Payday Loans in Minnesota | Best Offers for Bad Credit

If you need to address a short-term emergency, requesting a payday loan is the fastest way to get extra cash. At 1F Cash Advance, we can connect you with credible lenders that offer fast and fair payday loans in Minnesota. You’re welcome to fill out an online loan request form or visit our store and apply in person. Bad credit borrowers can qualify, too, due to no hard credit check performed!

Minnesota Payday Loans – Definition and Overview

Payday loans are short-term loans that must be repaid on the date of a borrower’s next paycheck. As the repayment is made in full, payday lenders set limits on loan amounts to make their products easier to handle.

These loans are known for being extremely fast and accessible because of their lenient requirements and no lengthy checks through major credit bureaus. However, they also carry high interest rates to offset lenders’ financial risks.

Minnesota payday loans can help bad credit residents cover unexpected expenses or bridge the gap between paychecks to pay for the utmost necessities.

Am I Eligible for a Minnesota Payday Loan?

Payday loan eligibility requirements are quite basic. To qualify, you need to:

• Be an adult Minnesota resident;
• Have a steady source of income;
• Have an active bank account in your name;
• Provide a valid government-issued photo ID.

What Are Payday Loan Alternatives Available to Minnesota Residents?

If a loan till payday can’t meet your needs, consider other options offered by Minnesota loan providers.

Installment Loans in Minnesota

An installment loan is a flexible financial solution that is repaid in equal monthly payments. The amount you can get is up to $5,000, while the maximum repayment period is 24 months. Just like payday loans, installment loans can be obtained without undergoing a hard credit check. This makes them popular with bad credit borrowers in need of longer-term loan options.

Car Title Loans in Minnesota

A car title loan refers to borrowing against your car’s value. A lender can provide you with up to 50% of its market cost and ask you to repay the funds by your next paycheck. Although you can use the car while it’s pledged, a loan provider can repossess it in case of non-payment.

Pawn Shop Loans

A pawn shop loan is a secured debt that allows you to get cash on hand by pawning some of your valuable assets, like electronics or jewelry. The amount will be determined based on the cost of your pledged asset. If you fail to repay the loan when due, a pawnbroker can sell your property.

Peer-to-Peer Platforms

A peer-to-peer platform is a loan marketplace that connects individual borrowers and investors. This way, you can borrow money directly from another Minnesota resident, bypassing financial institutions. Peer-to-peer loans can potentially help you access better loan terms.

Explore 1F Cash Advance Payday Loan Stores in Minnesota

Need fast cash to solve your money problems? Look no further than 1F Cash Advance! Our direct lenders are always at your service, looking forward to offering you their best deals. If you don’t know where to start, visit our physical branch and let our friendly team guide you through the process.

Our Minnesota store is located at 10 S 5th St #530, Minneapolis, MN 55402, and has convenient operating hours. We’re always here to help you reach financial freedom.

Find a Payday Loan Near Me

Are you a resident of another state? Say no more! 1F Cash Advance has physical locations in 35 states, so you can easily find our store in Alaska, Indiana, Nevada, Nebraska, North Dakota, Oregon, Hawaii, Utah, Rhode Island, and the other 25 states. Additionally, you’re always welcome to apply for an online loan and get the necessary amount from the comfort of your home.

Minnesota Cash Advance and Payday Loans Terms and Rates

The maximum loan amount available to Minnesota residents is $350, and the repayment term is limited to 30 days. Lender fees vary depending on the requested loan amount.

• Up to $50: the maximum fee of $5.5;
• $50.01 to $100: 10% of the loan amount plus a $5 administrative fee;
• $100.01 to $250: 7% of the amount borrowed (minimum $10) plus a $5 administrative fee;
• $250.01 to $350: 6% of the loan amount (minimum $17.5) plus a $5 administrative fee;

This way, the average payday loan APR in Minnesota is about 200%.