Payday Loans in St. Cloud, Minnesota

Life happens, and we often find ourselves in a place where we must cover some unforeseen bills. Consider applying for a payday loan in St. Cloud, Minnesota, to see if you meet the requirements.

The loan process is quick and simple. To qualify, borrowers have to satisfy a couple of straightforward conditions.

What is a Payday Loan? What Can It Be Used For?

A paycheck advance loan is where the borrower will receive a petite amount of funds on a short-term contract. This is deemed to be an unsecured loan due to the fact that no collateral is required.

When unexpected bills present themselves, like late rent or utility costs, auto fees, health or vet fees, and so forth, people commonly rely upon paycheck advance loans.

Payday Advance Loan Requirements In St. Cloud, Minnesota

In St. Cloud, Minnesota, payday advance loan borrowers are required to meet a few requirements to qualify for a loan.

The borrower must:

• Prove that they reside in St. Cloud, Minnesota
• Must be 18 years of age
• Receive a steady stream of income that they can provide proof of being at least $1,000 per month
• Provide active contact details including phone number and email address
• Provide their social security number

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

Laws and Rules Regarding Cash Advance Loans in St. Cloud, Minnesota

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

• An individual lender can't offer a loan greater than $600. Borrowers are not allowed to have greater than two outstanding 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 are unable to rollover their loans.
• The fees and charges change for each lender. The service costs charged by the lender on a payday loan are not considered interest. The service fees apply to each $100 loaned and can vary from 11% up to 15%.
• An interest rate must be mutually agreed upon. APR can range up to 369%.

Will Payday Lenders in St. Cloud, Minnesota, Complete Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we partner with will complete a credit check on you, still, even if you have no credit or poor credit, you might still be approved for a loan given that you can show that you are able to repay the loan. Lenders are generally unbothered by your credit history if you have proof of income and a strategy to pay back the loan.

Lenders will use a soft credit pull, which will not impact your credit score. This is only to get a look at your credit history and general information.

A hard credit inquiry, alternatively, must have your explicit consent. These credit inquiries are done for various purposes, including mortgages, credit cards, and more.

You can still be approved for a payday loan with bad credit in St. Cloud, Minnesota, provided that you have proof of repayment.

Therefore, when you apply, albeit in person or online, double check that you have your income information available and any other documents verifying that you can pay back the loan. The more evidence you provide, the better chance your loan application will be approved.

When Will I Receive My Money in St. Cloud, Minnesota?

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

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

If you're wanting a same-day paycheck advance loan in St. Cloud, MN, you will need to be sure that you're applying by 10:30 am. Any and 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 increase the likelihood that you see your money on the same day that you submit your application.

One additional factor that you should understand is despite if the money lender grants your loan request and posts the credit to your bank, sometimes the bank won't release that loan right away. It's paramount that you let your bank know that you plan to get a payday advance loan, so they could possibly make an exception in releasing the deposit 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 out of luck if you cannot get it on the same day.

Consider Working With Us

If you possess poor credit or no credit and are needing to get a payday loan, think about applying through us, as you frequently have a better chance of approval.

We work with over one hundred different lenders who provide their services online. Often you will see your loan on the next business day so make sure that you plan accordingly.

Although, you can always find the nearest paycheck advance loan store to you and apply in person to increase the chances of receiving your cash on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so take along a utility bill to the store too.

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

Payday Loan Direct Lender Companies in St. Cloud, MN

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