Payday Loans in Willmar, Minnesota
Life happens, and we often end up in a place where we have to cover some unforeseen bills. Think about submitting an application for a payday advance loan in Willmar, MN, to see if you are eligible.
The loan process is swift and effortless. To be qualified, you have to meet a couple of simple criteria.
What is a Payday Loan? What Can It Pay For?
A payday loan is where the borrower will get a small amount of cash on a short-term basis. This is considered an unsecured loan due to the fact that no collateral is needed.
When unexpected financial needs present themselves, such as late rent or utility fees, car fees, health or vet costs, and so on, individuals usually turn to payday advance loans.
Payday Advance Loan Requirements In Willmar, MN
In Willmar, MN, payday advance loan borrowers need to meet several criteria to qualify for a loan.
The borrower must:
- Prove that they live in Willmar, MN
- Must be at least 18
- Have a steady income that they can provide proof of being at least $1,000/month
- Give up-to-date contact details like phone number and email address
- Provide their social security number
If a borrower does not abide by the above requirements, they will immediately be denied a payday loan. Ensure that you can provide the documentation required when applying for a loan.
Laws and Regulations Regarding Payday Advance Loans in Willmar, MN
Minnesota has ruled cash advance lending legal. Still, they have put forth the following rules and regulations for the paycheck advance lending industry:
- An individual money lender cannot extend a loan in excess of $600. Borrowers are not allowed to have more than two active loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In the State of Minnesota, borrowers cannot rollover their loans.
- The fees and charges change for each lender. The service costs enacted by lenders on each loan or transaction do not fall under interest. The service fees apply to every $100 loaned and can range from 11% up to 15%.
- An interest rate is required to be mutually agreed upon. APR can be as much as 369%.
Will Payday Lenders in Willmar, MN, Run Credit Checks? What If I Have Bad/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 dismal credit, you may still be approved for a loan provided you can show that you are able to repay the loan. Lenders are usually unbothered by your credit history if you have proof of income and a plan to pay back the loan.
Lenders will rely on 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 general information.
A hard credit inquiry, dissimilarly, must have your permission. These credit inquiries are performed for a variety of purposes, including mortgages, credit cards, and more.
You can still be approved for a cash advance loan with poor credit in Willmar, MN, as long as you can prove you will repay the loan.
So, when you apply for a loan, whether it is in person or online, ensure that you have your income information available and any other documents proving that you can pay back the loan. The more evidence you possess, the better chance you are to be approved.
When Will I Get My Funds in Willmar, Minnesota?
When you receive your money actually depends on your lender as some lenders offer same-day payday advance loans, which means you will get your payday loan on the same day you submit your application, as long as you're approved.
Most of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you might not receive your money until Monday.
If you're needing a same-day payday loan in Willmar, Minnesota, you will need to make sure you're applying by 10:30 am. 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 boost the likelihood that you get your deposit on the day that you apply.
One additional factor that you should know is even if the money lender grants your loan request and posts the deposit to your checking account, occasionally the bank won't release that deposit immediately. It's important to let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the money earlier.
Overall, it's wise to prepare ahead of time to receive your funds on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Borrowing From Us
If you have poor credit or no credit and are searching to secure a payday loan, consider applying with us, as you most likely have a better chance of approval.
We work with more than one hundred different lenders who offer their services online. Frequently you will receive your loan on the following business day so ensure that you plan correctly.
Although, you can always locate the nearest payday loan store to you and apply in person to boost the chances of seeing your loan on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may request proof of address, so bring a utility bill to the store as well.
To locate the nearest payday advance loan storefront, please use the list below and search for your city.
Payday Loan Direct Lender Companies in Willmar, MN
Below you will find a list of payday loan companies offering their services in Willmar, Minnesota. If you can't find a lender near your location in Willmar, consider applying in a nearby city in Minnesota. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Willmar, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.