Legal Status



MN ST § 47.60

Loan Terms

Maximum Loan Amount: $350

Loan Term: 30 calendar days

Finance Charge for 14-day $100 Loan: 15

APR for 14-day $100 Loan: 391%

Debt Limits

Maximum Number of Outstanding Loans at One Time: A loan may not be used to repay a loan from the same lender, and in the aggregate, a single lender can only lend an aggregate principal amount of $350 among all loans. (Minn. Stat. § 47.60.2(f))

Rollovers Permitted: None. Minn. Stat. § 47.60.2(f).

Cooling-off Period: None Specified

Repayment Plan: None Specified

Collection Limits

Collection Fees: $30 NSF. Minn. Stat §47.60

Criminal Action: Civil penalties, including repaying borrower, actual, incidental, and consequential damages, up to $1000 fine, attorney's fees, and injunctive relief. (Minn. Stat. § 47.601.6(a))