Payday Loans in Shorewood, Minnesota

Life happens, and we usually end up in a situation where we must pay for some unforeseen expenses. Think about submitting an application for a payday advance loan in Shorewood, Minnesota, to see if you meet the requirements.

The loan process is quick and painless. To be eligible, you must meet a few straightforward conditions.

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

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

When surprise expenses present themselves, like late rent or utility fees, auto fixes, health or vet payments, and so forth, individuals frequently turn to payday advance loans.

Payday Advance Loan Criteria In Shorewood, MN

In Shorewood, Minnesota, payday loan borrowers are required to meet a few stipulations to be eligible for a loan.

The borrower has to:

• Show proof that they reside in Shorewood, MN
• Must be 18 or older
• Receive a steady income that they can provide proof of being at least $1,000/month
• Provide up-to-date contact information including phone number and email address
• Provide their SSN

If a borrower does not meet the above criteria, they will automatically be denied a payday advance loan. Make sure you possess the documentation needed when applying for a loan.

Laws and Rules Regarding Paycheck Advance Loans in Shorewood, Minnesota

The State of Minnesota has deemed paycheck advance lending legal. Although, they have put forth the following rules and regulations for the payday lending industry:

• A single lender can't offer a loan in excess of $600. Borrowers are not allowed to have greater than two active loans from different lenders. There is no minimum loan amount.
• The minimum loan term is not determined, the longest loan term length is 31 days. In Minnesota, borrowers cannot rollover their loans.
• The fees and charges are different for each money lender. The service costs enacted by the lender on a cash advance loan are not considered 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 high as 369%.

Will Payday Lenders in Shorewood, Minnesota, Run Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we partner with will run a credit check on you, but, even if you have no credit or poor credit, you might still be approved for a loan given that you can prove that you are able to repay the loan. Lenders are usually unbothered by your credit if you provide proof of income and a strategy to repay the loan.

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

A hard credit pull, on the other hand, needs your permission. These credit inquiries are used for a plethora of purposes, including mortgages, credit cards, and more.

You can still qualify for a cash advance loan with imperfect credit in Shorewood, MN, as long as 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 available and any other documents showing that you can repay the loan. The more evidence you show, the better chance you are to be approved.

When Will I See My Funds in Shorewood, MN?

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

Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. Therefore, if you apply on a Friday, you might not see your money until Monday.

If you're searching for a same-day payday loan in Shorewood, Minnesota, you will need to make sure you're applying by 10:30 am. All same-day payments going out that day will be approved by that deadline. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you see your funds on the day that you apply.

One other consideration that you should know is despite if the lender approves your application and posts the deposit to your bank, occasionally the bank won't release that funds right away. It's paramount that you let your bank know that you plan to get a payday loan, so they might make an exception in releasing the deposit earlier.

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

Think About Working With Us

If you possess poor credit or no credit and are searching to secure a payday loan, consider applying through us, as you frequently have a higher chance of approval.

We work with over one hundred different lenders who provide their services online. Often you will get your deposit on the following business day so ensure that you plan appropriately.

However, you can always find the closest payday loan store to you and apply in person to increase the chances of getting your money on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.

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

Payday Loan Direct Lender Companies in Shorewood, MN

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