Personal Loans in Minnesota
SET Financial is a loan matching service, not a lender. We connect Minnesota residents with third-party lenders who make every credit decision.
Get StartedSET Financial is a lead-connection service for new loan requests, not the lender. Not everyone who applies will be matched or approved.
Connecting Minnesota Residents with Lenders
SET Financial is not a lender and does not make loans in Minnesota. We are a matching service that connects Minnesota residents with third-party lenders in our network, and those lenders make all credit decisions and set all rates and terms. Many lenders in our network review more than a credit score, so people with bad credit or thin credit history are welcome to submit a request.
An installment loan is money you receive as a lump sum and repay over time in fixed, scheduled payments that cover principal and interest. Minnesota residents often use installment and personal loans for things like car repairs, medical or dental bills, rent or moving costs, home repairs after a hard winter, debt consolidation, or unexpected emergencies. SET Financial does not fund these loans. We simply help connect you with lenders who may be able to.
How It Works
- ✓ Share a few details about what you're looking for
- ✓ We connect you with lenders in our network
- ✓ The lender reviews your request and any offer
- ✓ You decide whether to move forward with the lender
- ✓ SET Financial is never a party to your loan
Who the Network Works With in Minnesota
Bad credit
A past-due history does not automatically disqualify you. Many lenders in our network consider factors beyond your credit score. Approval and terms are always decided by the lender, and approval is never guaranteed.
Thin or no credit
If you have little or no credit history, some lenders weigh income and banking activity instead of relying only on a credit file. SET Financial connects you with those lenders. The lender makes the final decision.
Self-employed or 1099 income
Freelancers, gig workers, and contractors can submit a request. Lenders in our network may accept bank statements or other proof of income. Each lender sets its own documentation requirements.
Fixed income
If you receive Social Security, disability, retirement, or other regular fixed income, some lenders count that as qualifying income. The lender reviews your situation and decides on rates and terms.
Minnesota Rates and Your Protections
Consumer lenders that make loans to Minnesota residents are regulated by the Minnesota Department of Commerce. Under a 2023 state law effective January 1, 2024, consumer small loans and short-term (payday) loans carry an all-in APR cap of 36 percent that includes fees and charges (Minn. Stat. 47.60 and 47.601). Larger consumer installment loans are made by regulated loan companies licensed under the Minnesota Regulated Loan Act (Minn. Stat. ch. 56), which sets the permitted rate and fee structure. SET Financial does not set rates or terms. Each lender discloses its own APR, fees, and repayment schedule in the loan agreement.
Before you sign, confirm the lender is licensed with the Minnesota Department of Commerce and read the APR, fees, and total repayment amount stated in your loan agreement.
Regulator: Minnesota Department of Commerce, Financial Institutions Division.
Serving Borrowers Across Minnesota
The lender network works with residents statewide, including:
Minneapolis · St. Paul · Rochester · Bloomington · Duluth · Brooklyn Park · Plymouth · Woodbury
Common questions
Quick answers. For more, see our full FAQ page.
Is SET Financial a lender in Minnesota?
No. SET Financial is a loan matching service, not a lender, and we are not licensed to lend in Minnesota. We connect Minnesota residents with third-party lenders who make all credit decisions and set all rates and terms.
Who regulates consumer loans in Minnesota?
Consumer lenders that make loans to Minnesota residents are regulated by the Minnesota Department of Commerce, Financial Institutions Division. You can confirm a lender's license status through the Department of Commerce.
What are the interest rate rules in Minnesota?
Under a 2023 law effective January 1, 2024, Minnesota caps the all-in APR on consumer small loans and short-term (payday) loans at 36 percent, including fees (Minn. Stat. 47.60 and 47.601). Larger installment loans made by regulated loan companies follow the rate structure in the Minnesota Regulated Loan Act (ch. 56). Your lender discloses the exact APR in your agreement.
Can I get connected with a lender if I have bad credit?
Possibly. Many lenders in our network look beyond credit scores, so you can submit a request even with bad or thin credit. Approval is never guaranteed, and the lender makes the final decision.
How much will my loan cost?
SET Financial does not set rates, fees, or terms. Each third-party lender sets its own pricing within Minnesota law. Always review the APR, fees, and total repayment amount in the loan agreement before you sign.