What is a Payday Loan? Owatonna MN

What is a Payday Loan?

What is a Payday Loan?

A payday loan is a short-term loan that is typically repaid on your next payday. This differs from traditional loans, which give you an extended period for repayment in smaller installments and with a longer period of interest payments. With a payday loan you get approved more easily, have greater access, and can get smaller loan amounts than if you went for a traditional or bank loan.

Who Can Use a Payday Loan?

Anyone with an income can apply for and use a payday loan. In general, you must be at least 18 years old and a legal resident in the U.S. You also need to have a bank account for deposit of the funds and repayment. Otherwise, there are very few restrictions on who can use these loans as compared to other kinds of lending.

Who Benefits from Payday Loans?

Most people who work and occasionally struggle to make ends meet between paydays can benefit from these loans. If you live from payday to payday and sometimes run out of the cash needed to pay the bills, buy groceries, or gas up the car these loans can be a big help. You get quick cash, easily, and without the hassle of going through a credit check or going into a bank. So, if time is an issue and you have a busy schedule, you’ll benefit from this quick and convenient loan.

Where Do I Apply for a Payday Loan?

Payday loans are usually available online, although you’ll also find loan and cash advance stores in your community. The online option is most convenient, and many lenders also have a mobile app you can use. All you need to access the application for the loan is a computer or a mobile device, so apply at home, at work, or on the go.

When Can I Get a Payday Loan?

With the online and mobile options for applying, you can get a payday loan whenever you want. Bank and shop hours are limited, and work may prevent you from getting there during business hours. If you use the online application or app you can apply at night, on the weekends, and even on holidays.

How Do I Get Approved?

Getting approved for a payday loan is simple. You need to show you are a legal resident, have a bank account, and have a job. Your income may need to meet a certain minimum, but it is reasonable for most people at about $1,000 per month. Most payday lenders do not require a credit check or a minimum score for approval.

Why Should I Try a Payday Loan?

There are so many great reasons to use a payday loan the next time you have expenses and no cash ahead of payday. One is ease of use and convenience. Work it in around your busy schedule. Another is that approval is easy, so if you have been denied before you can still get cash. And finally, the money is fast. Get a quick solution to any money problem you have right now.

Local Companies

US Bank - Blooming Prairie Office
(507) 583-6627
236 E Main St
Blooming Prairie, MN
Drive Up Hours
Mon 08:00 am to 05:00 pm
Tue 08:00 am to 05:00 pm
Wed 08:00 am to 05:00 pm
Thur 08:00 am to 05:00 pm
Fri 08:00 am to 05:00 pm
Sat 08:00 am to 12:00 pm

Wells Fargo - Westside
(507) 334-3620
300 Western Ave Nw
Faribault, MN
Type
Branch
Office Hours
Mon-Fri 08:00 AM-06:00 PM
Sat 08:30 AM-02:00 PM
Sun Closed

Wells Fargo - Owatonna
(507) 451-5670
101 N Cedar Ave
Owatonna, MN
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 08:30 AM-02:00 PM
Sun Closed

Wells Fargo - Waseca
(507) 833-6940
220 E Elm Ave
Waseca, MN
Type
Branch
Office Hours
Mon-Fri 08:30 AM-06:00 PM
Sat 08:30 AM-02:00 PM
Sun Closed

U.S. Bank - Owatonna Branch
(800) 872-2657
132 West Broadway
Owatonna, MN
ATM Fees
monthly fee: Monthly service fees range from $0 to $10.95. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.50 fee each time you use a non-affiliated ATM after 2 uses per month. (Fee does not apply to all accounts.) (Not all accounts provide this fee waiver.)
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:
US Bank - Owatonna Office
(507) 444-2200
132 W Broadway
Owatonna, MN
Drive Up Hours
Mon 07:30 am to 05:30 pm
Tue 07:30 am to 05:30 pm
Wed 07:30 am to 05:30 pm
Thur 07:30 am to 05:30 pm
Fri 07:30 am to 05:30 pm
Sat 08:00 am to 12:00 pm

Wells Fargo - Faribault
(507) 334-5546
104 5Th St Nw
Faribault, MN
Type
Branch
Office Hours
Mon-Fri 08:00 AM-06:00 PM
Sat 08:30 AM-02:00 PM
Sun Closed

Wells Fargo - South Oak
(507) 455-9665
1400 S Oak Ave
Owatonna, MN
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 08:30 AM-02:00 PM
Sun Closed

U.S. Bank - Blooming Prairie Branch
(800) 872-2657
236 East Main Street
Blooming Prairie, MN
ATM Fees
monthly fee: Monthly service fees range from $0 to $10.95. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.50 fee each time you use a non-affiliated ATM after 2 uses per month. (Fee does not apply to all accounts.) (Not all accounts provide this fee waiver.)
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:
Wells Fargo - Dodge Center Office
(866) 245-3452
18 Second Street, S.W.
Dodge Center, MN
ATM Fees
monthly fee: Monthly service fees range from $0 to $30.00. See institution about how these monthly fees can be waived.
ATM fee note: There is a $2.50 fee each time you use a non-affiliated ATM.
Services
Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Free Checks, Unlimited Checks

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