Payday Loans in Sauk Rapids, Minnesota

Life happens, and we often find ourselves in a place where we have to pay for some unexpected expenses. Think about applying for a paycheck advance loan in Sauk Rapids, MN, to see if you are eligible.

The application process is fast and painless. To qualify, borrowers must satisfy a couple of straightforward criteria.

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

A cash advance loan is where the borrower will get a small sum of funds on a short-term contract. This is deemed to be an unsecured personal loan due to the fact that no collateral is needed.

When unexpected expenses arise, such as late rent or utility fees, auto fees, medical or vet expenditures, and so on, individuals usually rely upon cash advance loans.

Payday Loan Requirements In Sauk Rapids, Minnesota

In Sauk Rapids, MN, payday loan borrowers are required to meet several criteria to be eligible for a loan.

The borrower is required to:

• Show proof that they reside in Sauk Rapids, MN
• Must be 18 years old
• Receive a steady income that they can provide proof of being at least $1,000 per month
• Provide current contact details such as 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 payday loan. Ensure that you possess the documents needed when submitting your application.

Laws and Rules Concerning Paycheck Advance Loans in Sauk Rapids, Minnesota

The State of Minnesota has ruled paycheck advance lending legal. However, they have put forth the below rules and regulations for the payday advance lending industry:

• An individual money lender can't extend a loan greater than $600. Borrowers cannot take out more than two active loans from different lenders. There is no smallest loan amount.
• There is no minimum loan term, the maximum loan term length is 31 days. In the State of Minnesota, borrowers may not rollover their loans.
• The fees and charges vary for each lender. The service fees charged by lenders on a 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 must be mutually agreed upon. APR can be as much as 369%.

Will Payday Lenders in Sauk Rapids, MN, Perform Credit Checks? What If I Have Bad/No Credit History At All?

Yes, the lenders we work with will run a credit check on you, still, even if you have no credit or bad credit, you might still be eligible for a loan provided you can show that you can repay the loan. Lenders are commonly unconcerned about your credit history if you offer proof of income and a strategy to repay the loan.

Lenders will perform a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and basic information.

A hard credit inquiry, dissimilarly, requires your permission. These credit pulls are used for a variety of purposes, such as mortgages, credit card applications, and more.

You can still be approved for a cash advance loan with less than great credit in Sauk Rapids, MN, if you can prove you will repay the loan.

Therefore, when you request a loan, albeit in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you show, the more likely you are to be approved.

When Will I See My Cash in Sauk Rapids, Minnesota?

When you get your funds really depends on the lender as some lenders advertise same-day payday loans, which means you will see your paycheck advance loan on the same day you request a loan, as long as you get an approval.

Most of the time, however, lenders will give the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not see your funds until Monday.

If you're looking for a same-day cash advance loan in Sauk Rapids, Minnesota, you will need to make sure you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that cut-off. However, you should request a loan earlier than that if able, as it will increase the likelihood that you see your funds on the day that you submit your application.

One more consideration that you should be aware of is even if the lender approves your application and posts the loan to your bank account, occasionally the bank won't release that funds at that time. It's paramount that you let your bank know that you plan to get a paycheck advance loan, so they could possibly make an exception in releasing the loan earlier.

On the whole, it's wise to prepare ahead of time to receive your deposit on the next business day. That way, you're not left in the lurch if you cannot get it on the same day.

Think About Working With Us

If you have underwhelming credit or no credit and are wanting to secure a paycheck advance loan, consider applying with us, as you probably have a better chance of approval.

We partner with over one hundred different lenders who provide their services online. Most of the time you will see your funds on the next business day so ensure that you plan correctly.

Although, you can always locate the nearest payday advance loan store to you and apply in person to increase the chances of getting your money on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may ask for proof of address, so bring a utility bill to the store too.

To find the nearest payday loan storefront, please navigate to the list below and find your city.

Payday Loan Direct Lender Companies in Sauk Rapids, MN

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