Looking for an Unsecured Personal Loan in Minnesota?
Is winter getting too rough and you need to keep the cold out? Or perhaps you spend a fortune on air conditioning in the summer because all of your cool air is escaping? Now is probably the time for some home improvements, so you can stay comfortable year round. You may even need to replace your old HVAC unit, and that can cost a lot of money. Turn to Loans Now to provide you with the money you need to conduct these improvements. The Loan Discovery Process is designed to help find you the best terms for a personal loan so you can stay warm in the winter and cool in the summer.
Were you planning on using your credit cards to pay for the remodel of your home? That is probably the worst thing you can do. The interest rates on credit cards can be anywhere from 16% to 36%; putting thousands of dollars worth of upgrades on your cards will keep you indebted to the credit card companies for an extremely long time — if not indefinitely. Instead, allow Loans Now to find you an unsecured personal loan with a much smaller interest rate — starting as low as 4.99% — to afford the changes your home needs.
Unsecured Loans for People with Bad or No Credit
So you think you have bad credit and no lender will offer you a loan to make these upgrades? Before you resign yourself to this thinking, know that we work with people who have made mistakes on their credit in the past. Our lenders are able to help people with credit scores as low as 450 — very few people in the country have a score lower than this. This means that we should be able to help you find the right solution for your home improvement needs. If you haven’t already, check your credit score and find out exactly where you stand, then:
- Fill out the 60-second Loan Discovery Questionnaire
- Provide us with your credit score in the questionnaire
- Work with a dedicated team member to learn your needs and situation
- Review the loan options that you are presented with
- Choose the unsecured personal loan option that is best for you
It is that simple; and that fast. Usually, the process takes approximately 5 minutes — that’s all it takes to get you the money you need for the improvements you need to make. See here for the details on How it Works then don’t waste another second! Remember, it only takes 1 minute to get started. Doing so will have you getting those improvements started sooner and save you from becoming indentured to the credit card companies.
One of the Best Still Has Issues
Minnesota consistently ranks at the top of many lists of best states. At current, some place it as #2 in the entire country with a variety of categories lending to this trend. Health care, quality of life, and the cost of living help bump it to this position. The state has higher-than-average household incomes compared to the rest of the United States as well as boasts one of the lowest unemployment rates in the country. With state residents having steady employment, Minnesota does suffer from economic expansion. New businesses are slow to move to the state, which could cause problems as the population grows.
However, it is the weather that can cause the biggest issue to residents’ financial well-being. On average, winter temperatures reach a measly 8℉. The state receives 70 inches of snow regularly, especially in the northern sections of the state. This can put a damper on people being able to work in the winter as businesses are likely to close in these extreme conditions. Missing out on a paycheck or two can really put a damper on people’s ability to pay their bills and meet their financial responsibilities. When this happens, just know that Loans Now can help you get through the winter crunch.
Minnesota Laws and Regulations for Bad Credit Personal Loans
For the people of Minnesota seeking a loan from a consumer finance company, they are secured in knowing that the interest rate on any such unsecured personal loan is maxed out at 8% per year; lenders are unable to charge anything higher to residents. If it is an unsupervised loan, such as one made by someone not typically involved in the lending industry, that usually does not come with a written contract, then the cap on the legal interest rate is 6% (Minnesota Statutes § 334.01).
For lenders who charge over the 8% maximum rate, they will find that the contract is void and the principal amount loaned cannot be recovered (§ 334.03). The borrower may be able to recover all of the interest already paid on the loan as well as receive a reimbursement for any fees and premiums paid on the account. However, the borrower must bring their case to court within two years of the loan execution date (§ 334.02). The penalties are much higher for banks chartered in Minnesota; any usurious lending on their part will see the forfeiture of all interest and will be forced to pay back twice the amount of interest paid by a borrower.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Minnesota Personal Loan for Bad Credit Lending Regulator
The Minnesota Department of Commerce is responsible for regulating the consumer finance industry. This includes the issuance of business licenses as well as canceling a license if a lender is found practicing unethical or illegal practices. This department of the Minnesota state government is the one to report suspicions of usurious practices to so that the lender can be investigated.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K