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Minnesota Payday Loans

Payday loans, or cash advances, serve to assist those in need of a personal, short-term loan in order to finance the period between paychecks. When an unseen or unexpected circumstance requires additional funds or tightens finances, individuals have the option of seeking a lender who can provide a personal, cash loan. Lenders can be found online and transactions can take place electronically, quickly and with ease.

In the state of Minnesota, payday loans have been legalized and are regulated in order to best serve the needs of borrowers and lenders within the state. The state legislature has defined a maximum loan amount that one can borrow within a thirty day time period. The maximum loan period allowed in Minnesota also happens to be thirty days, which is the same in most states.

How Does The Process Work?

A few important things that and individual should realize when considering the option of a personal loan are: the amount needed to borrow; the time period needed for repayment, and whether or not the Minnesota lender providing the loan has the option for repayment extension. The exact criteria for payday loans varies from lender to lender but generally, an individual who is wanting to borrow can expect the requirements to be similar to the following:

  • The borrower has a verifiable income (can be proven with pay stubs or bank receipts).
  • The borrower can provide identification (state-issued photo identification, passport or otherwise).
  • The borrower can provide some means of repayment (a post-dated check or direct payment form bank account).
  • The borrower has a valid checking account.

With these general requirements, obtaining a Minnesota payday loan is a fairly quick and easy process. Once a lender is able to verify identification, repayment and that a valid checking account is owned, a direct deposit can be made into the account of the borrower.

The lender and borrower will agree upon a loan repayment date, which is usually the date on which the borrower receives their next paycheck, and the borrower will have until then to repay the loan amount in addition to any accrued fees. In the event that a borrower is unable to repay the agreed upon amount by the date specified, an extension can sometimes be made. If an extension is granted by the lender, a new due date will be decided upon and additional fees will be added to the amount owed. If an extension is not given and the amount owed by the borrower is not paid, the lender can use the post-dated check or the authorization of the borrower’s bank account to collect the owed funds.

Obtaining a Cash Advance in MN

 Personal cash advances in Minnesota can be obtained either through a local vendor or through a vendor found on the internet. Internet vendors can provide secure cash loans through means of electronic transactions and can provide cash by means of direct deposit into the borrower’s bank account in a matter of hours. The ease of dealing with transactions electronically can mean that a borrower will have financial help quickly and easily.