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:
- Regulator: Minnesota Department of Commerce
- Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
- Phone: 651-296-4026
- Fax: 651-297-1959
- Regulatory contact: William Horlitz, Deputy Commissioner
- Website: https://mn.gov/commerce/
- File complaint: https://mn.gov/commerce/topics/consumer-protection/File-Complaint.jsp
Note: OVLG is not offering payday loan debt relief services in Minnesota at this moment.
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