Borrowers may take as many loans as they want, but they are prohibited from taking a loan from a different lender to repay a previous loan. The only requirements for lending are that the borrower is over 18 years of age and permanently employed and making more than $1,000 per month. Out-of-state lenders must follow the same laws as everyone else.
Regulating the fine line of payday lending in Minnesota is the 2018 Minnesota Statutes.
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.
