Minnesotans for Fair Lending
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What is a payday loan?

Payday loans are small-dollar, high-interest loans requiring full payback on the borrower’s next payday. They typically carry triple-digit annual interest rates, are due in full on a borrower’s next payday, require direct access to a borrower’s bank account, and are made with little or no regard for a borrower’s ability to repay the loan. Because of these features, borrowers often cannot both repay the payday loan and meet their other obligations without having to quickly re-borrow.

208%

APR on a payday loan in Minnesota

74 million

Total amount of payday loans taken in 2020
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​Fact Sheets

Frequently Asked Questions
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  • Home
  • About
    • Our Team
  • Get Educated
    • Payday Lending in Minnesota
    • Videos
    • Further Reading
  • Take Action
  • News
  • Media Inquiries