Consumer Small Loan Lenders, also known as payday lenders, offer small loans up to $350 for short terms of generally less than 30 days. A note is issued but repayment is usually required in the form of a post-dated check. See MS 47.60. The following will help you get your questions answered about how to make a consumer small loan in Minnesota.
Internet payday lenders must be licensed and comply with Minnesota Statutes, Section 47.60.