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Compare short-term loans in Minnesota

Borrow up to $350 from our list of lenders — see how much it'll cost you.

For money management tools

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  • $5.99 monthly membership fee
  • Borrow up to $250
  • No credit check required
  • No interest on cash advances
  • Connect bank account to access cash advance

Good for no-fee, 0% interest cash advances

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  • Borrow up to $150/day, with a max of $750 between paydays
  • No credit check
  • No monthly fees or interest
  • Connect bank account to access cash advance

Good for borrowing more

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  • Borrow up to $4,000
  • Get cash as soon as same business day
  • Easy application
  • Quick approval

When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Minnesota and everything else you should know about how payday advances work.

Product USFSL Finder Score Loan amount Turnaround time Requirements
Cleo
Up to $250
3 to 4 days or instant for a fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
EarnIn
Up to $150/day, with a max of $750 between paydays
1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
Access up to $150 per day, with a max of $750 between paydays. Subject to EarnIn terms & conditions.
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day
+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state
Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WA, WV. Comes with the option to change your due date so you won’t fall behind on repayments.
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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Cleo
Up to $250
3 to 4 days or instant for a fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
EarnIn
Up to $150/day, with a max of $750 between paydays
1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
Access up to $150 per day, with a max of $750 between paydays. Subject to EarnIn terms & conditions.
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day
+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state
Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WA, WV. Comes with the option to change your due date so you won’t fall behind on repayments.
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full Finder Score breakdown

Payday loans can be a quick way to get cash during a financial setback, but the laws surrounding them can be tricky. Here’swhat you need to know before applying.

Can I borrow a payday loan in Minnesota?

Yes. Minnesota Statutes 47.60 et seq. governs payday loans in Minnesota, which requires all payday lenders to be registered and abide by the maximum fee guideline detailed below.
Here are the quick facts about payday loans:

  • Maximum loan: $350
  • Maximum loan term: 30 days
  • APR: A 14-day $100 loan has an APR of 390%
  • Collection fees: A lender may charge a $30 NSF (non-sufficient funds) fee

The amount you’ll be charged in interest varies depending on the amount of your loan.

  • $50 or less: $5.50
  • $50.01 to $100: 10% + $5 administrative fee
  • $100.01 to $250: 7% (minimum of $10) + $5 administrative fee
  • $250.01 to $350: 6% (minimum of $17.50) + $5 administrative fee
  • Default: 2.75% per month on the remaining loan amount

How to qualify for a payday loan

All payday lenders will require you to be at least 18 years old, be an American citizen or resident and have a regular monthly income of at least $1,000. When you begin your application, be prepared to supply your Social Security number.
No matter if you apply online or in-store, as long as you have the required information, the process shouldn’t be more than 5 to 10 minutes.
There is no limit on the number of payday loans you can have at any given time in Minnesota. But keep in mind that having multiple payday loans at the same time can lead to extra debt and difficult repayment schedules.

Payday loan alternatives in Minnesota

Although payday loans can be a great way to get ahead when you’re having financial troubles, there are other ways you can get help with your bills or get financing without taking on this high-cost form of debt.
Minnesota has an Energy Assistance Program, a Food Support Program and a Medical Assistance program that can help with large bills and everyday expenses. In addition, you can consider other forms of non-credit funding, such as requesting a pay advance from your employer or ask a friend or family member for help.
If you have a credit card, you can take out an advance on your remaining line of credit. You may also want to consider another type of short-term loan, like an installment loan, so that you have longer to pay back what you owe.
Even more alternative options to avoid high-cost debt

Bottom line

When you’re in a rough spot financially, you might be considering a payday loan. These can be suitable for making it between paychecks, but they are costly. Be sure to consider how much the total will cost and the other options you have before applying.

Frequently asked questions

Who do I contact if I have a problem with a payday lender?
You should contact the Minnesota Department of Commerce.
Is there a prepayment fee?
No. If you want to repay your loan early, you won’t be charged a fee for prepayment.
Can I roll over or refinance my loan?
No. You can’t use one loan to pay off another by the same lender.
Is there a cooling-off period between loans?
No. Minnesota law doesn’t specify any cooling-off period.
Can I get a repayment plan?
While Minnesota doesn’t require a repayment plan, you may still be able to request one from your lender if you’re having trouble paying back your loan.

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Written by

Head of publishing and editorial

Matt Corke is Finder’s head of publishing ventures. Prior to this he was head of publishing for Australia, New Zealand and emerging markets. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates. See full bio

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2 Responses

    Default Gravatar
    WomanOfGodJune 9, 2018

    I do not have a bank account, at the moment, and I need a loan of 1500 in order to get a car so I can get to and from work and sort my debts out. This is a new job and haven’t been paid yet. I start next week but need the loan by tomorrow. What do I do?

      AvatarFinder
      JoanneJune 9, 2018Finder

      Hi WomanOfGod,

      Thanks for reaching out.

      You may need to check on this page which of the lenders are available in your area and see their eligibility requirements to check if you qualify.

      Alternatively, you may check the no bank account loans and check which of the lenders would meet your needs.

      Cheers,
      Joanne

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