Payday Loans in Minnesota
Posted on Monday, June 14th, 2010 at 1:33 pm in Cash Loan Info by State
Imagine how chaotic life would be if we didn’t have any laws to govern society. We’d probably have a much higher rate of traffic accidents without laws to dictate which side of the road is appropriate to drive on, how fast our cars can drive in residential neighborhoods, and when drivers have the right of way at busy intersections. We would have less protection of our personal property if theft were not against the law. And banks and other upstanding financial institutions would run out of money if people were not legally required to pay back their debts. Consumers would also face greater danger if creditors and lenders could charge any amount of fees they saw fit for loan both long- and short-term. Payday loan laws exist for this reason: They ensure that borrowers will be responsible enough to repay the amount they borrowed, and they also protect consumers by regulating fees and collection practices used by banks, creditors, and payday loan lenders across the US.
Every state regulates cash advance loans differently. Payday loan laws in Minnesota allow consumers who need short term cash to borrow a maximum of $350 for a lending period up to 30 days. Minnesota also imposes regulations on payday loan lenders to monitor the fees an interest rates they charge: A payday loan lender in Minnesota can only charge $5.50 on an amount up to $50 borrowed, 10% of amounts up to $100, 7% on amounts up to $250 with a $5 administrative fee, and a charge of 6% of a loan up to $350 with a $5 fee. This ensures that borrowers receive a fair interest rate on the small cash loan they borrow and can pay back the full amount plus fees at the end of the month with their next pay check.
Laws may seem like a hassle when you need cash in an emergency, but they protect both borrowers and payday loan lenders from dishonest practices, making the payday loan industry a safe place to get the instant cash advance you need.
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