Loans from
$300 – $5,000

Repayment term
4 – 24 Months

Minimum credit score
No min. to apply

The figures provided are representative of a typical installment loan made or arranged by CreditNinja and are not guaranteed rates or terms that you may qualify for.

By CreditNinja
Modified on March 25, 2024

The city of Saint Paul, Minnesota, has a population of 311,527 people, 69.8% of whom are a part of the civilian labor force. There are approximately 114,742 households in Saint Paul, 93.5% of which have a computer. The median value of a home in Saint Paul is $217,100. When it comes to people who own their home and have a mortgage, they pay about $1,559 per month, while people who rent pay approximately $1,013. 87.6% of people in Saint Paul, MN, have a high school diploma, and 41.3% have a college degree or higher.

If you are looking for loans in St. Paul, you’ve come to the right place! Bad credit personal installment loans may be the perfect financial solution you are looking for. Keep reading to learn all about the funding options available for people who live in St. Paul, Minnesota!

What Is a Personal Loan in Saint Paul, Minnesota?

A personal loan is a form of funding where borrowers are able to determine how the loan proceeds are spent. Some types of loans, like student loans or home equity loans, are only available for particular purposes. On the other hand, personal loans can be used for virtually anything the borrower wants or needs. Many factors may cause someone to start looking for a loan, but some of the most common uses for Minnesota personal loans are:

  • Unexpected expenses
  • Home improvement projects
  • Past-due bills
  • Car repairs
  • Debt consolidation

Payday Loans vs. Personal Installment Loans: Which Is Better?

Thinking about getting a payday loan or an installment loan online? Before you commit to either type of funding, it’s important to understand the difference. While payday loans and installment loans are both forms of quick cash, they differ greatly when it comes to interest rates, payback schedules, and typical loan amounts.

Payday loans, also referred to as an online payday advance, are short-term loans meant for extra cash in between paychecks. Since payday loans are only meant to help in the short term, payday lenders expect borrowers to pay back their loans within about two weeks or less. Due to this brief loan term, payday loans usually come with minimum loan amounts. If for some reason, you can’t pay back your payday loan within the two-week loan term, you will be stuck with fees. If you thought easy payday loans online were a good choice for fast cash, you might want to think again.

Fortunately, an installment loan can have much better terms and rates than a payday loan. Personal installment loans are a versatile type of funding that can come in either high or low loan amounts, depending on the borrower’s needs. Borrowers also have the ability to work with their installment lenders to come up with a payback schedule that works for their budget. Installment loans can give borrowers anywhere from a few weeks, months, or years to pay off their loan. Furthermore, installment loans also come with industry-wide competitive interest rates, so borrowers are able to pay off their balance affordably.

Is an Installment Loan Better Than a Credit Card Cash Advance?

Perhaps you want to know which is better, personal loans or credit cards. Unlike personal loans, credit cards are a form of revolving credit. Revolving credit means borrowers have access to their full credit limit every month. You can make purchases directly with the card or take out a cash advance with a credit card. A cash advance is similar to a credit card purchase; only interest rates tend to be a bit higher.

Furthermore, interest rates for a credit card cash advance can vary depending on your credit score. Individuals with poor credit are usually stuck with a high-interest rate on their cash advance. While people with good credit may be granted lower rates. Either way, the compound interest that usually comes with credit cards can cause your balance to rise at a rapid rate.

Additionally, it’s extremely easy to become dependent on using credit cards to pay for recurring expenses. And so, you risk accumulating massive debt unless you pay your credit card cash advance balance off regularly.

Unlike a cash advance on a credit card, a personal installment loan can be much easier to repay. Personal installment loans typically come with fixed rates. When interest rates on a loan are fixed, that means the monthly payments are always the same. This consistency can make installment loans easy to Financially plan for, allowing borrowers to pay off their balances stress-free!

What Is the Difference Between a Secured and Unsecured Loan in Saint Paul, MN?

Some lending companies offer loans in two different forms; secured and unsecured. Before committing to any loan, make sure you understand the difference between unsecured vs. secured debt.

Secured loans are funding where the lender requires collateral. Collateral is a piece of property with equity that secures loan funding. The collateral for a secured loan lessens the financial risk lenders face when lending money. If a borrower fails to pay back or defaults on their loan, the lender has the right to repossess the property the borrower put up as collateral. Since collateral is used for secured loans, lenders are often more willing to extend funding to customers with extremely low credit scores. Car title loans are an example of a secured loan. With title loans, the borrower gives the lender their vehicle title and lets them sign onto it as a lienholder.

Alternatively, unsecured loans are a type of funding that does not require collateral of any kind. A personal installment loan is an example of an unsecured loan. Even though unsecured loans do not use collateral, lenders are often willing to work with borrowers with good and poor credit. However, people with better scores are often paired with more favorable rates.

