Online Payday Loans in MN with 0% APR

By Allison Martin

Need cash in a jiffy and can’t get approved for a loan from the bank? You may be considering an online payday loan or cash advance

Both loan products are easy to qualify for, and you can have the cash in your bank account in as little as 1 business day. But are they the best option? 

Read on to learn more about how payday loans in Minnesota work, along with other viable options that may be better for your wallet. 

Options For Payday Loans in MN

Traditional payday loans are readily accessible in Minnesota, and most online lenders offer a streamlined application process that provides an answer in minutes. If approved, you can review the loan terms directly from the online dashboard, accept your offer and input your banking information to receive the proceeds. 

Instead of a postdated check, lenders will automatically draw from your account to collect what they’re owed on the due date. 

Minnesota payday lenders should be registered with the Department of Commerce and adhere to all applicable regulations under state statute 47.60 – Consumer Small Loans. 


Each payday lender has their own set of qualification criteria. However, you shouldn’t have trouble getting approved if you: 

  • Are at least 18 years of age and a permanent resident or citizen of the US
  • Are employed or have another verifiable source of income, like government benefits or self-employment income 
  • Have an open checking account that’s in good standing and can receive direct deposits 

Also, prepare to provide the lender with a copy of your driver’s license or state-issued identification, your Social Security number, a valid email address and a working phone number. 

Credit Affects 

A credit check is not required to secure a payday loan, and payment activity is not reported to the credit bureaus. However, if you fail to remit timely payment, you could face repercussions that involve damage to your credit score. More on that shortly. 


  • Number of payday loans you can have: Unlike most states, Minnesota does not limit the number of loans you can take out at a single time. 

Max Loan Amount

Payday loans in Minnesota are capped at $350 per state statute 47.60. The total amount borrowed must be repaid within 30 days. You are also responsible for any applicable interest and fees, which are limited to: 

  • $5.50 for loan amounts of $50 or less
  • 10% plus a $5 fee for loans between $50.01 and $100
  • 7% (minimum of $10) plus a $5 fee for loans between $100.01 and $250
  • 6% (minimum of $17.50) plus a $5 fee for loans between $250.01 and $350


Rollovers or extensions are not permitted in Minnesota. Therefore, you could face financial repercussions if you’re unable to remit the outstanding balance in full by the due date. 

While the lender can’t pursue criminal penalties, they are allowed to assess an NSF fee. The lender may also hire a 3rd party debt collector or sell off the debt, which could mean bad news for your credit if you’re unable to reach a resolution that works for both parties. 

Thinking about taking out another loan to cover the outstanding balance? This practice is also strictly prohibited by state law. 

Payday Loan Alternatives in Minnesota

Payday loans in Minnesota may seem like the best way to get your hands on fast cash, there are other viable alternatives. They are available now, and you won’t spend a fortune in interest in fees.


Offered by MoneyLion, Instacash offers no-interest cash advances of up to $250. In essence, you’ll have the luxury of borrowing for free without the pesky interest and hefty fees. 

Even better, you may qualify if your credit is less than perfect since there are no credit checks. And you can apply in minutes to know how much you are eligible for. 

Sounds like a good fit to hold you over for a bit? 

It’s easy to get started. Select “Sign Up” from the homepage. You’ll be prompted to download the mobile app, where you’ll create an online profile and sign up for a MoneyLion membership. Once you’re up and running, link your checking account to see how much you qualify for. If you like what you see, request an advance and the funds will arrive in your account shortly. 

MoneyLion is mobile-friendly, so you can request an advance 24/7. You’ll also have access to a fee-free checking account and managed investing.

Credit Builder Loans

What if you could get a loan  that’s affordable and helps build or repair your credit? MoneyLion offers credit builder loans of up to $1,000 that give you the best of both worlds. They’re available for consumers with varying financial backgrounds, so you may qualify with less than perfect credit. 

What really makes these loans stand out is their accessibility. Most financial institutions don’t allow you to retrieve the funds until the loan is paid in full. But not MoneyLion- you’ll get a portion, if not all, of the funds right away. If some of the funds are withheld, they’ll be placed in an interest-earning Credit Reserve Account and the remainder will be released to you after you make the final payment. 

You can apply on the online platform in just minutes. If you’re approved, you can accept the loan terms right away and get the cash you need. The payments are automatically deducted from your bank account and are affordable so they won’t blow up your budget.

Payment activity is reported to the 3 credit bureaus – Experian, Equifax and TransUnion, which boosts your credit health as your money grows. 

It’s only $19.99 per month to get started with a Credit Builder Plus membership, and the fee includes additional perks if you would like such as: zero-fee bank account, managed investing and Instacash cash advances. 

Find A Online Loan In Minnesota

InstacashCredit Builder Loan
How Much Can You Borrow?Up to $250Up to $1000
Fees & Interest$0Low APR, $19.99/mo
Credit CheckNoNo
AvailabilityOnline & MobileOnline & Mobile
Wait TimeInstantlyInstantly
Next StepsSign UpSign Up

Access the Fast Cash You Need Right Away! 

Don’t settle for a payday loan that ends up costing you thousands. Consider a more cost-efficient cash advance from MoneyLion through Instacash, or apply for a Credit Builder Loan to get a little more in your pocket and start restoring your credit health.

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Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.

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