Payday Loans & Cash Advances in Minnesota
MN · up to $350 — max fee 36%- Max loan: $350
- Max fee: 36% of the loan's face value
- Term: Max 30 days
- Statute: Minn. Stat. § 47.60 et seq.
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What a payday loan costs in Minnesota
A cash advance, a payday advance, a payroll advance — whatever the storefront sign says, it's the same product with the same legal ceiling in Minnesota.
The Minnesota fee of $108 per $300 borrowed ranks 21st of 29 fixed-fee states — one of the more expensive states for short-term credit.
| Loan amount | Max fee | Total repaid | Term |
|---|---|---|---|
| $200 | $72 | $272 | 30 days |
| $300 | $108 | $408 | 30 days |
| $350 | $126 | $476 | 30 days |
Payday loan APR in Minnesota: the same fee over 14 vs 30 days
Minnesota caps the dollar fee, not the APR — so the same fee annualizes differently depending on how long you hold the loan. This is the honest math for a $350 loan:
| Term | Fee | Total repaid | APR |
|---|---|---|---|
| 14 days | $126 | $476 | ≈939% |
| 30 days | $126 | $476 | ≈438% |
Before you borrow in Minnesota: four cheaper options than a payday loan
- A payment plan from the bill issuer. Utilities, hospitals, and many landlords must offer hardship payment plans on request — it costs nothing and beats any loan.
- Credit-union PAL. Federal credit unions offer Payday Alternative Loans (PALs): $200–$2,000 at APRs capped at 28% with terms of 1–6 months — several times cheaper than any payday fee, if you can join a credit union.
- Earned-wage access. Employer-connected advance apps let you draw already-worked hours for little or no fee. Slower than a payday loan, far cheaper.
- Local assistance. Community action agencies and charity programs cover one-time bills (rent, utilities, medication) in most metro areas.
Payday loan laws and rules in Minnesota
| Legal cap | $350 |
| Fee ceiling | 36% APR Cap |
| Term | Max 30 days |
| Rollovers | Forbidden |
| Cooling-off / rescind | End of next business day |
| Typical APR | Max 36% |
| Statute | Minn. Stat. § 47.60 et seq. |
| Regulator | Minnesota Department of Commerce |
Consumer short-term loans in Minnesota are subject to a maximum 36% Annual Percentage Rate (APR) limit.
Payday vs PAL vs installment in Minnesota
The payday loan is the fastest tool, rarely the cheapest. Before signing, compare it with the two structured alternatives:
| Payday loan | Credit-union PAL | Online installment | |
|---|---|---|---|
| Typical amount | $100–$350 | $200–$2,000 | $1,000–$5,000 |
| Cost | 36% flat fee (~400% APR) | APR capped at 28% federally | APR ≈36%–200% |
| Term | 30 days | 1–6 months | 6–24 months |
| Credit check | No hard pull — income-based | Soft pull, credit unions only | Soft-check prequalification common |
| Best for | A one-paycheck gap | Bigger gap, credit-union members | Multi-month shortfalls |
Repaying a payday loan — and what happens if you can't
- Repayment is a single automatic debit from the account the money went into, due max 30 days after signing.
- Rollover rules: Forbidden. A "renewal" that adds a fresh fee to the same balance is the classic payday debt spiral — state law is the line between a rollover and a legal new loan.
- Cancellation: Minnesota gives you a rescind window of end of next business day — return the principal within it and you owe no fee.
- Consumer short-term loans in Minnesota are subject to a maximum 36% Annual Percentage Rate (APR) limit.
- If a debit bounces, the bank charges its own NSF fee and the lender may charge the contract late fee — then may sell the debt to a collector. Complaints go to the state regulator, and an unlicensed lender may have no enforceable claim at all.
What are the requirements for obtaining a Payday Loan in Minnesota?
To get a payday loan in Minnesota, you need to meet a few criteria. If you do not qualify for any of them, you will not be able to get a payday loan — review the main ones and make sure you have everything needed before you apply:
- 18 is the minimum age
- US citizens and permanent residents
- a resident of Minnesota
- contact number and email address
- permanent source of income
- an active bank account
Need more than $350? Installment and tribal loans in Minnesota
An installment loan in Minnesota spreads $1,000–$5,000 over fixed monthly payments. For lenders operating outside the MN-licensed system, see our honest guide to tribal loans in Minnesota. For the full picture of short-term rules, see payday loans by state.
