Payday Loans in Alexandria, Minnesota

Things happen, and we usually end up in a spot where we have to pay for some surprise costs. Consider submitting an application for a payday loan in Alexandria, MN, to see if you are eligible.

The loan request process is swift and simple. To be eligible, loan borrowers must meet a couple of straightforward requirements.

What is a Payday Advance Loan? What Can It Be Put Towards?

A cash advance loan is where the borrower will receive a small amount of funds on a short-term basis. This is deemed to be an unsecured loan as no collateral is expected.

When surprise expenses present themselves, such as past due rent or utility costs, car costs, medical or vet bills, and so on, individuals often turn to payday advance loans.

Cash Advance Loan Stipulations In Alexandria, Minnesota

In Alexandria, Minnesota, cash advance loan borrowers need to satisfy a few stipulations to be eligible for a loan.

The borrower must:

• Show proof that they are a resident of Alexandria, MN
• Must be at least 18
• Have an income that they can provide proof of being at least $1,000 per month
• Provide up-to-date contact information including phone number and email address
• Provide their social security number

If a borrower does not meet the above criteria, they will immediately be denied a payday advance loan. Ensure that you can provide the documents required when applying for a loan.

Laws and Rules Regarding Payday Advance Loans in Alexandria, Minnesota

The State of Minnesota has deemed payday advance lending legal. Although, they have enacted the following rules and regulations for the payday lending market:

• A single lender can't offer a loan greater than $600. Borrowers cannot take out more than two outstanding loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not set, the longest loan term length is 31 days. In Minnesota, borrowers are not allowed to rollover their loans.
• The fees and charges change for each lender. The service fees charged by the lender on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
• An interest rate is required to be mutually decided upon. APR can be as high as 369%.

Will Cash Advance Lenders in Alexandria, Minnesota, Complete Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we partner with will do a credit check on you, still, even if you have no credit or less than stellar credit, you might still be eligible for a loan provided you can show that you are able to repay the loan. Lenders are usually unconcerned about your credit if you have proof of income and a strategy to pay back the loan.

Lenders will perform a soft credit inquiry, which will not impact your credit score. This is simply to get a feel of your credit history and general information.

A hard credit pull, dissimilarly, needs your explicit consent. These credit pulls are used for a plethora of purposes, including mortgages, credit card applications, and more.

You can still be approved for a payday advance loan with bad credit in Alexandria, Minnesota, as long as you can prove you will repay the loan.

So, when you apply, whether it is in person or online, ensure that you have your income information at hand and any other documents showing that you can pay back the loan. The more proof you possess, the better chance your loan application will be approved.

When Will I Get My Money in Alexandria, Minnesota?

When you receive your money actually depends on your lender as some lenders advertise same-day payday loans, which means you will get your payday loan on the same day you submit your application, as long as you get an approval.

Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your deposit until Monday.

If you're wanting a same-day payday loan in Alexandria, MN, you will need to be sure that you're applying by 10:30 am. All same-day loans going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will increase the likelihood that you receive your funds on the day that you submit your application.

One more factor that you should know is despite if the lender approves your application and posts the funds to your checking account, occasionally the bank won't release that credit at that time. It's paramount that you let your bank know that you plan to receive a payday loan, so they might make an exception in releasing the money earlier.

On the whole, it's wise to prepare in advance to get your loan on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.

Think About Borrowing From Us

If you possess underwhelming credit or no credit and are looking to secure a payday advance loan, think about applying through us, as you most likely have a better chance of approval.

We work with more than one hundred different lenders who provide their services online. Frequently you will receive your cash on the following business day so ensure that you plan accordingly.

Although, you can always locate the nearest payday advance loan store to you and apply in person to strengthen the chances of seeing your funds on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may ask for proof of address, so take along a utility bill to the store as well.

To find the nearest paycheck advance loan store, please refer to the list below and locate your city.

Payday Loan Direct Lender Companies in Alexandria, MN

Below you will find a list of payday loan companies offering their services in Alexandria, Minnesota. If you can't find a lender near your location in Alexandria, consider applying in a nearby city in Minnesota. Alternatively, you can apply online on our website and get a decision almost instantly.