Minnesota Personal Loan Laws and Regulations in (MN)

(last updated 12/08/2018)
48.153 INSTALLMENT LOANS; FINANCE CHARGES; MINIMUM CHARGES.
Subd. 1a. Authorized rate of interest charged by banks or banking associations.
A bank organized under the laws of this state, or a national banking association doing business in this state, making a loan of money not exceeding $40,000 repayable in installments, may charge, at the time the loan is made, a rate of interest upon the unpaid principal balance of the amount financed of 12 percent a year, or the rate of interest authorized by section 48.195, whichever is greater. If the rate of interest charged is permitted by section 48.195at the time the loan is made, the rate does not later become usurious because of a fluctuation in the federal discount rate.

Subd. 3a.Authorized rate of interest charged by savings banks or associations.
A savings bank organized under chapter 50, a savings association subject to the provisions of sections 51A.01 to 51A.57, or a savings association chartered under the laws of the United States, that has its principal place of business in this state, may make a loan for consumer purposes to a natural person in an amount not exceeding $25,000 repayable in installments, and may charge a rate of interest upon the unpaid principal balance of the amount financed of 12 percent a year, or the rate of interest authorized by section 48.195, whichever is greater. If the rate of interest charged is permitted by section 48.195 at the time the loan is made, the rate does not later become usurious because of a fluctuation in the federal discount rate.

Subd. 5.Charges.
Charges in reference to installment loans under this section shall be computed and collected only on the unpaid principal balance of the amount financed actually outstanding. One day's finance charge means an amount equal to 1/365 of the per annum rate provided for in an installment loan. If the total finance charge determined on an installment loan, single payment or demand loan shall be less than $10 the amount charged may nevertheless be $10. No loan shall be made pursuant to this section if over 50 percent of the proceeds of the loan are used to finance the purchase of a borrower's primary residence other than a manufactured home.

Subd. 3.Finance charge for loans.
(a) With respect to a loan, including a loan pursuant to open-end credit but excluding open-end credit pursuant to a credit card, a financial institution may contract for and receive a finance charge on the unpaid balance of the principal amount not to exceed the greater of:
(1) an annual percentage rate not exceeding 21.75 percent; or
(2) the total of:
(i) 33 percent per year on that part of the unpaid balance of the principal amount not exceeding $1,125; and
(ii) 19 percent per year on that part of the unpaid balance of the principal amount exceeding $1,125.


 
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 Personal Loan Lending Regulator (MN)

Regulating Authority
Minnesota Department of Commerce
Banking and Finance
85 Seventh Place East, Suite 500
St. Paul, MN 55101
651-539-1500
mn.gov/commerce/

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
mn.gov/commerce/banking-and-finance/consumers/complaints/

 

Minnesota
Personal Loan Request

Start by tailoring your loan amount
Your Preferred Amount
Your Preferred Term
Your Preferred Interest Rate
Based on your entries above...
Amount
Financed
 

Total of
Payments
 
Loan
Term
 

Finance
Charges
 
Monthly Payment
 

 
APR
 

Related Minnesota Loan Programs

Personal Loans for Bad Credit in MN
$500 to $5,000 - Credit Score Less Than 650
 
Small Business Loans in MN
For Bad to Excellent Credit. Flexible Terms.
Flag of the State of Minnesota Living in the Land of 10,000 Lakes without a boat or a cabin is like owning a convertible and never putting the top down. What’s the point? At least, sometimes it seems that way. A personal loan calculator can help you obtain the ideal Minnesota lifestyle.

Looking around you, it may seem like pretty much everyone either has a boat, a cabin, or some hunting land somewhere. The really lucky people have two or all three of those things, and maybe even a snowmobile or an ATV to boot! And who can blame them? When you live in a state with as much outdoor beauty as Minnesota has, even the cold winter weather can’t keep you inside all of the time.

When you’re traveling across the state on I-35, I-94, or MN-210, and you see a billboard with a happy family zipping across a lake, the sun on their smiling faces, and waves billowing out behind them, it’s hard to not daydream about having a boat of your own. You work hard and you love the outdoors. Every summer, you find yourself looking at those ads and thinking, “Maybe someday…”

And sometimes opportunity knocks and you really should answer it. Like if your coworker mentions that his uncle passed away a few months ago and the family is selling his little cabin and fishing boat for a really good price. You do some research and find out that other cabins in that area sell for 45% more and the boat is a steal. You check your savings and realize that you could pull it off if you could just come up with another $25,000. Where can you come up with that money fast enough to snatch this deal up before someone else does?

What would it take to make your greatest wish come true? Are you looking at an ad for the perfect fishing boat or a cabin and saying, “If only I had the money…”? Is a college degree or a home remodeling project your big goal for the next couple of years? Rubbing a lamp won’t get you any of these things, but a signature loan could.

At We Give Loans, we offer unique access to 12,779 signature loan sources that provide loans ranging from $1,500 to $40,000. If you have average credit, good credit or excellent credit, you can qualify for personal loans online with competitive rates and 6 to 72 months for repayment.

Since 2006, We Give Loans has helped over two million people find the right loans from the right sources and we’re eager to help you. Complete our form, which is much easier and faster than finding a magic lamp, and we’ll pair you with the best loan sources available. Select a source, continue your loan with them, and if you’re approved, you could have the cash you need in 1 to 72 business hours. It’s that simple. Get started now! Buy a cute anchor keychain with a float on it. You’re going to need a place for your cabin and boat keys!


 

Minnesota Personal Loans (MN) by City

Minnesota Debt Relief, Financial Counseling, and Consumer Credit Information


If you would like to look into the possible benefits of these services, National Debt Relief - Whom Offers a Free Debt Relief Quote is a leading provider of financial counseling services in Minnesota.