Payday Loans in Minnesota

Payday Loans in Minnesota

Need Money Fast?

The average cost of living in Minnesota is above average. Many middle-class and low-income MN residents struggle to pay bills and keep up with the cost of living. If this is you, a payday loan is a viable alternative to help you sort out your immediate needs.

How can I borrow 200 dollars right now? The answer is payday loans! Payday loans are short-term, high-cost loans for small amounts that you can repay with your next paycheck. However, finding the best payday loans online Minnesota state can be quite challenging. This write-up provides you with the information you should know about Minnesota payday loans online.

Best Payday Loans in Minnesota

If you’re looking for the best Minnesota payday loan online, you’re on the right page. Listed below are five payday lenders.


paydaysay loans

PayDaySay is one of the sites that offer Minnesota payday loan online. The company began operations in 2013 and serves residents in several parts of America. 

PayDaySay currently has 12 locations in Minnesota. These locations include Anoka, Bloomington, Burnsville, Coon Rapids, Fridley, Duluth, West St. Paul, Robbinsdale, Rochester, Roseville, and St. Cloud. 

With PayDaySay, you can get loans between $20 to $350; however, the repayment rate depends on how much you borrow. Your loan amount will also determine the terms and conditions attached. 

Before you can borrow from this lender, you must be at least 18 years old. You should also have the following:

  • Social security card
  • State issued ID 
  • Checking account with permanent checks
  • 30-day history of your account balance before your application
  • Two recent paytubs
  • Two letters of personal reference

PayDaySay makes getting payday loans simple. Once borrowers meet the requirements, they can get their money within 24 hours. 


CashNetUSA is another lender that offers payday loans online. It was founded in 2004 and is part of Enova, a subdivision of Netcredit and other financial services.  

Though headquartered in Chicago, Minnesota state residents can get up to $350 payday loans. CashNetUSA charges a $5 administrative fee in addition to other fees based on your loan amount. For example, you pay an extra 10% fee for loans of $100.

Its terms vary but range between 8 to 30 days. Minnesota state residents can apply online but can only qualify if they meet these requirements:

  • 18 years or older
  • US citizen or resident
  • Verifiable income source
  • Active checking account

CashNetUSA has high ratings on Consumer Affairs, showing that customers are satisfied with its services. It is an excellent alternative when you need a fast loan. However, like most loan services, they’ll entice you to take the highest amount possible.

Cash Central

Cash Central Loans

Founded in 2011, Cash Central is a Minnesota online lender that Community Choice Financial owns. Borrowers can qualify for a loan, even with bad credit. 

Its loan amount varies based on your location in the US, but Minnesota residents can get up to $350. The rates and fees you get depend on your loan amount. For instance, a $350 loan to be repaid in 30 days would have a $26 fee and a 90.38% APR. If the term reduces to 5 days, the APR increases to 542.29%.

Online application is easy, and you can get a deposit within 24 hours. However, you should be 18 years and above and have the following:

  • Social Security number
  • Valid checking account
  • Verifiable income source

There are mixed reviews about Cash Central. While some individuals speak well of the lender, they complain about its customer support. Still, it is a decent option for a payday loan.

Money Mutual

moneymutual loans

Money Mutual was founded in 2010 and is a payday loans online platform that connects borrowers to lenders. It is based in Las Vegas in Nevada but also services Minnesota residents. 

Money Mutual is not involved in the lending process, so there are no specific terms and fees. However, using its services, you can get up to $350 for a payday loan. The application is online, after which you’ll be connected to trustworthy potential Minnesota online lenders. If you’re approved, you get your money within 24 hours. 

Since it is a marketplace, the requirements are more strict than other financial service providers. You need the basic age qualification, but you must have a monthly income of at least $800. Other requirements include your social security number and a valid checking account.

There have been complaints about the company engaging in shade practices. Still, it remains a popular marketplace when there are no other options for getting loans.

Ace Cash Express

Ace Cash Express is a financial service that offers payday loans to residents of Minnesota state and other locations in the USA. It is an experienced lending service that began operations in 1968. 

It has over 950 locations in the US, with several stores in different Minnesota cities. These include Richfield, Bloomington, Minneapolis, St. Paul, Columbia Heights, New Hope, Brooklyn Center, and St. Louis Park.

Individuals in Minnesota state can borrow between $100 to $500 online or in-store. Your rates and terms depend on the amount you intend to borrow. 

