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Home State Regulations

Payday Loan Laws in Minnesota

Loan Term:30 days
Loan Amount:$350
Fees and Finance Charges:Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350
Laws:Rigid and specific laws exist in Minnesota which deals directly with the charges small loans companies are allowed to add onto loans of various sizes. If a loan is $50 or less, only $5.50 can be tacked onto the cost of the loan. For those loans equaling more than $50, a ten percent charge and a five dollar administration fee may be added to the cost of the loan. Loans which are larger than a hundred bucks but less that $250 is subject to a seven percent charge starting at ten dollars, and an administrative fee. Loans which are more than $250 but less than $350, interest should equal six percent, increasing the minimum payment to seventeen and a half dollars, while still requiring an administrative fee. When a loan reaches its due date, its contract rate cannot go over 2.75% each 30 days. Each day of the month is counted as a punishable action. For more information, consult Minnesota Small Loans - Chapter 47.60.