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Minnesota law states that a contract with a payday lender must contain specific data including detailed contact information of the lender (trade name, telephone numbers, address). Additionally, the details of the transaction must be clearly outlined including the date, amount issued, terms and conditions, consumer payment obligations and due dates. The practice of loan splitting (dividing one loan in half and then charging fees for both loans) is strictly prohibited. Payday advance lenders may pursue civil and/or criminal action against a borrower for a defaulted loan.
$350 is the maximum payday advance loan, excluding fees, allowed by law.
Loan terms vary, but cannot exceed a maximum of 30 days.
Minnesota law does not permit extensions or rollovers.
Payday lenders may charge a $5.50 for loans ranging from $1-$50. For payday loans ranging from $51 to $100, the fee is $5 + 7% (a minimum of $10). For payday loans between $101 and $250, the fee is $5 + 6% (a minimum of $17.50).
If you feel a payday lender is operating unfairly or engaging in illegal collection practices, you can contact your Minnesota Attorney General:
Office of the Attorney General
1400 Bremer Tower
445 Minnesota Street
St. Paul, MN 55101-2131