Although there are physical locations in several parts of Minnesota, you can easily apply online. However, you should have the typical qualifications, including:

  • 18 years or older
  • US citizen or resident
  • Verifiable income source
  • Active checking account

In Minnesota, its physical locations have a 4.2 stars rating. While this financial service offers payday loans, its fees and APRs are some of the highest. Therefore, this should be your last alternative.

Payday loans are legal in Minnesota. However, companies that offer these services must be regulated by Minnesota laws and follow the laid-down rules. 

Under these laws, lenders can only offer up to $350 to state borrowers. According to Minnesota laws, the maximum term for a short-term cash advance is 30 days. Borrowers can’t tale extensions, and they’re forbidden from taking out another loan to pay a previous debt.

In terms of interest rate, a borrower pays $5.50 for a loan of up to $50. If the amount is between $50 and $100, the lender can charge a $5 fee with a 10% interest rate. For greater amounts, between $250 and $350, the fee remains $5 with an interest of 6%, resulting in a minimum APR of $17.50.

Why Might You Need Minnesota Payday Loans? 

Minnesota is a great state, and there are several benefits to living here. However, one of the challenges its residents face is financial insecurity. 

The average income of the lower socioeconomic backgrounds is usually less than the national average income. As a result, you might have specific needs that must be handled before you receive your next paycheck. In this case, a payday loan is a great option. The amount you get is not too much and just sufficient to meet those needs.

A Minnesota payday loan online should also be considered in emergency situations. This is because you won’t have to wait long to get the funds after approval. In most cases, the lender approves your application and releases the money within the next business day.

However, always remember that you must meet the requirements to be approved. Besides this, you should be able to repay the amount within 30 days. If you’re applying, it’s best to do so on a weekday, not on weekends.

Terms For Payday Loans in Minnesota

Whether you prefer online payday loans or getting one from a physical location, you must meet certain criteria. Besides the 18+ age requirements, here’s what you need for payday loans online Minnesota state.

  • You must be a Minnesota state resident.
  • Valid email and phone number. This is very important when applying online and in physical locations.
  • Social security number for online applications. In the case of physical locations, you might need a valid government-issued ID instead.
  • Proof of income and a bank checking account. Companies might accept debit cards and pre-printed checks as proof of a bank checking account.

Loan Amounts

Loan amounts are simply the amount of money you can borrow from a lender at a given time. They usually have a minimum and a maximum limit. Minimum limits tell you the least funds a lender can release. For payday loans in St George Utah, or of course, Minnesota, this amount ranges from $50 to $350 and depends on the financial service provider.

On the other hand, the maximum amount is the total a lender can approve for a borrower. The maximum amount approved by law for Minnesota online payday loans is $350.

Loan amounts depend on certain factors. Lenders consider your debt-to-income ratio, as this determines how much you’ll be able to pay back. Generally, this ratio shouldn’t be over 36%.

If you scale all the requirements, you’ll be able to get the maximum amount from a lender. That doesn’t mean you must collect the maximum; you could opt for a lower amount, depending on your needs. 

Loan Terms

There are terms and conditions surrounding Minnesota payday loans online. Lending companies will set these requirements and will detail them in the loan agreement. Basically, these terms will spell out what is expected of the lender and the borrower. 

One of these is the duration. The agreement will specify how long it will take you to repay the full amount. In Minnesota, the amount duration ranges from 5 days to 30 days. 

Reviewing and understanding the terms and conditions is essential. To begin, you must understand your responsibilities in relation to loan payments. Paying your loan on time is crucial, as your credit score will suffer if you miss a payment date.

Before taking payday loans online Minnesota state, ensure you can fulfill the terms. If you can’t pay back within the time frame, talk to the lender to work out a new payment plan. In most cases, the service provider will charge interest for the time after the due date.

Loan Rates

Loan rates are one of the terms and conditions of getting a cash advance same day deposit. These specify the interest rates and any other service fees that come with these funds. The table below gives an overview of the fees associated with these loans.

Amount Fee
$50 or less $5.50
$50.01 to $100 10% and a $5 fee
$100.01 to $250 7% (minimum of $10), plus a $5 fee
$250.01 to $350 6% (minimum of $17.50), plus a $5 fee

Some financial service providers give loans between $350.01 and $1,000. If you choose this option, know that the provider can’t charge over 33% annual interest and a $25 fee. You should not consider loans with rates that are above the specified amounts.

