Minnesota Cash Advance Laws & Regulations
Minnesota law allows for residents to take advantage of payday loans as long as consumers and lenders follow the guidelines listed below. It is also important to note that internet payday loans, regardless of whether the lender operates out of the state of Minnesota or not, still adhere to the state’s loan terms and regulations.
Here are some specific Minnesota regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
30 days - Maximum Finance Charges and Fees
Fees based on sliding scale-$5.50 for loans up to $50, 10% plus $5 fee for loans $51-100, 7% plus $5 fee for loans $101-250, and 6% plus $5 fee for loans $251-350; additional monthly default fees of 2.75% can apply - Maximum Loan Amount
$350 - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
$30 NSF fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
References:
Minnesota Statute 47.60
Minnesota Department of Commerce
Mail: Division of Financial Examinations, 85 7th Place East, Suite 500
St. Paul, MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Web: MDOC
Information by City
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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