Minnesota Payday Loan Laws and Regulations in (MN)

(last updated 11/13/2019)
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.

Minnesota Payday Lending Regulator (MN)

Regulating Authority
Minnesota Department of Commerce
Banking and Finance
85 Seventh Place East, Suite 500
St. Paul, MN 55101

Agency for Handling Complaints
Minnesota Department of Commerce
85 7th Place East
Suite 500
St. Paul , MN 55101
651-539-1600 or 1-800-657-3602


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Flag of the State of Minnesota The reasons people need payday loans are like the lakes in Minnesota. Some are big, some are small, and there are definitely thousands of them!

Breaking down on I-35 during rush hour, being pulled over by the infamous Sylvia in Roseau County, a busted water heater, or a spring storm removing some of your shingles can all wreak havoc with your budget. You might be heading across the state on US Highway 2 to visit family in Grand Forks and hit a deer just outside of Crookston. Even if you have full coverage insurance, you’ll have to come up with the deductible and you might not have $500 or $1,000 just lying around.

You could be out fishing with your cousins and end up with a hook in your arm. The only thing sorer than your arm is your pride, followed by your wallet, after that trip to the ER. This is going to be more talked about at Thanksgiving than the time Uncle Larry bought those “jumbo fireworks” from that roadside stand in Wisconsin.

What if you forgot about your car insurance payment coming out of your account and found yourself with $5 in your checkbook and an empty fridge? How would you get groceries, gas, and other necessities until your next paycheck? Your couch isn’t likely to have that much change in it.

From the Angle Inlet, to the Twin Cities, to Albert Lea, to the Iron Range, almost anyone can find themselves running short on cash. What can you do when the unexpected happens to you and drains your wallet?

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