Pros and Cons of Payday Loans in Minnesota


Here are the pros of payday loans online:

  • You can apply for these cash advances and get the funds within 24 hours. 
  • Unlike car or mortgage loans, payday loans are not secured by properties. So, a lender can’t seize physical properties if you default.
  • You can get these loans even if you don’t have a good credit score.


Here are the cons of payday loans online:

  • Payday loans have high fees and APRs. This makes it hard to pay the total amount with your next paycheck and could pull you into a vicious debt cycle.
  • Its high fees and the tactics lenders use to get repayments are unfair.
  • It doesn’t build your credit score. These service providers don’t report to credit bureaus, so it doesn’t show up on your credit report. However, they could hurt your score if you default.
  • Payday lenders can sue you if you default, and you can face legal consequences if there’s a judgment.

What Will Minnesota Payday Loan Cost?

Before you apply for Minnesota payday loans online, you should understand how to calculate the Annual Percentage Rate. With this, you can compare the cost of borrowing. Typically, several terms surround these cash advances, which are the factors you use in your calculation.

These include the principal, interests, fees, and the number of days in the loan term. Here is how to calculate the APR:

  • Calculate your interest 
  • Add the administrative fees to the interest
  • Divide the total by the principal 
  • Whatever you get, divide it by the number of days for repayment
  • Multiply your answer by 365
  • Multiply your answer by 100 to convert it to a percentage

For instance, you want to take a loan of $350, which has a 6% interest rate and a 14-day term. To calculate the APR, you need the interest using the simple interest formula. After calculation, you have $0.81, and there will be fees of $5.

To calculate the APR, we follow the simple formula: 

0.81+535014 ×365×100

After calculating, your APR is 43.28%.

Minnesota Payday Loans If the Credit Rating Is Poor

Applying for payday loans online Minnesota state is possible even with a poor credit rating. Unlike traditional loans, where a good credit score is essential, you don’t need it for these cash advances. This makes it easier to get these funds in cases of emergencies.

What you do need is the basic requirements. First, you should be 18 years or older. You’d also need a government-issued ID card or a social security number. Plus, you should have a regular job or a stable source of income.

The last requirement is to have an active bank account. If you have these, applying online or in person is easier. However, you should note that there might be additional criteria, depending on the lender. 

What Are Alternatives to Minnesota Payday Loans?

While getting payday loans online Minnesota state is one way to get quick access to cash, it’s not always the best. These cash advances can leave you worse than when you borrowed. To avoid this, you should use other alternatives like the following:

Family loans

This is one of the best options when you need cash. Ask a family member or friend you trust for a short-term loan. Both parties can draw up terms on how you’ll repay, whether in installments or in full.

Lending circles

These are a group of people who lend money to each other at very low costs. This option is a long-term commitment, as each person contributes to raising money for the other.

Credit union loans

This option is best for you if you’re a credit union member. They consider your credit score but also check your income and relationship with the union.

Bad credit loans

Some companies offer small personal loans $500 to individuals with bad credit scores. On the flip side, they have high-interest rates.


You now have a good idea of what payday loans are and how they work. We also listed five lenders that offer these options to MN residents. You can easily apply online and be approved, provided you meet the criteria.

With payday lenders, you can get quick access to cash. On the flip side, they have high APRs, which makes them challenging to pay back. You must consider these downsides if you’re going to settle for these loans. However, we also listed the best alternatives if you don’t prefer a payday loan or online installment loans instant approval.

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Frequently Asked Questions

Taking a Minnesota payday loan online is a good option if you have pressing needs or an urgent financial situation. You can apply online and get the funds within 24 hours if you meet all the criteria. However, you should consider the disadvantages before proceeding.

You can’t get a payday loan in MN without an APR because financial service providers charge interest for them. The best option is to compare the rates of online payday loans companies and choose the one with the best rates.

You can’t take out more than one payday loan at a time in Minnesota. If you want to take out another, you must have fulfilled the terms of the first loan.

Minnesota allows its residents to take out loans. Since these cash advances are legal in MN, you can choose a suitable lender and apply. The approved minimum amount you can get from financial service providers in the state is $100, while the maximum is $350.

Like other lending services, payday lenders can sue you if you fail to pay. This could lead to extra costs, as legal battles can be expensive. You could also face other legal consequences if you lose the case.

Payday loans can garnish wages, but the lender must sue and obtain a court order. State laws limit the amount the service provider can withhold from your paycheck. 

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