Cash Advance and Payday Loans in St. Paul, MN

When people have bad credit or even no credit at all, it minimizes their chances of having access to immediate cash. Unexpected expenses, such as auto repairs or overdue bills that need to be paid, can pile up. However, cash advances and payday loans may be a viable option. Read on to learn more about the application process and requirements, the costs and regulations, and of course, our favorite cash advance and payday loan companies in St. Paul, MN.

Advantages of Taking Out Payday Loans in St. Paul

The most significant advantage when seeking out loans of this nature is how fast the funding arrives. Overdue bills, auto repairs, and other emergencies need to be solved as quickly as possible. Taking out a cash advance or payday loans provides a rushed individual a sum of $100 to $500 quickly.

Bad credit may not automatically disqualify an applicant. Some lenders may consider income along with credit when determining eligibility, sometimes offering financing to bad credit applicants.

It's also important to note that another advantage of taking out a cash advance or payday loans in St. Paul, MN, is that it provides its customers with small loans that most traditional banks do not offer.

Customers are required to pay back the loan quickly, which can be a benefit for those who want to get the loan out of the way.

How to Get a Cash Advance and Payday Loan in St. Paul

The first step toward receiving a shorter-duration loan is requesting one. Consumers can ask for a loan from the lender directly, or they can use a loan request service to ask multiple lenders at the same time. Those who want a local option should reach out to nearby lenders directly.

Cash Advance and Payday Loan Requirements

Before requesting a cash advance or payday loan in St. Paul, MN, the consumer should make sure they can meet a few basic requirements:

1. provide proof of income
2. verify one's address
3. show a photo ID

Costs and Regulations of Cash Advances and Payday Loans in St. Paul

It is necessary for all cash advance and payday lenders in St. Paul to be licensed by the state of Minnesota. Lenders must agree to adhere to all the required rules and regulations.

Both cash advance and payday loans are to be paid back within 14 days. Rates are capped based on state guidelines. For example, loans that do not exceed the amount of $350 are capped at an interest rate of 10% and may include a $5 fee. For loans that exceed $350 but are no more than $1,000, the interest rate cannot exceed 33% annually and may include a $25 fee.

Installment Loans in St. Paul

Some consumers need more than the $500 that payday loans may provide. These potential borrowers can request up to $5,000 through an installment loan. The larger loan type is paid back bit by bit over time, instead of through one lump sum payment. While the loan term will likely be around one year, financial experts recommend paying the loan back as quickly as possible. When St. Paul residents pay back installment loans early, they can avoid paying some interest on the loan.

Requesting Title Loans in St. Paul

Title loans allow people to use their car's value as collateral in exchange for a loan. Borrowers may receive a loan that equals to 25% to 50% of their vehicle's value. Usually, the loan applicants must not have an outstanding auto loan since they will be required to hand over their vehicle's title to the lender. Title loans are generally structured to be paid back within 30 to 60 days, but some can be spread over 12 months. Car title loans come with high-interest rates. Lenders may accept trucks, recreational vehicles, and even motorcycles.

Our Favorite Cash Advance and Payday Loan Companies in St. Paul, MN

While many cash advance and payday loan companies are located in St. Paul, MN, a few tend to stand out from the competition. King Kong Cash has an A+ rating on Better Business Bureau's official website. It is located on Geneva Avenue and is known for its fast and friendly services. They provide customers with cash checking, title loans, transactions via Western Union, bill pay, and prepaid debit cards.

Another company with an A+ rating on BBB is Checks R Us. It is located at 942 Payne Avenue. In addition to cash advance and payday loans, it offers its customers check cashing and transactions via Western Union.

Express Payday Loans is on 7th Street. The company specializes in short-term loans ranging from $100 to $5,000.