Minnesota Payday Loans and Lenders

If you are having trouble making it to your next payday, you can stop worrying. We here at Payday Today can help you get approved for a payday loan. The application only takes a few minutes to complete, and the funds are waiting for you the day after you apply. The process is quick and painless.

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Alternatives for Minnesota Payday Lending

Although Payday Loans are a popular option for people who need a little cash to tide them over to payday, they are not for everyone. If you are interested in looking for a solution beyond the payday loan, we would be happy to help you. Check out our credit cards, personal loans, debt consolidation, and credit counseling programs to see if one of those options may suit your situation better.

Minnesota Payday Lending Laws

Minnesota has legalized the practice of payday lending. The maximum loan amount one can borrow in this state is $350, and a lender may charge $15 per every $100 loaned. This creates an effective 14 day APR of 390%. As with most states, the maximum payday loan term in Minnesota is thirty days.

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Number of Payday Lenders in Minnesota

There are at least fifty-five payday lending locations operating in Minnesota.

Minnesota Unemployment Statistics

According to the United States Department of Labor:
The unemployment rate in Minnesota in January 2006 was 5.0, which means that 146,352 people were unemployed in Minnesota at that time. This rate was a minor drop from January 2005, when the unemployment rate was 5.2. Over the last ten years, the unemployment rate has not dropped below 2.1, nor risen above 5.7.

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* Payday Today is not a payday lender or broker. We provide research and information about payday lenders and products, and are not necessarily affiliated with the companies featured on this site. Availability of products and services varies by state. Not all independent lenders will approve you for a loan or can provide you with up to $1,000 on your first loan.