Cash Advance and Payday Loans in Minneapolis, MN

When in a hurry, cash advances and payday loans may be one of the fastest ways to acquire a small amount of money. Most of the time, people opt for payday loans because getting a small loan from a bank may be unpleasant, especially for those with a low or no credit score.

Advantages of Taking Out a Payday Loan in Minneapolis, MN

Although all payday lenders will conduct a credit check, some may be flexible when it comes to less-than-stellar credit applicants. These lenders may consider income alongside credit when determining eligibility.

Another advantage of payday loans is time. Most lenders approve to grant payday loans rather quickly, and the application process is fast and easy. This helps customers address their financial emergencies sooner.

Lastly, another advantage when applying for a cash advance and payday loans is not needing collateral or a guarantor.

How to Get a Cash Advance and Payday Loan in Minneapolis, MN

People wishing to apply for payday loans can fill out an application form online or visit a lender's store in person. Usually, online lenders are available 24/7, and storefront lenders don't require an appointment. All lenders in Minneapolis should have a license from the Minnesota Commerce Department to operate legally.

Cash Advance and Payday Loan Requirements

Those searching for short-term funding in Minneapolis should first make sure they meet the necessary requirements. To be eligible for a loan in Minneapolis, borrowers must be legal Minnesota residents of at least 18 years of age. They usually must present a valid ID, proof of income, an active bank statement, and a working phone number. Some lenders may require additional documents.

Costs and Regulations of Cash Advances and Payday Loans in Minneapolis, MN

Payday lending businesses are regulated by Minnesota state law and must obey the existing rules and regulations. Payday lenders can offer a maximum of $350, and borrowers can pay back the loan in a maximum of 30 days. The state of Minnesota doesn't have a limit on taking out payday loans. Hence, it allows customers to borrow as many loans as they need.

The finance charges differ regarding the amount that has been borrowed. The fee remains $5 for any borrowed amount, but the interest rate changes. For loans varying from $50 to $100, borrowers must pay a 10% interest fee. If the borrowed amount is from $100 to $250, the lender may charge an interest rate of 7%. For greater loans from $250 to $350, the interest is 6%.

The annual percentage rate for payday loans in Minnesota can reach around 200%

Installment Loans in Minneapolis, MN

Installment loans are considered to be another type of short-term loan. Borrowers may request amounts that are higher than that of payday loans. The maximum loan amount isn't specified in Minnesota; however, it tends to range between $1,000 and $5,000. Even though the loan amount is larger, most lenders may give the desired sum quickly as with smaller loans. The annual percentage rate depends on the borrowed amount and the term of the loan.

Requesting Title Loans in Minneapolis, MN

Title loans are short-term loans where borrowers use their vehicle's title as collateral. The average loan amount varies from $100 to $5,500 and should be paid back in two to four weeks. Some lenders may allow customers to borrow amounts greater than $5,500. In such cases, the loan term may be up to one year. Customers have the right to pay back the loan earlier without being penalized. If approved, customers give the title of their vehicle to the lender.

Favorite Minneapolis, MN, Cash Advance and Payday Loan Companies

When seeking cash advance and payday loans in Minneapolis, MN, customers should pay attention to respected payday loan company Maybeloan. The company offers online services and offers its approved customers cash advance, payday loans, and installment loans.