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. These companies are also known as payday lenders.
A consumer small loan company (payday lender) making small loans to Minnesota residents must be licensed but does not have to have a physical location in Minnesota. Loans made electronically via the Internet are covered under Minnesota Statute §47.60.
While this is a perpetual license, it must be attested to annually by December 31 in NMLS.