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online loans in minnesota

Date: Tue, 07/07/2009 - 07:52

Submitted by bonsum
on Tue, 07/07/2009 - 07:52

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Total Replies: 7


Are on-line payday loans legal in Minnesota?


Minnesota allows an internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in. So, you need to find out WHAT state your lenders are licensed in, then you will need to follow the laws of the state each lender is licensed in. If you would post the names of the lenders, we will try to help you figure that out.


lrhall41

Submitted by Shazzers on Tue, 07/07/2009 - 09:23

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Ace Cash Services - NOT Ace Cash Express - they are 2 different companies. I am interested only in Ace Cash Services. I had recently read on your forum somewhere that Minnesota had changed its laws and payday loan companies on line had to be licensed in Minnesota, but perhaps I am wrong.


lrhall41

Submitted by on Tue, 07/07/2009 - 09:52

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what is the law for internet payday loans in MN, the loan company is The Loan shop online.


lrhall41

Submitted by on Wed, 07/29/2009 - 10:09

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Well I will tell you they are not licensed in most states. I have posted the laws below.

[quote]
Minnesota State Information

Legal Status: Legal

Citation:
Minn. Stat. ?? 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner
[/quote]


lrhall41

Submitted by Cool_Abyss on Wed, 07/29/2009 - 10:59

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