Payday Loans in Cambridge, Minnesota

Incidents happen, and we often end up in a situation where we must cover some surprise costs. Consider submitting an application for a payday loan in Cambridge, MN, to see if you qualify.

The application process is swift and simple. To be eligible, you must satisfy a few basic requirements.

What is a Cash Advance Loan? What Can It Pay For?

A payday loan is where the borrower will get a petite sum of money on a short-term agreement. This is considered an unsecured personal loan as no collateral is needed.

When surprise bills arise, for example late rent or utility payments, auto repairs, medical or vet bills, and so forth, individuals usually rely upon paycheck advance loans.

Payday Loan Requirements In Cambridge, Minnesota

In Cambridge, Minnesota, payday loan borrowers need to satisfy several stipulations to qualify for a loan.

The borrower must:

• Show proof that they are a resident of Cambridge, Minnesota
• Must be 18 years of age
• Have a steady stream of income that they can provide proof of being at least $1,000/month
• Give current contact details including cell phone number and email address
• Provide their social security number

If a borrower does not abide by the above rules, they will automatically be denied a cash advance loan. Ensure that you can provide the documents needed when requesting a loan.

Laws and Rules Concerning Payday Loans in Cambridge, Minnesota

The State of Minnesota has ruled payday lending legal. Still, they have enacted the following rules and laws for the cash advance lending industry:

• An individual lender cannot offer a loan for more than $600. Borrowers are not allowed to have greater than two unpaid loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not determined, the maximum loan term length is 31 days. In the State of Minnesota, borrowers cannot rollover their loans.
• The fees and charges vary for each money lender. The service fees enacted by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can range from 11% up to 15%.
• An interest rate must be mutually decided upon. APR can be as much as 369%.

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

Yes, the lenders we work with will run a credit check on you, still, even if you possess no credit or dismal credit, you might still be approved for a loan as long as you can show that you can repay the loan. Lenders are usually unbothered by your credit if you offer proof of income and a strategy to repay the loan.

Lenders will conduct a soft credit inquiry, which will not impact your credit score. This is solely to get a look at your credit history and basic information.

A hard credit inquiry, dissimilarly, must have your permission. These credit inquiries are used for a plethora of purposes, such as mortgages, credit cards, and more.

You may still be approved for a paycheck advance loan with less than great credit in Cambridge, MN, provided that you have proof of repayment.

So, when you request a loan, whether it is in person or online, double check that you have your income information easily accessible and any other documents showing that you can repay the loan. The more proof you have, the better chance you are to be approved.

When Will I See My Money in Cambridge, MN?

When you see your cash really depends on your lender as some lenders advertise same-day payday loans, which means you will receive your paycheck advance loan on the same day you submit your application, as long as you receive an approval.

Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. So, if you submit your application on a Friday, you might not get your money until Monday.

If you're looking for a same-day payday loan in Cambridge, Minnesota, you will need to ensure you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will increase the likelihood that you get your money on the day that you submit your application.

One additional factor that you should know is despite if the lender approves your application and posts the funds to your bank, occasionally the bank won't release that loan right away. It's vital that you let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the loan earlier.

Overall, it's best to prepare ahead of time to get your deposit on the following business day. That way, you're not out of luck if you cannot get it on the same day.

Consider Borrowing From Us

If you have poor credit or no credit and are searching to secure a cash advance loan, consider applying through us, as you probably have a better chance of approval.

We work with hundreds of different lenders who offer their services online. Much of the time you will receive your loan on the next business day so ensure that you plan correctly.

However, you can always find the closest paycheck advance loan store to you and apply in person to strengthen the chances of seeing your cash on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may require proof of address, so take along a utility bill to the store as well.

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

Payday Loan Direct Lender Companies in Cambridge, MN

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