The payday loan/cash advance industry is thriving with more than 22,000 storefront locations across the U.S., plus all of the Internet websites. The reason? More and more folks across the country are living from paycheck to paycheck, making the smallest financial emergency an absolutely devastating event.

Where does Minneapolis stand in all of this? Right up there with the national average, containing about 300 storefront localities within the city limits.

Cash advances and other short-term (due within a month) payday loans can ease the cash flow during a time when you’re waiting for your next paycheck to arrive. Let’s say that your vehicle won’t start. You find out that you need a new starter, which will cost about $300. You don’t have the cash now, but you’ll have it in two weeks when you receive your next paycheck. Without your car, you would have no transportation to and from work, resulting in lost wages and possibly a lost job. This is a perfect example of a positive cash advance situation.

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Credit checks aren’t required, as cash advance lenders work with your paycheck to calculate a qualifying loan amount (usually under $1,000). Many lenders will accept your personal check, including all applicable fees and charges, post-dated to reflect the cash advance's due date. When your loan becomes due, the lender cashes the check and keeps the fees.

Minnesota has several laws regulating the payday loan/cash advance industry:

Maximum time frame of 31 days.
Fees cannot exceed:
- $5.50 for loans of $1-$50;
- 10% + $5 for loans $51-$100;
- 7% (minimum $10) + $5 for loans $101 - $250;
- 6% (minimum $17.50) + $5 for loans > $251.
Rollovers not allowed (cannot repay one cash advance with another from the same lender).
Maximum $30 returned check fee.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.