Permitted Regulated Verified 2026-09-06 · ver. 0.2.3 How we verify these rules

Installment Loans in Minnesota

Minnesota permits regulated consumer installment lending. Within the current $1,300–$5,000 routing range, §47.59 can allow the greater of 21.75% APR or a graduated 33%/19% finance-charge formula, with the first-tier dollar threshold indexed to $1,500 effective July 1, 2026.

Minnesota legal category: Consumer Installment / Regulated Loan · Minnesota Statutes §47.59 and Chapter 56, as applicable to lender type

Minnesota installment loans at a glance

Legal status
Permitted Regulated
Legal category
Consumer Installment / Regulated Loan
Maximum amount in this regime
Minnesota Commerce states that regulated loan companies may make loans up to $100,000, and higher if appropriately capitalized. PLS Cash Advance routes only the $1,300–$5,000 portion of its current selector to this guide.
Term
No single universal installment maturity is asserted across every financial institution and regulated lender. The schedule depends on the lender’s authority, contract, and applicable Minnesota statute.
Regulator
Minnesota Department of Commerce
Verified
2026-09-06

Choose a loan type by amount

PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.

$200–$1,300

Payday Loans in Minnesota

Preferred routing for Minnesota short-term intent. Requests above $350 may fall in the broader consumer short-term category rather than the single-payment small-loan category.

See Payday Loans

$1,300–$5,000 Current guide

Installment Loans in Minnesota

Preferred routing for larger or multi-payment Minnesota requests beyond the consumer short-term-loan amount threshold.

Amount and term limits

Minnesota Commerce states that regulated loan companies may make loans up to $100,000, and higher if appropriately capitalized. PLS Cash Advance routes only the $1,300–$5,000 portion of its current selector to this guide.

No single universal installment maturity is asserted across every financial institution and regulated lender. The schedule depends on the lender’s authority, contract, and applicable Minnesota statute.

Interest, fees and repayment

The “greater of” formula and indexed statutory dollar amount make a single headline APR incomplete. Chapter 56 regulated lenders also cross-reference §47.59 for rate authority in relevant cases.

For loans made under §47.59, the maximum finance charge is the greater of 21.75% APR or the graduated formula of 33% per year on the first indexed principal threshold and 19% above it. Minnesota Commerce sets the indexed 33% threshold at $1,500 effective July 1, 2026.

Consumer installment repayment depends on the governing lender authority and contract. This page does not impose a single payment frequency across Minnesota financial institutions and regulated loan companies.

Rollovers, refinancing and early payment

Rollover allowed?
Not reduced to a yes/no rule
Installment refinancing is governed by the applicable consumer-credit law and contract rather than the short-term small-loan reborrowing prohibition.
Prepayment penalty allowed?
Not reduced to a yes/no rule
Prepayment treatment depends on loan type, lender authority and applicable Minnesota statute; no universal flag is asserted across the entire guide.

Minnesota borrower protections

  • Minnesota Commerce licenses regulated loan companies and provides a public license lookup.
  • The §47.59 finance-charge formula is statutory and uses an indexed dollar threshold.
  • Minnesota Commerce confirms the 33% tier threshold is $1,500 effective July 1, 2026.
  • The $5,000 site boundary is editorial; regulated-lender authority can extend well beyond it.

Minnesota loan cost calculator

Why there is no single statutory calculator: Minnesota §47.59 uses the greater of a 21.75% APR ceiling or a graduated 33%/19% formula with an indexed threshold ($1,500 effective July 1, 2026). A generic APR calculator would obscure which statutory option applies.

How to verify a lender in Minnesota

Regulator: Minnesota Department of Commerce.

Regulated Lender license or other applicable financial-institution authority

Verify a lender license

Official sources

  1. Minnesota Statutes §47.59 — Financial Institution Credit Extension Maximum Rates · primary
  2. Minnesota Commerce — 2026 Consumer Credit Code Adjustments · primary
  3. Minnesota Commerce — Regulated Loan Companies · primary
  4. Minnesota Commerce — License Lookup · primary

Last regulatory verification: 2026-09-06. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.