(last updated 01/02/2018)
Minnesota Payday Loan Laws and Regulations in (MN)
Payday loans and cash advances are legal in Minnesota. The Minnesota Department of Commerce has been regulating Payday Loans and Cash Advances since 1995. As of 12/18/2014 there were 23 licensed lenders and 39 licensed locations in Minnesota.
The maximum payday loan allowed in Minnesota is $350. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in Minnesota is $5.50 on first $0-$50, 10% plus $5.00 on $51-$100, 7% (min. $10) plus $5.00 on $101-$250, 6% (min. $7.50) plus $5.00 on $251-$350. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is none (cannot repay with proceeds of another loan by same lender). The minimum loan term is not specified. The maximum loan term is 30 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Minnesota, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Minnesota Department of Commerce.
The following classes of lending organizations may be exempt from some, all or none of the regulations and laws set by the state of Minnesota. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.