A guide to Payday Loans in Minnesota, USA. 

Q:What are the Citation (s) to Payday Loan or Small Loan Laws in Minnesota?
A: The relevant citation regarding Payday Loans in the Minnesota State Jurisdiction is Minn. Stat. Ann. § 47.60

Q: Are Payday Loans legal in Minnesota? 
A: Yes Payday Loans are legal in Minnesota. 

Q: What is the Maximum Cash Advance Loan Amount in Minnesota?
A: The maximum Cash Advance or Payday Loan amount is $350. 

Q: What is the Maximum Payday Loan Term in Minnesota?
A: The Maximum Payday Loan Term in Minnesota is 30 days. 

Q: What is the Maximum Rate and Fee for Cash Advance Loans in Minnesota?
A: The Maximum fee for Cash Advance Loans in Minnesota is 
$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)

Q: What is the Finance charge for 14-day $100 payday loan in Minnesota State?
A: The Finance charge for 14-day $100 payday loan in Minnesota is $15. 

Q: What is the APR for 14-day $100 payday loan in Minnesota State?
A: The APR charged for 14-day $100 payday loan in Minnesota is 390 percent. 

Q: Is there a limit on the number of payday loans I can take at one time? 
A: The maximum number of payday loans is not specified. 

Q: How many times can the lender rollover my payday loan in Minnesota? 
A: None (cannot repay with proceeds of another loan by same lender)

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: It is not specified if the lender can initiate a criminal action against the borrower. 

Q: Can I be charged a collection fee for a payday loan?
A: Yes, $30 NSF fee 

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Minnesota Department of Financial Institutions at:

Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul, MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy, Deputy Commissioner

Website: http://www.state.mn.us/portal/mn/jsp/home.do?agency=Commerce