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Payday Loans in Minnesota: Rates Capped at 50%. Here Are the Legal Options

We list no payday loan stores in Minnesota, and Minnesota law caps what lenders can charge. Below is what the law says, and the licensed ways to borrow in Minnesota that we track.

What Minnesota law says

A consumer small loan lender may charge an annual percentage rate of up to 50 percent, and no other charges or payments are permitted.

Source: Minn. Stat. § 47.60, subd. 2(a) · verified Oct 9, 2026

A loan to someone in Minnesota has to stay within this limit unless the lender is licensed or otherwise authorized by Minnesota law to charge more. We list no payday loan stores in Minnesota; the licensed options we track are below.

Related rules

  • A consumer small loan (payday-style loan, including an agreement to defer presenting a personal check for a fee) is a short-term, unsecured loan of $350 or less repaid in a single installment. Source: Minn. Stat. § 47.60, subd. 1(a) · verified Oct 9, 2026
  • The term of a consumer small loan may be no more than 30 calendar days. Source: Minn. Stat. § 47.60, subd. 2(b) · verified Oct 9, 2026
  • A consumer small loan must not be repaid with the proceeds of another loan from the same lender, and a borrower may have only one such loan outstanding. Source: Minn. Stat. § 47.60, subd. 2(f) · verified Oct 9, 2026
  • A business that is not a financial institution must file with the Commissioner of Commerce, with a $250 fee per place of business, before making consumer small loans to Minnesota residents. Source: Minn. Stat. § 47.60, subd. 3 · verified Oct 9, 2026

Licensed lenders in Minnesota

These types of lenders operate legally in Minnesota, each under its own rules and costs. Compare the total cost before you borrow.

If someone offers you a payday loan in Minnesota

Some lenders based in other states or online still advertise payday loans to Minnesota residents. A loan from a lender that is not licensed in Minnesota may not come with the protections that licensed lenders must give, such as cost limits and complaint rights. Before you borrow, check that the lender is licensed in Minnesota using the Minnesota Commerce license search.

To report a lender or ask a question, contact the Minnesota Department of Commerce, Division of Financial Institutions.

Questions people ask

Are payday loans legal in Minnesota?

We list no payday loan stores in Minnesota. A consumer small loan lender may charge an annual percentage rate of up to 50 percent, and no other charges or payments are permitted (Minn. Stat. § 47.60, subd. 2(a)).

Answers are generated from the listings and verified rules on this page; see Sources below.

Sources

Where the facts on this page come from, and when we last checked them.

  1. Minn. Stat. § 47.60, subd. 2(a) · Interest rate cap Last verified Oct 9, 2026 · high confidence
  2. Minn. Stat. § 47.60, subd. 1(a), Minn. Stat. § 47.60, subd. 2(b), Minn. Stat. § 47.60, subd. 2(f), Minn. Stat. § 47.60, subd. 3 · Payday loans (deferred presentment) Last verified Oct 9, 2026 · high confidence
  3. Minnesota Department of Commerce, Division of Financial Institutions · Licensing and complaints Date not recorded

We re-check sources regularly and show the date each was last verified. Spotted a mistake? Tell us and we'll check it against the source.

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