CashAdvance.com Advises Consumers about the Various Legal Issues Regarding Payday Loans in Minnesota
Minneapolis, MN -- (ReleaseWire) -- 02/04/2011 -- Since 1997, CashAdvance.com has been the leader in online cash advances. In order to better inform consumers, Cash Advance has created a specific page to educate borrowers in Minnesota regarding the payday loan laws in their state. CashAdvance.com continues its State-by-State initiative to be the only cash advance company online that educates consumers to protect them from predatory lending.
Borrowers in need of a payday loan in Minnesota should know that their state has set several laws in place to protect them from predatory lending. Borrowers should seek a payday loan with caution. However, Minnesota has several protective laws in place to ensure consumers are not taken advantage of when taking out the cash advance they need:
- Borrowers can take out a maximum loan of $350 at one time
- Maximum term for a loan is 30 days
- For loans under $50 the fee will be $5.50
- For loans of $50 to $100, a 10% fee is charged
- Loans of $100 to $250, the fee will be 7%
- Loans of $250 or higher will have a 6% fee along with a $5 administrative fee
Additional information is also available for specific cash advance laws in Minneapolis and Saint Paul. For more information, please visit http://www.cashadvance.com/minnesota.
Cash advances are meant for short-term financial solutions and they are not intended to be used for long-term financial problems. It is important to pay them back as soon as possible to ensure financial stability. Consumers should be responsible when taking out payday loans, and they should research the laws that govern cash advances prior to speaking with a lender.
CashAdvance.com (http://www.cashadvance.com) has been the most trusted name in the cash advance industry since 1997. By educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.