Fast Cash Loans Online in Minnesota
When it comes to borrowing quick loans, fast cash loans Minnesota are the best option that you can look at, because this is the fastest way to cash money directly from your bank account, since payday loans are meant to provide you with the money that you need in emergency case.
What is great about a payday loan is the money that is deposited directly into your bank account.
Many people is afraid to borrow money because of their poor or bad credit score, but the good news is that applying for a payday loan does not require that your credit history is in good standing. In fact, even with bad credit or no credit history at all, it is possible to get money borrowed from a payday loan lending company.
Shopping Around for the Best Deal
Before actually buying a payday loan, make sure to spend some of your time researching about the different fast cash loans Minnesota lending companies, so you can select the best deal among all of them. Pay attention not just in the amount they are offering to lend, but in the interest rate, finance fees and other charges that may apply to your request. In addition, be aware that the state of Minnesota has regulations on small loans like this, which you should know.
Limitations on Fast Cash Loans Minnesota
By law, Minnesota requires that lenders provide borrowers with a physical contract that must contain all the terms of the loan, date in which it is issued, the total amount lent, as well as specific conditions, financing fee, charges and interest rates associated to the loan itself. Moreover, this contract must also include the lender or lending company contact information, whether name or trade name, phone number and address of the lender or lending company, besides the loan due date and borrower’s obligations.
As a borrower you are entitled to the following key points:
1. In the state of Minnesota the maximum amount loan is $350
2. Loan terms my vary from lender to lender, but must not exceed a maximum of 30 days
3. Law in Minnesota forbids rollovers and extensions
4. A finance fee of $5.50 applies for loans up to $50, a fee of $5 plus 7% for loans that range between $51 and $100, but never exceeding a $10 fee, and cash advance loans that are over $101 are subject to a $5 fee, plus 6% for a total finance amount that cannot exceed $17.50 in any case.
In Minnesota is prohibited to divide a loan (loan splitting practice) to charge finance fee for the two resulting halves. On the other hand, lenders may pursue civil and criminal action against borrowers that fail to pay back a loan or the interest rates generated.
Apply Today for a Payday Advance Loan
When a necessity cannot wait until the next payday, fast cash loans Minnesota services are the fastest solution that you have at hand as a local resident of this state, just remember what are the limitations and obligations that you acquire with it.