Cash advances (also known as payday loans) are becoming more and more popular across Minnesota, not to mention the rest of the country. For those who are living paycheck to paycheck, a cash advance is a very short term, small dollar amount loan that you can get in hours instead of days, that is designed for the purpose of carrying one through a sudden financial mishap or emergency until one’s next payday (usually about two weeks).

For instance, let’s say that you desperately need new brakes for your car, but you won’t receive your next paycheck for two weeks. You know that you’ll have the necessary funds then, but you will be risking the safety of you and your family, as well as anyone else on the road if you wait until your next payday to have your brakes repaired. This is the perfect scenario for a cash advance.

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Instead of using the information on your credit report to calculate a loan amount, cash advance lenders use your paycheck (gross and net amounts) to grant your loan request. And since the entire loan amount is due at one time, many lenders will request a post-dated, personal check from you, complete with full loan amount, plus any applicable fees, that will simply be deposited when your cash advance becomes due.

Minnesota has a few laws regulating the payday loan industry:

Maximum time frame of 31 days.
Fees cannot exceed:
- $5.50 for loans of $1-$50;
- 10% + $5 for loans $51-$100;
- 7% (minimum $10) + $5 for loans $101 - $250;
- 6% (minimum $17.50) + $5 for loans > $251.
Rollovers not allowed (cannot repay one cash advance with another from the same lender).
Maximum $30 returned check fee.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.