Payday loan laws in Minnesota
Status: Legal (Minn. Stat. 47.60 et seq.)
For Lenders
Lending specifications:
- Loan Tenure: The maximum loan tenure is now 30 days.
- 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.
- Finance Charge on a 14-day $100 Loan: The finance charge for a 14-day $100 loan is $15.
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Annual Percentage Rate (APR):
- The APR for a 14-day $100 loan falls within the range of 36% to 50%.
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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:
- 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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