Rates
Rates & Terms for Minnesota
Our rates and Terms follow Minnesota Small Loan Lender Law for loans issued after August first 2009 in Minnesota. For questions, please contact us at paydayadvance@workersben.com or call us at 651-263-1128.
Loan Terms
Loan is due on your next payday that falls between 8 to 30 days away. Your loan re-payment will be automatically be deducted by your employer and mailed to us in accordance to the agreement you signed on your loan application and also prior to cashing your loan check.
- If you are paid by paper check, we will give you a grace period of 1 day to deposit your check.
- If you are paid monthly, your loan will be due on your next payday that falls between 8 to 30 days away.
- If your pay dates fall outside of these ranges, your loan will be due in 14 days
Maximum Loan Amount
The maximum loan amount for Minnesota residents will be $350.
Extensions
In accordance with Minnesota law, your loan must be paid in full on the due date. Early payoff requests must be received at least 2 business days prior to your due date.
Fees Schedule and APR
Your loan fees are disclosed in the chart below. All fees and interest charges are combined in the Annual Percentage Rates displayed.
Consumer Notice Required by the State of Minnesota
These loan charges are higher than otherwise permitted under Minnesota law. Minnesota law permits these higher charges only because short-term small loans might otherwise not be available to consumers. If you have another source of a loan, you may be able to benefit from a lower interest rate and other loan charges.
$100 | $150 | $200 | $250 | $300 | $350 | |
---|---|---|---|---|---|---|
10 Days |
Administrative Fee:
$3.99
Finance Charge:
$9.99
Total:
$113.98
APR:
510.27%
|
Administrative Fee:
$3.99
Finance Charge:
$10.39
Total:
$164.38
APR:
349.91%
|
Administrative Fee:
$3.99
Finance Charge:
$13.49
Total:
$217.48
APR:
319.01%
|
Administrative Fee:
$3.99
Finance Charge:
$16.89
Total:
$270.88
APR:
304.84%
|
Administrative Fee:
$3.99
Finance Charge:
$17.49
Total:
$321.48
APR:
261.34%
|
Administrative Fee:
$3.99
Finance Charge:
$20.04
Total:
$374.03
APR:
250.60%
|
14 Days |
Administrative Fee:
$3.99
Finance Charge:
$9.99
Total:
$113.98
APR:
364.48%
|
Administrative Fee:
$3.99
Finance Charge:
$10.39
Total:
$164.38
APR:
249.93%
|
Administrative Fee:
$3.99
Finance Charge:
$13.49
Total:
$217.48
APR:
227.86%
|
Administrative Fee:
$3.99
Finance Charge:
$16.89
Total:
$270.88
APR:
217.74%
|
Administrative Fee:
$3.99
Finance Charge:
$17.49
Total:
$321.48
APR:
186.67%
|
Administrative Fee:
$3.99
Finance Charge:
$20.04
Total:
$374.03
APR:
179.00%
|
30 Days |
Administrative Fee:
$3.99
Finance Charge:
$9.99
Total:
$113.98
APR:
170.09%
|
Administrative Fee:
$3.99
Finance Charge:
$10.39
Total:
$164.38
APR:
116.63%
|
Administrative Fee:
$3.99
Finance Charge:
$13.49
Total:
$217.48
APR:
106.34%
|
Administrative Fee:
$3.99
Finance Charge:
$16.89
Total:
$270.88
APR:
101.61%
|
Administrative Fee:
$3.99
Finance Charge:
$17.49
Total:
$321.48
APR:
87.00%
|
Administrative Fee:
$3.99
Finance Charge:
$20.04
Total:
$374.03
APR:
84.00%
|