Personal Installment Loans in Minnesota
Primo Personal Loans is a direct lender serving Minnesota residents, including Minneapolis, St. Paul, and Rochester. Apply online in minutes for a personal installment loan of up to $100,000, get a decision the same business day, and repay on a fixed schedule you know before you sign.
Minnesota installment loans at a glance: Personal installment loans are legal in Minnesota and regulated by the Minnesota Regulated Loan Act under Minn. Stat. § 56.131. You can borrow up to $100,000. Lenders must disclose the full APR, finance charge and payment schedule before you sign. Minnesota also allows payday loans.
Rules current as of July 2026.
Personal Installment Loan Rules in Minnesota
Governing law: Minn. Stat. § 56.131
Rates & Terms for Personal Installment Loans in Minnesota
Minnesota law requires a license to offer personal installment loans, with a maximum principal amount of $100,000 as per Minn. Stat. § 56.131. Interest rates and charges are governed by Minn. Stat. § 47.59, but specific APR caps are not detailed in the statute.
What a Personal Installment Loan Costs in Minnesota
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 36% | $417 | $1,417 |
| $5,000 | 24 months | 36% | $2,086 | $7,086 |
| $10,000 | 24 months | 36% | $4,171 | $14,171 |
Minnesota does not have a statutory APR cap for personal installment loans under the Minnesota Regulated Loan Act. A typical lender APR of 36% is shown for illustrative purposes — your rate may vary. The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
What Minnesota Residents Should Know
Minnesota residents should be aware that personal installment loans require a license and are subject to the Minnesota Regulated Loan Act. Interest rates and terms may vary, so it is advisable to review the specific loan agreement.
Consumer Protections in Minnesota
Consumers are protected under the Minnesota Regulated Loan Act, which mandates license verification for lenders. Complaints can be directed to the Minnesota Department of Commerce, which oversees compliance with these regulations.
Prohibited Practices
- Charging more than statutory fee cap
- Threats of criminal prosecution
- Loan stacking
- Unlicensed lending
Required Disclosures
- Truth-in-Lending Act disclosures
- Schedule of charges
- Contract of loan upon request
- Receipt for each payment
Debt Collection Rules
- Wage garnishment for this debt: not permitted
- Criminal prosecution for non-payment: not permitted
Complaint Agency: Minnesota Department of Commerce — (651) 296-4026 (File a complaint)
Federal Consumer Protections for Installment and Payday Loan Borrowers
| Federal Law | What It Gives You | Citation |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | 15 U.S.C. § 1601 et seq.; 12 CFR Part 1026 |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | 10 U.S.C. § 987 |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | 15 U.S.C. § 1692; 12 CFR Part 1006 |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | 15 U.S.C. § 1681; 12 CFR Part 1022 |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | 15 U.S.C. § 1691; 12 CFR Part 1002 |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | 12 U.S.C. § 5531, 5536 |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Full detail on each of these six federal protections, including what your lender must disclose before you sign and the 36% rate cap that applies to active-duty service members.
Federal Payday Lending Rules That Apply in Minnesota
Federal regulations, such as those from the CFPB and the Military Lending Act, apply in addition to state laws, providing an additional layer of consumer protection.
Minnesota Installment Loan Rules: FAQ
Yes. Personal installment loans are legal in Minnesota and regulated under Minn. Stat. § 56.131. Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
In Minnesota, a licensed lender may write a personal installment loan of up to $100,000 under Minn. Stat. § 56.131. Individual lenders often approve less than the state maximum based on your income and credit profile. Borrow only what the monthly payment leaves you able to cover.
Yes. Alongside installment lending, Minnesota permits payday loans under MN Stat § 47.60 (2025). A payday loan there is capped at $350 and a term of up to 30 days. Rollovers are not permitted. A payday loan is a single lump-sum repayment tied to your next pay date, which makes it a different and usually far more expensive product than an installment loan repaid over months.