50 Minnesota cities covered
Local guides with cost tables and requirements for the biggest Minnesota cities — the law is statewide, but fees hit differently in every local budget.
- Minneapolis 414k
- St. Paul 302k
- Rochester 116k
- Duluth 88k
- Bloomington 85k
- Brooklyn Park 80k
- Plymouth 77k
- Maple Grove 71k
- Woodbury 69k
- St. Cloud 68k
- Eagan 66k
- Eden Prairie 64k
- Blaine 63k
- Coon Rapids 62k
- Lakeville 62k
- Burnsville 61k
- Minnetonka 52k
- Apple Valley 52k
- Edina 51k
- St. Louis Park 49k
- Mankato 44k
- Moorhead 43k
- Shakopee 41k
- Maplewood 40k
- Roseville 36k
- Cottage Grove 36k
- Richfield 36k
- Inver Grove Heights 35k
- Andover 33k
- Brooklyn Center 31k
- Savage 31k
- Oakdale 28k
- Fridley 27k
- Winona 27k
- Shoreview 27k
- Owatonna 26k
- Ramsey 26k
- White Bear Lake 26k
- Chaska 26k
- Prior Lake 26k
- Austin 26k
- Chanhassen 25k
- Elk River 24k
- Champlin 24k
- Rosemount 24k
- Faribault 24k
- Farmington 23k
- Crystal 23k
- Hastings 23k
- New Brighton 22k
Minnesota payday loan FAQ
How much can I borrow with a payday loan in Minnesota?
The legal maximum is $350 per loan under Minn. Stat. § 47.60 et seq.. Lenders may not write around it, online or in a storefront.
Is a cash advance different from a payday loan in Minnesota?
No — cash advance, payday advance, and payroll advance are different names for the same short-term product. Minnesota's cap, fee ceiling, and term rules apply identically, whatever the lender calls it.
What does a $300 payday loan cost in Minnesota?
$108 in fees — 36% of the loan's face value — repaid max 30 days later. Total repayment: $408.
I need money immediately — how fast can I get a payday loan in Minnesota?
Apply online in the morning: decisions arrive in minutes, and applications approved before the lender's daily cutoff are funded the same business day. After the cutoff or on weekends, funding lands the next business morning.
Do Minnesota payday lenders check credit?
No hard credit check in the traditional sense: approval runs on verifiable income and an active checking account, so weak or thin credit files still get funded. Some lenders record a soft inquiry, which leaves your score untouched.
What happens if I can't repay a payday loan in Minnesota?
State rule: forbidden. A missed debit adds the bank NSF fee and the contract late fee, and the debt may go to a collector. Ask the lender for an extended payment plan before the due date — and escalate to the Minnesota Department of Commerce if the lender refuses to work with you.
How many payday loans can I have at once in Minnesota?
State law says: Forbidden. Your credit history with other lenders is checked through the state database.
Where do I complain about a Minnesota lender?
To the Minnesota Department of Commerce (https://mn.gov/commerce) — it licenses and polices every payday lender serving Minnesota residents.
Payday Loan Calculator
The legal ceiling computed from state statute — the most a licensed lender may charge. It is the law, not a quote.
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Start with GoodFriend Loans →Online Payday Loan Alternatives in Minnesota
If a two-week payday isn't the right fit, these Minnesota options cover the other common situations — bigger amounts, longer terms, and no-credit-check routes:
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Check My Eligibility →Disclosure. All City Payday Loan is not a lender, not a broker, and does not make credit decisions. Rates and terms are set by third-party lenders and depend on state law and the lender's underwriting; short-term loans carry APRs that may range from 35.99% to 359.99%. A payday loan is a short-term tool for a temporary cash gap — it is not a solution for long-term debt problems. Late or missed payments may result in additional fees and collection activity. Check your lender's license with your state regulator before you sign.