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Payday loan laws in Minnesota

Status: Legal (Minn. Stat. 47.60 et seq.)

For Lenders

Lending specifications:

  1. Loan Tenure: The maximum loan tenure is now 30 days.
  2. Fees and Finance Charges:
    • For a $300 loan with a 14-day term, the fees range from $4 to $6.
    • For a $400 loan, the fees are between $6 and $8.
  3. Finance Charge on a 14-day $100 Loan: The finance charge for a 14-day $100 loan is $15.
  4. Annual Percentage Rate (APR):
    • The APR for a 14-day $100 loan falls within the range of 36% to 50%.
  5. Interest Rate Determination:
    • Lenders can set the interest rate based on the borrower’s debt-to-income ratio.
    • After repayment, borrowers should have sufficient funds to cover living expenses and loan payments for at least 30 days.

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:

Note: OVLG is not offering payday loan debt relief services in Minnesota at this moment.

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.

Updated on:

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