
Kelly Stone - President
Kelly Stone - President
Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. She began her career in the short-term lending industry in 1996. Starting with one store, she grew the business to over 50 storefronts offering payday loans. As the industry started to shift online, she changed gears and started Snappy Payday Loans, allowing consumers nationwide to apply online for a payday loan. Through relationships and time, Kelly has built a large network of lenders that offer loans that Snappy utilizes today.