What Do Saint Paul Personal Loans Have To Do With My Credit Score?

Worried that a bad credit score may hold you back from accessing the money you need? Good news! Personal loans in Minnesota are available to people with both high and low credit scores. Even more, personal installment loans even have the ability to help improve the credit score of many Saint Paul residents. As you pay off your loan and accumulate a positive payment history, credit reporting agencies record this information for your credit reports. After you pay off your loan, you may see a boost in your score the next time you do a credit check! When you have a better credit score, you will find that it is much easier to borrow money and find a great loan deal.

On time payments on your personal loan can actually have a major impact on your credit score. The main influencing factor that determines your credit score is your payment history. When you make your due payments on time, this behavior is considered positive in the eyes of credit reporting agencies and lenders. But, if you have late or missed payments on file, this may indicate to lenders that you are an irresponsible borrower. Having delinquent payments on your credit account can negatively impact your credit reports for up to seven years.

While payment history is the most influential, there are other factors that contribute to your FICO score. They are:

  • Credit Mix — The different types of loans you have; credit cards, student loans, mortgages, etc.
  • Length of Credit History — How long you have had various active credit accounts open and active.
  • The Number of Hard Credit Checks — How often you apply for new credit like loans or credit cards.
  • Credit Utilization — How much credit you have available for use against the balance of how much debt you owe.

Do I Need a Bank Account To Get a Personal Loan in Saint Paul, MN?

Not all lenders require their borrowers to have a bank account, but many do. If you don’t have a bank account, you can ask your lender to distribute your funds via a check in the mail. Receiving a loan check in the mail may take several days or weeks and requires you to cash the check yourself to access funds.

While there are many benefits to having a bank account, one of the most important is the ability to receive funding via direct deposit. Direct deposit is by far the fastest way to receive loan funding. After you are approved, your lender can electronically transfer your funds directly to your bank account, giving you access as soon as possible.

Along with your bank account information, there are several other documents lenders need before they may provide you with your approved loan proceeds. Below is more information about the documents you need for a personal loan.

Government-issued Photo ID

In order to prove your identity, lenders need a copy of a government-issued photo ID. Standard identification documents used for personal loans are a driver’s license, passport, or state-issued photo ID.

Proof of Income

Lenders also need to ensure that their borrowers have the means to pay back their loans, so they ask for proof of sufficient income. You can prove your income for a personal loan by providing a recent pay stub, bank documents, tax return statements, and more! Talk to your loan agent about other ways you can prove sufficient funds, as some lenders accept income like unemployment benefits, disability payments, or social security benefits.

Proof of Residency in Saint Paul, Minnesota

To ensure that borrowers are paired with the correct interest rates, loan terms, and loan amounts, lenders must confirm where a loan applicant lives. People can prove their residency by providing their lender with documents like a lease agreement, mortgage statement, a utility bill, or any important piece of mail with both the borrower’s name and address.

How Fast Can I Get a Personal Loan in Saint Paul, MN?

Wondering how fast you can get quick cash loans in Saint Paul, MN? Due to the convenience of online banking, the loan process is as quick as ever! Here’s how it works.

First, go to your lender’s website and complete a simple inquiry form. This initial form will ask you for information like your address, income, and desired loan amount. Once approved, your lender will ask for the documentation mentioned above. Then, after your lender has processed your documents, they will give you a loan agreement to sign. Before signing, read your loan contract and ask your lender if you have any questions. After you sign, your lender can send you your approved funds, giving you full access to your loan money.

Try a Bad Credit Personal Loan With the Help of CreditNinja in Saint Paul, Minnesota!

CreditNinja wants to help Saint Paul residents get the money they need with quick and convenient personal installment loans. As a company specializing in bad credit loans, we are happy to help people from various financial situations. Even if you have bad credit, no credit, or even past bankruptcy, you are still eligible to apply for a loan with CreditNinja!

Check out some other benefits St. Paul, MN, residents can enjoy when they work with CreditNinja.

24/7 Application Process Available

Go to the CreditNinja website any time of the day or night to start the easy application process. Once approved, you can typically expect funds in your bank account as soon as the same or the next business day!

No Hidden Fees

At CreditNinja, you will never have to deal with pre-payment penalties, balloon payments, or any other inconvenient hidden fees.

Refinancing Options

Do you currently have a loan that just isn’t working for you? Consider refinancing with CreditNinja for potentially better terms or rates!

Flexible Payback Terms

Work with CreditNinja to develop a payback schedule that works for you and your unique financial situation. That way, your monthly payments are easy and manageable.

Apply online and see how much money you may qualify for in Saint Paul, Minnesota, today!

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