Minnesota's 2023 reform (effective 2024) caps annual rates on small consumer loans at 36% inclusive of fees, with a limited 37%-to-50% tier available only when lenders meet strict ability-to-repay requirements. The change sharply curtailed the prior high-cost payday model while leaving a regulated small-dollar product. Such loans are meant for short-term needs.
Key limits in Minnesota
- Cost note: 36% APR cap (limited 37-50% tier with ability-to-repay)
Figures can change — always confirm current limits with the official source below before borrowing.
Source: Center for Responsible Lending · last verified 2026-07-24 · pending second-source verification
This page is general information, not legal or financial advice. State laws change; verify current rules with your state regulator or the source above.