A 36% APR cap took effect in 2024, replacing the old fee schedule.
What a Cash Advance Costs in Minnesota
Minnesota's 36% APR cap on consumer short-term loans became effective in 2024, replacing the fee structure that previously governed payday-style cash advances.
Loan Size, Term, and Renewal Rules
The change brought Minnesota in line with the growing list of states capping all-in advance costs at that federal-benchmark rate.
| Factor | Rule |
|---|---|
| Rate cap | 36% APR |
| Effective | 2024 |
Verify current rules with the Minnesota Department of Commerce before applying with any lender — this summary is for general information only, not legal advice.
Comparing Your Options in Minnesota
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