Payday loan laws in Minnesota

  • Status: Legal (Minn. Stat. 47.60 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $350
  • Loan tenure:: Max: 30 days
  • Fees and finance charges: $0-$50=$5.50; $51-$100=10%+$5; $101-$250=7% (min. $10) + $5; $251-$350=6% (min. $17.50) + $5
  • Finance charge on a 14-day $100 loan: $15
  • APR on 14-day $100 loan: 390%

Collection restrictions:

  • Collection fees: One $30 NSF fee
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Not specified
  • Rollovers allowed: None

Complaint cell:



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