Payday loans in Minnesota
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
Minnesota payday loan rules at a glance
| Governing law | Consumer small loans, Minn. Stat. § 47.60 (short-term, unsecured, single-payment loans of $350 or less, including deferred-check loans), and consumer short-term loans, Minn. Stat. § 47.601. Non-bank lenders must file with (register with) the Commissioner of Commerce. (Minn. Stat. §§ 47.60, 47.601) |
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| Maximum loan | A consumer small loan is $350 or less, and one borrower may not owe more than $350 in total on such loans at one time. A consumer short-term loan is $1,300 or less. (Minn. Stat. § 47.60, subd. 1(a), subd. 2(f); § 47.601, subd. 1(e)) |
| Fees / interest cap | The lender may charge an annual percentage rate of up to 50%, counting all interest, finance charges and fees. No other charges are allowed. After the due date, the rate may not exceed 2.75% a month on the unpaid balance. (Minn. Stat. § 47.60, subd. 1(c), subd. 2(a),(c); § 47.601, subd. 2(e)) |
| Maximum term | A consumer small loan may be for no more than 30 days. (Minn. Stat. § 47.60, subd. 2(b)) |
| Rollovers / renewals | A consumer small loan may not be repaid with the proceeds of another such loan from the same lender (or a related company), and loans may not be split to get higher charges. (Minn. Stat. § 47.60, subd. 2(f)) |
| Loans at one time / database | You may not have more than one consumer small loan with a lender if that results in higher charges, and your total consumer small loan principal may not exceed $350 at one time. (Minn. Stat. § 47.60, subd. 2(f)) |
| Returned-payment fee | On a loan made against your personal check, the lender may charge the returned-check fee allowed by Minn. Stat. § 604.113, subd. 2(a), but may not demand the civil penalty in § 604.113, subd. 2(b). (Minn. Stat. § 47.60, subd. 2(e)) |
How much will I repay?
Minnesota does not set a single per-$100 fee cap for this product; check the lender's disclosure. $15 per $100 is shown as an example.
Estimate only. Your lender shows your exact cost before you sign.
Credit services / credit access businesses
Minnesota's anti-evasion rule bars making, assisting or arranging a loan at a higher rate than allowed, by any method, and treats a party holding the predominant economic interest in the loan as the lender even if it calls itself an agent or service provider. (Minn. Stat. § 47.601, subd. 5a)
Compare neighboring states
Lenders must follow the law of the state where you live, not where you visit.
| State | Status | Max loan |
|---|---|---|
| Iowa | Legal | A lender may not hold checks from you totaling more than $500 at any one time. |
| North Dakota | Legal | A lender may not give you more than $500 in one payday loan. |
| South Dakota | Not available | — |
| Wisconsin | Legal | A lender may not make a payday loan that leaves you owing all payday lenders combined more than $1,500 or 35% of your… |
Payday Loans by city in Minnesota
Counties in Minnesota
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Also see: Personal Loans in Minnesota · Title Loans in Minnesota · All Minnesota loan options
Frequently asked questions
Are payday loans legal in Minnesota?
Payday-type loans are legal in Minnesota but capped at a 50% all-in APR: 'consumer small loans' (single-payment loans of $350 or less, Minn. Stat. 47.60) and 'consumer short-term loans' (up to $1,300, Minn. Stat. 47.601). Any loan above 36% APR requires an ability-to-repay analysis.
How much can you borrow with a payday loan in Minnesota?
A consumer small loan is $350 or less, and one borrower may not owe more than $350 in total on such loans at one time. A consumer short-term loan is $1,300 or less.
How much do payday loans cost in Minnesota?
The lender may charge an annual percentage rate of up to 50%, counting all interest, finance charges and fees. No other charges are allowed. After the due date, the rate may not exceed 2.75% a month on the unpaid balance.
How many payday loans can you have at once in Minnesota?
You may not have more than one consumer small loan with a lender if that results in higher charges, and your total consumer small loan principal may not exceed $350 at one time.
Can you roll over a payday loan in Minnesota?
A consumer small loan may not be repaid with the proceeds of another such loan from the same lender (or a related company), and loans may not be split to get higher charges.
How much does a payday loan cost in Minnesota?
The lender may charge an annual percentage rate of up to 50%, counting all interest, finance charges and fees. Your lender shows the exact fee, total amount to repay, due date and APR before you sign, so you know the full cost upfront. There's no charge to use our form, and you're never obligated to accept an offer. Compare what lenders offer Minnesota borrowers in about 3 minutes.
Do payday loans in Minnesota affect your credit score?
Usually only a little, if at all. Because many payday lenders don't use a traditional hard credit pull and often don't report to the major bureaus, a payday loan repaid on time typically has little effect on your score. A balance that goes unpaid and reaches collections could hurt it, so borrow an amount you can repay on your due date. Minnesota residents can see their options with our 3-minute form.
Can I get a payday loan on the weekend in Minnesota?
You can submit our online form any time, including nights and weekends, and some lenders review requests right away. Funding depends on banking days, though, so money requested on a Saturday or Sunday typically arrives the next business day. Submitting early helps you get in line for the first available deposit. Minnesota residents can start a request now; it takes about 3 minutes.
What do I need to get a payday loan in Minnesota?
Most lenders ask for a few basics: you must be a legal adult, with a valid government-issued ID, a steady source of income, an active checking account in your name, and a phone number and email. Some lenders also ask for recent pay stubs or bank statements. Having these ready makes our 3-minute form quick, and many Minnesota applicants get a decision in minutes.