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Loan Laws In Minnesota For Payday Loans, Are You Wasting Your Money?
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Loan Laws In Minnesota for Payday Loans, Are You Wasting Your Money?

Probably one of the most confusing states when it comes to laws, the loan laws of Minnesota for payday loans is pretty hard to understand.

For example, check out the interest rate scale and how it is explained:

  • A charge of 5.50 will be added to loans that are $50.00 and under.
  • $51.00 to $100.00 will be charged 10% of the total plus a $5.00 admin. fee
  • $101.00 to $250.00 will be charged 7% of the total with a $10.00 minimum, plus a $5.00 admin. Fee
  • $251.00 to $350.00 will be charged 6% of the total with a $17.50 minumum , plus a $5.00 Admin. charge
  • After the laon matures, until it is retired, a 2.75% charge will be added monthly.

Well, that certainly was a mouthful and please do not ask me to explain it. I had a hard enough time writing it. It is pretty self explanatory, but why does it have to be so complicated?

It adds up to extremely high interest rates no matter how you read it, and that puts the borrower at risk of getting caught in a payday loan trap.

The loan length limit in Minnesota is 30 days, and the cap on the loan amount is $350.00. You may have more than one payday loan at a time in Minnesota, which is very dangerous as it leads to borrowing money to make payments on borrowed money.

Seems all states have some good and many bad laws when it comes to Payday loans, and I just wish they were more uniform and tougher on the lenders.

Until that happens we will still have people who get in over their head and will be defaulting on these loans. The smart ones are the ones who when they find they are in way over their head look for a good payday loan consolidation company.

These companies work and will help you out immediately! Be sure to find one that can stop all the negative action on the loan and also one who does not hold your money up to 3 months before they even start any payments on your behalf. The loan companies frown on this. They just want their money as soon as possible.

I hope this article on the Minnesota loan laws for payday loans helps you in being informed on what you are dealing with by using these companies, and keep you from wasting your money!

Please feel free to share this article and leave any coments and questions below!

Street Talk

Dom Wells  

Just reading your articles I get so much more knowledgeable

  about 7 years ago

Glad you like them! Thanks for reading.

  about 7 years ago
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