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

Payday Loans in Minnesota

Minnesota permits tightly regulated small-dollar and short-term loans under a 50% all-in APR ceiling. The single-payment consumer small-loan category is limited to $350 and 30 days, while the broader consumer short-term category reaches $1,300 and triggers ability-to-repay requirements when APR exceeds 36%.

Minnesota legal category: Consumer Small Loan / Consumer Short-Term Loan · Minnesota Statutes §§47.60, 47.601 and 47.603

Minnesota payday loans at a glance

Legal status
Permitted Regulated
Legal category
Consumer Small Loan / Consumer Short-Term Loan
Rule structure
2 encoded variants
Amount / term
Varies by statutory variant
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 Current guide

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.

$1,300–$5,000

Installment Loans in Minnesota

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

See Installment Loans

Amount and term limits

Minnesota uses two related small-dollar categories. A consumer small loan under §47.60 is a single-payment unsecured advance of $350 or less. A consumer short-term loan under §47.601 may have principal or a credit advance of $1,300 or less when it requires a payment within 60 days greater than 25% of principal or the advance.

The §47.60 consumer small-loan variant may run no more than 30 days. Section 47.601 defines short-term credit by its payment timing rather than setting one single maximum maturity for every structure.

Interest, fees and repayment

Minnesota’s current payday-related framework uses an all-in APR ceiling rather than the former high fee-per-$100 model.

Both the consumer small-loan and consumer short-term-loan provisions cap APR at 50%, with no other charges or payments permitted in connection with the covered loan. Loans above 36% APR must comply with the statutory ability-to-repay requirements in §47.603.

The §47.60 small-loan variant is repaid in a single installment. The broader §47.601 short-term category is defined by requiring a payment within 60 days greater than 25% of principal or the credit advance and may use a different payment structure.

Rollovers, refinancing and early payment

Rollover allowed?
No
A §47.60 consumer small loan may not be repaid with proceeds of another §47.60 loan from the same lender or related interest, and one borrower may not have more than one such loan outstanding.
Prepayment penalty allowed?
Not reduced to a yes/no rule
The cited small-dollar sections focus on APR, payment structure, anti-evasion and ability-to-repay protections; this page does not assert a universal prepayment-penalty flag across both variants.

Minnesota borrower protections

  • Minnesota caps covered consumer small and short-term loans at 50% all-in APR.
  • No additional charges or payments are permitted in connection with covered small/short-term loans beyond the allowed APR.
  • Loans above 36% APR must satisfy statutory ability-to-repay requirements.
  • The §47.60 single-payment category is capped at $350 and 30 days.
  • The broader consumer short-term category is capped at $1,300.

Minnesota loan cost calculator

Why there is no single statutory calculator: Minnesota has two statutory small-dollar variants, an all-in APR definition and ability-to-repay rules for APR above 36%. A generic nominal-interest calculator would not establish compliance.

How to verify a lender in Minnesota

Regulator: Minnesota Department of Commerce.

Consumer Small Loan Lender filing/registration or other required Minnesota lender authority; regulated lenders use separate licensing

Verify a lender license

Official sources

  1. Minnesota Statutes §47.60 — Consumer Small Loans · primary
  2. Minnesota Statutes §47.601 — Consumer Short-Term Loans · primary
  3. Minnesota Commerce — Banks & Credit Unions / Payday-loan law changes · 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.