For loans originated on or after January 1, 2024, Minnesota includes interest, fees, and charges in APR. The cap is 36%, or up to 50% when the lender completes the statutory ability-to-repay analysis.
Compare total payments and dates, and ask what income, expenses, and existing debts were considered in any ability-to-repay assessment. A short term can make even a capped charge difficult to fit into a budget.
Minnesota requires payday lenders serving residents, including online lenders, to be licensed. Use Commerce’s license lookup and complaint contact; keep the disclosure, agreement, and payment history.
Official reference: Minnesota Department of Commerce — Payday Lenders. Checked November 11, 2026.