Minnesota

Minnesota state map

Minnesota Financial Snapshot

At a Glance
Minnesota
  • Nickname: The North Star State
  • Population: 5.61 million
  • Capital: Saint Paul
  • Website: Minnesota.gov

Though Minnesota’s poverty rate is 9.6% and the median income is $70,315 (almost $9,000 more than the U.S. average!), there are still many cash-strapped Minnesotans.

Average Credit Card Debt and Median Household Income in Minnesota vs. the U.S.
Minnesota
The U.S.
$5,489
$6,028
Average Credit Card Debt (Q2 2019)
$70,315
$61,937
Median Household Income (2018)

Payday Loans in Minnesota

Payday loans, which are short-term loans aimed at borrowers who need money between paychecks, typically to cover bills, are legal in Minnesota. The agreements commonly require borrowers to pay back the loan, generally, in fewer than 30 days upon receiving their next paycheck.

 

Consumer Protection in Minnesota

How to Report a Lender in Minnesota

To report bad practices, borrowers may file a complaint with the state’s commerce department here.

The department is reachable by phone at 651-539-1600. The consumer protection email is: consumer.protection@state.mn.us.

 

Payday Loans in Minnesota Cities

Check out these payday loan guides to the following cities in Minnesota:

Minneapolis/St. Paul | Duluth | Brainerd