Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Pawn Shops vs Payday Loans in Minnesota
86 pawn shops in 45 cities and towns across Minnesota. Pick a city for the full list with addresses and phone numbers, or scroll down for the smaller towns.
Minnesota has about 5,714,162 residents, so that's 1.5 pawn shops per 100,000 people (U.S.: 2.7). For comparison, there are 0.6 payday, installment and title loan stores per 100,000 people in Minnesota.
- Pawn shops
- 86
- Cities & towns
- 45
- Pawn shops per 100k
- 1.5
- Loan stores
- 32
- List a phone
- 100.0%
- Have a website
- 82.6%
Pawn shops vs payday loan stores in Minnesota
Minnesota has 86 pawn shops and 32 payday, installment and title loan stores.
Pawn shops
86
1.5 per 100k residents
Payday & loan stores
32
0.6 per 100k residents
3 store chains
Biggest loan store chains in Minnesota: OneMain Financial (17), ACE Cash Express (9), loanDepot (6).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (not legal in Minnesota) | $75.00 fee every 2 weeks, renewed once | $150.00 |
| Pawn loan (example: 20% a month) | You leave an item worth more than the loan; repay to get it back | $100.00 |
| Credit union PAL (28% APR + $20 fee) | Repaid in installments; membership required | $31.67 |
- Payday cost, share of monthly household income in Minnesota
- 2.0%
- Pawn cost, share of monthly household income in Minnesota
- 1.3%
- A $400 emergency equals
- 1.6 days of income
Payday: a typical fee of $75 on a $500 loan for 2 weeks, paid twice for a one-month loan (Minnesota payday rules are not set in dollars or payday loans are not allowed). Pawn: an example rate of 20% a month; pawn fees and interest are set by Minnesota law and vary by shop — ask for the total in writing. PAL: payday alternative loan from a federal credit union, capped at 28% APR plus an application fee of up to $20.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in MN | |
|---|---|---|
| What you need | An item of value (jewelry, gold, electronics, tools, firearms) and an ID | A bank account, proof of income and an ID |
| Credit check | None | Usually none |
| How much you get | A fraction of the item's resale value | Based on your income, up to the state limit |
| If you can't repay | The shop keeps the item; no collections and no credit damage | Fees pile up with renewals; the debt can go to collections |
| Bank account access | None | Lender can debit your account or cash your check |
| Rules in Minnesota | Pawnbrokers are licensed and regulated by Minnesota; fees, terms and holding periods are set by state law | Storefront payday loans are not allowed in Minnesota |
Pawn shops by city in Minnesota
Where pawn shops cluster in Minnesota
Cities ranked by pawn shops per 100,000 residents, with local median household income and poverty rate. Statewide: 1.5 per 100k, median income $92,264.
| City | Pawn shops | Per 100k people | Median income | Poverty rate |
|---|---|---|---|---|
| Anoka | 3 | 5.8 | $101,351 | 4.9% |
| Burnsville | 3 | 4.7 | $85,764 | 8.7% |
| Saint Cloud | 3 | 3.8 | $65,302 | 17.2% |
| Duluth | 3 | 2.5 | $76,777 | 14.0% |
| Minneapolis | 18 | 1.6 | $93,401 | 11.7% |
| Mankato | 1 | 1.5 | $70,313 | 17.0% |
| Saint Paul | 9 | 1.1 | $91,715 | 10.1% |
| Rochester | 1 | 0.7 | $93,545 | 8.6% |
Pawn shop chains in Minnesota
17 of the 86 pawn shops in Minnesota belong to a big chain; the rest are independent.
- Pawn America 16
- EZPAWN 1
Pawn shops in smaller towns of Minnesota
Other cities and towns in Minnesota with pawn shops, and the number of shops in each.
- Alexandria 2
- Austin 1
- Barnum 1
- Bemidji 2
- Brainerd 2
- Cambridge 1
- Cass Lake 1
- Cloquet 1
- Detroit Lakes 1
- Faribault 2
- Fergus Falls 1
- Finlayson 1
- Forest Lake 2
- Garrison 1
- Hastings 1
- Hibbing 1
- Hopkins 1
- Inver Grove Heights 1
- Kelliher 1
- Little Falls 1
- Monticello 1
- Moorhead 1
- Mora 1
- Osseo 1
- Park Rapids 1
- Pipestone 1
- Princeton 1
- Red Wing 1
- Saint Francis 1
- Sauk Centre 1
- Shakopee 2
- Staples 1
- Thief River Falls 1
- Virginia 2
- Willmar 2
- Worthington 1
- Zimmerman 1
Pawn shop listings: © Overture Maps Foundation (CDLA-Permissive 2.0), including Foursquare OS Places and © OpenStreetMap contributors; filtered and de-duplicated by us. Population, income and poverty: U.S. Census Bureau, American Community Survey. Call ahead to confirm hours and what a shop buys or lends on.