Minnesota Payday Loan Laws
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Minnesota Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Minnesota payday loan laws contact the Minnesota Department of Commerce.
Payday loans are legal in Minnesota
(see Minnesota Payday Loans or Minnesota Installment Loans to compare fees and requirements for individual lenders).
|Rates or Fees (max)
||$5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
General Loan Terms
||Max: 30 days
In Minnesota, no rollovers are permitted (cannot repay with proceeds of another loan by same lender).
Nothing is mentioned about cooling periods between loans.
Minnesota has no requirements for extended repayment plans.
For example, in Minnesota the rates and fees on a 14 day, $100 loan are:
Sample Loan Terms
Minnesota also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
Regulations on Collections
||$30 NSF fee
Finally, a more detailed excerpt from Minnesota's statutes on finance charges is listed below. In general the tables above summarize this.
(i) On any amount up to and including $50, a charge of $5.50 may be added; (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to ten percent of the loan proceeds plus a $5 administrative fee; (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to seven percent of the loan proceeds with a minimum of $10 plus a $5 administrative fee; (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75 percent per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.
Citation: Minn. Stat. 47.60 et seq.