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Minnesota Payday Loans: Where to Get Your Money Now

Minnesota Payday Loans: Where to Get Your Money Now

Bills are a constant in life. Whether it is rent, electricity, internet, phone, or whatever, there will always be people who need you to pay them money throughout the month. The good part is that you get paychecks from your work every month to pay for those bills. However, sometimes the timing just doesn’t work out right. A bill might come due just a week or even only a few days before your next paycheck. Or an emergency situation might come up that needs to be dealt with immediately… but it is still a few days before your next paycheck comes in, providing you with the needed funds to deal with that emergency. It is for situations like this that many lenders, especially in Minnesota, have begun offering Minnesota payday loans.

Minnesota payday loans are short term loans that are designed to cover emergency or short term money needs. It is called a payday loan because it is intended to cover you until your next payday, when you should be able to repay the loan and continue on with life. The term of the loan is usually two weeks in length, and the amount is usually relatively small as compared to other loans that can be secured from lending companies. The fees for Minnesota payday loans are usually fifteen to thirty percent of the loan for the two week term, which calculates to an annual percentage rate of 390 to 780 percent, which is a pretty steep price to pay for a rather small convenience.

When the loan is administered, you sign a postdated personal check made out for the full amount of the loans and fees and hand it over to the lender, then recieve the loaned money. You then are expected to return to the lender in person by the term of the loan and repay the loan and fees in person, at which point the postdated check becomes voided. If you do not return in time, then the lender cashes the check. If your account does not have the full amount of funds necessary to cover the check, then you may wind up facing bounced check fees from your bank as well as additional fees and interests added to your debt to the lender because of the failure to pay. Some states require lenders to then offer a payment plan to help you pay off all the additional fees and interest as well as the original loan amount.

Many states in the United States of America have made payday loans illegal because of the tendency toward usury, but it’s still allowed in other states, such as Minnesota. If you find yourself in a situation where you wish to risk the fees and very high interest rates of Minnesota payday loans, it is easy to find many options for payday loans. You can find them with a look in your local phone book for businesses, or you can find them online through a simple web search. There are likely at least a couple of payday lending businesses in an easy to find, convenient location for you.

Minnesota payday loans are an easy way to give away your money in order to get a little bit of money for short-term use to cover emergencies or bills. And in Minnesota, it’s easy to find payday loan centers if you want to.

Photo courtesy of swanksalot.

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