Minnesota Payday Loan Laws
 | Max Term of Payday Loan: | 30 days | | Max Fees and Finance Charges: | $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$3505 | | Maximum Loan Amount: | $350 | | Number of Rollovers: | None (cannot repay with proceeds of another loan by same lender) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | $30 NSF fee | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Yes |
Minnesota Payday Loan Laws:
(i) On any amount up to and including $50, a charge of $5.50 may be added;
(ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to ten percent of the loan proceeds plus a $5 administrative fee;
(iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to seven percent of the loan proceeds with a minimum of $10 plus a $5 administrative fee;
(iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75 percent per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.
(Minnesota Small Loans - Chapter 47.60)
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