Minnesota law requires all loan agreements to contain the following information: name, telephone number, and address of the department of commerce; trade name of the cash advance lender, amount issued, transaction date, term limit of the cash advance loan, clear explanation of the consumer's payment duties, loan splitting, the process of separating two loans and charging interest on each one individually, is prohibited in Minnesota. Payday loan businesses seeking to collect on delinquent loans are granted a private right of action under Minnesota law.
A borrower may request up to $350 in payday loan funds.
The loan term is 30 days.
Extensions or rollovers are not permitted in Minnesota.
Minnesota law sets forth the amount of assessed fees that cash advance creditors may charge: $5.50 for loans ranging from $1-$50; $5 + 10% for loans ranging from $51-$100; $5 + 7% (minimum $10) for loans in the range of $101-$250; $5 + 6% (minimum $17.50) for loans exceeding $251. The finance fee for a two-week loan valued at $100 is $15.
The APR for a two-week loan in the amount of $100 is 390%.