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Payday Loans in Minnesota

Compare licensed lenders • Check MN regulations • Apply online

Last updated: June 2026

Max Loan
$350
Cities Covered
0
Legal Status
Legal (Regulated)
Population
5,706,494

Minnesota Payday Loan Regulations

Max Loan Amount:$350
Max Term:30 days
Typical APR:390%
Cooling-Off:None
Rollover Allowed:No

Minnesota limits payday loans to $350 with typical APR 390%. Cooling-off periods apply.

Important: This information is current as of February 2026. State regulations may change. Always verify with your lender and state regulator before signing a loan agreement.

About Payday Loans in Minnesota

Minnesota limits payday loans to $350 with typical APR 390%. Cooling-off periods apply.

Minnesota is located in the Midwest region of the United States with a population of 5,706,494.

Key Regulations:

  • Maximum APR: 390%
  • Maximum loan amount: $350
  • Maximum term: 30 days
  • Rollovers not allowed
  • Regulated by Minnesota Department of Commerce

Regulatory Authority: Minnesota Department of Commerce
Official Website: https://mn.gov/commerce/

Representative Example APR in Minnesota

Payday and small-dollar loan costs vary by lender, amount, and state rules. The example below shows how fees can translate into APR on a short-term loan.

Loan amount Term Fee per $100 Total repayment Equivalent APR
$500 14 days $15 $575 391%

Example only. Actual APR and total repayment in Minnesota depend on lender pricing, term length, and state compliance limits.

Cities in Minnesota

Browse all 0 city pages in Minnesota

Frequently Asked Questions – Minnesota

Are payday loans legal in Minnesota?
Yes, payday loans are legal (regulated) in Minnesota. The state is regulated by the Minnesota Department of Commerce, which oversees all payday lenders. Minnesota limits payday loans to $350 with typical APR 390%. Cooling-off periods apply.
What is the maximum payday loan amount in MN?
The maximum payday loan amount in Minnesota is $350. Finance charges are capped at Varies by lender. Always verify with your lender before applying.
How long do I have to repay a payday loan in Minnesota?
In Minnesota, payday loans typically have a maximum term of 30 days. Some lenders offer installment loans with longer repayment periods. Check specific lender terms.
Can I have multiple payday loans at once in MN?
Minnesota limits payday loans to $350 with typical APR 390%. Cooling-off periods apply.
How do I find licensed payday lenders in Minnesota?
All payday lenders in Minnesota must be licensed by the Minnesota Department of Commerce. You can verify a lender's license at https://mn.gov/commerce/. Only work with licensed lenders to protect yourself.
What documents do I need for a payday loan in MN?
Most Minnesota payday lenders require: (1) Valid ID (driver's license or state ID), (2) Proof of income (pay stubs or bank statements), (3) Active checking account, (4) Social Security number, (5) Proof of residence.
What is the typical APR for payday loans in Minnesota?
In Minnesota, the maximum APR is 390%. Actual APR varies by lender and loan amount. Always review the loan agreement for total cost before signing.
Are there alternatives to payday loans in MN?
Yes. Consider: (1) Credit union loans (often lower rates), (2) Payment plans with creditors, (3) Local assistance programs, (4) Employer cash advances, (5) Friends or family loans. Explore all options before committing to a payday loan.

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Important Legal Notice

This information is current as of January 2026 and is for informational purposes only. Payday loan regulations in Minnesota may change. Always verify current regulations with the Minnesota Department of Commerce before applying. Credizen is a comparison platform and we do not directly provide loans.

We may earn commission from lenders when you submit a loan request. This does not affect which lenders you are matched with.

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Rostislav Sikora

AI Orchestrator and loan comparison specialist

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