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States Minnesota Rates And Fees

Loan Rates and Fees in Minnesota

Page last reviewed: March 27, 2026 · Reviewed for accuracy by LendUp

Payday Loan Costs in Minnesota

Payday Loans

Minnesota caps consumer small loans at $350 in principal, with terms of 30 days or less. The maximum a lender may charge is an annual percentage rate of 50%, and no other charges or payments are permitted - that APR includes all interest, finance charges, and fees.

On a $300 loan due in 14 days, a 50% APR works out to roughly $5.75 in total charges, making your total repayment approximately $305.75. Federal disclosure rules require lenders to show the APR on your agreement.

You borrow
$300
14-day term
Max fee
~$5.75
50% APR
You repay
~$305.75
total due
APR disclosed
~50%
annualized - required disclosure
  • Rollovers are prohibited - a loan made under this section cannot be repaid by the proceeds of another loan from the same lender.
  • No single borrower may have more than one outstanding loan, and aggregate principal may not exceed $350 at any time.
  • No additional charges beyond the disclosed APR should appear on your agreement - if you see a separate fee, question it before signing.

If an offer exceeds these limits, verify with the Minnesota Department of Commerce.

Installment Loan Costs in Minnesota

Installment Loans

Licensed lenders under Chapter 56 may charge interest and finance charges as provided in section 47.59. Rates depend on the lender type and loan terms - there is no single statewide rate table. Confirm the maximum rate for your specific loan with the lender and the Department of Commerce.

On a $1,000 installment loan, the total interest you pay depends on the contracted rate, repayment schedule, and term length. Interest is calculated on the declining unpaid balance - as you pay down principal, the interest portion of each payment decreases.

  • Refinancing restarts interest on the new balance - compare your remaining balance to the new loan's total of payments before you agree.
  • Returned payment fee: confirm the amount with the lender before you sign.
  • Late fees: confirm the amount and any grace period with the lender before you sign.
  • You can prepay in full at any time with no penalty - interest stops accruing on the date you pay off the balance. See the Minnesota installment loans page for repayment details.

If an offer seems too high, verify with the Minnesota Department of Commerce.

What to Check on Your Offer

Payday
  • APR: must not exceed 50% - no other charges or fees are permitted beyond what's included in that rate.
  • Loan amount: your total outstanding payday balance across all lenders can't exceed $350.
  • Term: 30 days or less.
Installment
  • Interest rate: should match the rate disclosed in your agreement - confirm it falls within the limits for the lender's license type with the Department of Commerce.
  • Prepayment penalty: should not appear - you can pay off early with no extra charge.
  • Total of payments: the single most important number - add up every scheduled payment to see what you'll actually repay over the full term.
  • Military borrowers: if you or your spouse are active-duty, federal law caps most loan costs at 36% APR under the Military Lending Act.

Official Sources

Rules can change - confirm with the Minnesota Department of Commerce if an offer doesn't match what's shown here.

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