Payday Loans in Eden Prairie, Minnesota

Events happen, and we usually find ourselves in a place where we must cover some unforeseen expenses. Think about submitting an application for a paycheck advance loan in Eden Prairie, MN, to see if you meet the requirements.

The loan request process is fast and simple. To be eligible, borrowers must meet a few basic conditions.

What is a Cash Advance Loan? What Can It Cover?

A paycheck advance loan is where the borrower will be extended a small amount of money on a short-term basis. This is thought of as an unsecured personal loan because no collateral is needed.

When unforeseen expenses present themselves, like missed rent or utility costs, car fixes, medical or vet payments, and so forth, individuals usually turn to paycheck advance loans.

Paycheck Advance Loan Criteria In Eden Prairie, MN

In Eden Prairie, Minnesota, cash advance loan borrowers need to meet several criteria to qualify for a loan.

The borrower is required to:

• Provide proof that they live in Eden Prairie, MN
• Must be 18 years old
• Receive a steady stream of income that they can prove that's at least $1,000/month
• Give up-to-date contact information such as cell phone number and email address
• Give their social security number

If a borrower does not meet the above criteria, they will immediately be denied a cash advance loan. Make sure you can provide the documents required when submitting your application.

Laws and Regulations Concerning Paycheck Advance Loans in Eden Prairie, Minnesota

Minnesota has deemed payday advance lending legal. Still, they have created the below rules and regulations for the payday advance lending industry:

• An individual money lender can't extend a loan for more than $600. Borrowers cannot possess greater than two outstanding loans from different lenders. There is no minimum loan amount.
• The minimum loan term is not set, the longest loan term length is 31 days. In the State of Minnesota, borrowers cannot rollover their loans.
• The fees and charges change for each loan lender. The service fees charged by the lender on a payday loan do not fall under interest. The service fees apply to each $100 borrowed and can vary from 11% up to 15%.
• An interest rate is required to be mutually decided upon. APR can be as much as 369%.

Will Payday Lenders in Eden Prairie, MN, Complete Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we have a relationship with will do a credit check on you, still, even if you possess no credit or less than stellar credit, you may still be approved for a loan provided you can prove that you can pay back the loan. Lenders are usually unbothered by your credit if you have proof of income and a strategy to repay the loan.

Lenders will rely on 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, alternatively, must have your explicit consent. These credit pulls are done for a variety of purposes, such as mortgages, credit cards, and more.

You may still be approved for a cash advance loan with less than great credit in Eden Prairie, Minnesota, provided that you have proof of repayment.

So, when you apply, whether it is in person or online, make sure that you have your income information easily accessible and any other documents verifying that you can pay back the loan. The more proof you provide, the better chance you are to be approved.

When Will I Get My Cash in Eden Prairie, MN?

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

Much of the time, however, lenders will give 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 cash until Monday.

If you're wanting a same-day paycheck advance loan in Eden Prairie, Minnesota, you will need to ensure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that deadline. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you receive your deposit on the same day that you submit your application.

One additional consideration that you should be aware of is despite if the money lender grants your loan request and posts the funds to your checking account, sometimes the bank won't release that loan immediately. It's vital that you let your bank know that you plan to get a paycheck advance loan, so they might make an exception in releasing the cash earlier.

Overall, it's wise to prepare in advance to get your deposit on the following business day. That way, you're not out of luck if you cannot receive it on the same day.

Consider Borrowing From Us

If you have less than great credit or no credit and are searching to get a paycheck advance loan, consider applying through us, as you probably have a better chance of approval.

We partner with over one hundred different lenders who offer their services online. Frequently you will receive your deposit on the following business day so make sure that you plan accordingly.

However, you can always locate the closest payday advance loan storefront to you and apply in person to boost the chances of getting your funds on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may request proof of address, so bring a utility bill to the store as well.

To locate the nearest cash advance loan storefront, please refer to the list below and search for your city.

Payday Loan Direct Lender Companies in Eden Prairie, MN

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