Installment Loans in Minnesota
How installment loans work in Minnesota
An installment loan gives you the full amount up front and you repay it in equal monthly payments over a set term — often 3 to 36 months. Because repayment is spread out, each payment is smaller than a single lump-sum payday repayment, and you always know your payoff date.
Sample monthly payments
| Amount | 6 months | 12 months | 24 months |
|---|---|---|---|
| $1,000 | $181.54 | $97.48 | $55.91 |
| $2,000 | $363.09 | $194.96 | $111.82 |
| $3,000 | $544.63 | $292.45 | $167.72 |
| $5,000 | $907.72 | $487.41 | $279.54 |
Illustration at 29.99% APR. Your rate and term come from the lender and depend on your credit, income and Minnesota law.
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
Minnesota installment loan rules at a glance
| Governing law | Regulated lenders, Minn. Stat. chapter 56, which charge rates allowed by § 47.59. (Minn. Stat. § 56.131; § 47.59) |
|---|---|
| Rate cap | Licensed regulated lenders and financial institutions may charge the greater of (1) 21.75% APR or (2) 33% a year on the part of the balance up to $1,425 plus 19% on the part above $1,425. (These dollar breakpoints are adjusted periodically.) Consumer small loans and short-term loans have their own 50% APR cap. (Minn. Stat. § 47.59, subd. 3(a); § 56.131, subd. 1) |
| License required | Yes. Chapter 56 regulated lenders are licensed by the Commissioner of Commerce; non-bank consumer small loan lenders must file with the Commissioner before lending. (Minn. Stat. § 56.131; § 47.60, subd. 3) |
| Loan sizes covered | Chapter 56 rates apply to loans up to $100,000 (or 15% of a Minnesota corporate licensee's capital and surplus, if greater). (Minn. Stat. § 56.131, subd. 1(a)) |
| Origination / other fees | A one-time loan administrative fee of up to $25 on closed-end loans with an original principal of $8,208 or less. (Minn. Stat. § 47.59, subd. 6(d); § 56.131, subd. 2(e)) |
Estimate your monthly payment
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Installment Loans by city in Minnesota
Also see: Payday Loans in Minnesota · Title Loans in Minnesota · All Minnesota loan options
Frequently asked questions
Is there a cap on installment loan interest rates in Minnesota?
Greater of 21.75% APR or 33% to $1,425/19% above; small loans 50%.
Do installment loan lenders need a license in Minnesota?
Yes. Chapter 56 regulated lenders are licensed by the Commissioner of Commerce; non-bank consumer small loan lenders must file with the Commissioner before lending.
Can I get a installment loan with bad credit in Minnesota?
Yes, some lenders in our network work with fair or bad credit, but approval is not guaranteed and rates are higher. Licensed lenders in Minnesota must follow the state's consumer-lending rules shown above; tribal and bank-partner lenders may follow different rules, so compare the APR on every offer.
What credit score do I need for a installment loan in Minnesota?
There's no single minimum. Some lenders want good credit, but many lenders in our network consider fair, poor and limited credit and weigh your income and job history too. A higher score may get you better rates and larger amounts, while lower scores may still qualify for smaller loans. Find out what's available to you in Minnesota with our free 3-minute form.
How do installment loans work in Minnesota?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Minnesota residents can see installment loan offers with our free 3-minute form.
Can I get a installment loan in Minnesota with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Minnesota residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Where can I find a loan for bad credit in Minnesota?
You can apply at local banks and lenders in Minnesota, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.