Personal Loans in Minnesota near me

Updated October 30, 2023.

Each state that makes up the U.S. territory offers different financing conditions tailored to your needs. If you live in the state of Minnesota or you are temporarily here, you may need to get money for any project.

In this article we tell you how to get personal loans in Minnesota, and the offers you can find, both in banks and online finance companies.

Where to get personal loans in Minnesota near me?

A quick way to find a lender near your current location is to use the Google map below which shows some of the lenders offering personal loans around you:

Among the options shown on the map you can find private lenders with a wide presence such as OneMain Financial, Ace Cash Express or Genisys Credit Union, the latter a regional entity with presence also in Michigan and Pennsylvania.

We know that Minnesota residents are among those who have a high average credit score. Although this condition is not mandatory to access a personal loan, it helps you speed up approval and get better contract terms. In this state, as in the rest of the country, it's something you can't afford to ignore.

The most attractive thing about personal loans is that there are many conventional and non-traditional offers. You can go to banks, credit unions and loans stores or opt for online platforms that have options such as: private quick loans, financing marketplaces, P2P, crowdsourcing, crowdfunding and other modalities.

Banks that offer loans in MN

For many, the first option is to visit a local banking agency because of the proximity, the treatment and the products adapted to the market. In this list, 3 well-known banks stand out:

• Think BankThink BankThink Bank. Small local bank ideal for those who are already residents because it does not charge origination fees or prepayment. Conditions vary according to the term, which ranges from 12 to 60 months. You can also take out a payment policy that protects you in case of a disabling accident or death.
• US Bank. As one of the largest in the country, it stands out for its flexibility and a minimum amount of only $1,000 (maximum $50,000). Terms range from 12 to 84 months (5 years for non-customers) and the APR starts at 5.99%, which is quite competitive. There is also no prepayment or administrative fee.
• Wells Fargo. This is the best alternative if you want to get $100,000 (minimum $3,000) and you have a very good/excellent score. This financial institution gives you a 0.25% discount on the APR when you are a customer, does not charge you for prepayment and does not apply the origination fee.
• Bremer Bank. This bank has offices in Minnesota, Wisconsin and North Dakota. You can get personal loans and lines of credit up to $5,000 for whatever you want.
• Minnwest Bank. Another local bank that offers financing to its customers with good conditions and flexibility to adapt to every need.

Requirements to apply for a loan in Minnesota

When you want to apply for a personal loan in Minnesota or any other state of the American union, you have to provide certain information to comply with the law. In this sense, you may be asked for:

• Full name
• Current address
• Date of birth
• Social Security Number
• Verification of occupation
• Annual income and proof of income (bank statements or paycheck)

Be sure to fill out the application calmly and be sure to provide all the information requested. The more the lender is not left with any questions, the faster the process will be and the more likely it is that you will be approved.

Factors when considering a personal loan in MN

Disregarding online options, there are about 430 financial institutions in Minnesota that can lend to you. Still, you should attend to the essentials of the process first:

• Fees. Usually, there are administrative paperwork and prepayment fees. While there will be lenders that waive these fees, a 660+ score avoids this scenario.
• Limits and terms. While the minimum amount may vary, the most you will get is $100,000 as an individual. On the other hand, you have between 5 to 7 years to pay back the money.
• Terms. The conditions will vary from one lender to another, and it is essential to find the most appropriate ones. Remember that the faster you pay, the less the loan will cost you.

A Brief History of Minnesota

The name of this state comes from the Dakota language and has been a territory inhabited by indigenous peoples since the 11th century BC. Much of present-day Minnesota belonged to French Louisiana, which was later acquired in 1803.

After several reorganizations, this region would be admitted to the union as the 32nd state in 1858. It borders Canada, North and South Dakota, Iowa, Wisconsin and Michigan (on the waters of Lake Superior).

Known as the 'North Star', this state is 12th in area and has a population of over 5.7 million, making it the 22nd most populous.

More than half of its inhabitants live in the Minneapolis-Saint Paul metropolitan area, called the 'Twin Cities', the largest cultural, economic and political center.

You may be interested in: Personal Loans in North Carolina

As for MN's economy, it has diversified from agriculture and resource extraction to services, finance and healthcare.

Due to its standard of living and education, it generates an annual GDP of $345.17B. Also, a household can have an average income of $73,380 and an employed person earns an average of $38,880.

Minnesota's geography is composed of one third of forests and is known as the land of 10,000 lakes for its 14,000 bodies of water.

This state is also known for its museums, festivals, theater scene and state fair. Home of the Vikings (NFL), it has hosted such luminaries as Charles M. Schulz, Bob Dylan and Prince.

Español: Préstamos personales en Minnesota cerca de mí