Babbitt at a glance
- Population: roughly 1,376 people; 304th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,397 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: the 304th-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: about 64% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 47.6431 latitude, -91.9283 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Hoyt Lakes, MN (10 mi); Aurora, MN (16 mi); Ely, MN (18 mi); Gilbert, MN (27 mi); Virginia, MN (29 mi) (US Census Bureau).
- Nearest smaller towns: Tower, MN (20 mi); Biwabik, MN (21 mi); Winton, MN (21 mi) — US Census Bureau populations.
What a personal loan costs in Babbitt
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Babbitt
The Minnesota rate caps and licensing rules that reach Babbitt are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Minnesota Department of Commerce (commissioner of commerce) Source says: ""Commissioner" means the commissioner of commerce" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday ability-to-repay requirement | Required for payday loans with an APR above 36% (Minn. Stat. § 47.603) Source says: "This section applies to all payday loans with an annual percentage rate that exceeds 36 percent." | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per year legal rate of interest; a different rate may be contracted for in writing (Minn. Stat. § 334.01) Source says: "The interest for any legal indebtedness shall be at the rate of $6 upon $100 for a year" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed; APR capped at 36%, or up to 50% with an ability-to-repay analysis (Minn. Stat. §§ 47.60, 47.601, 47.603) Source says: "The cap on that annual percentage rate is set at either 36%, or up to 50% if the lender conducts an ability to repay analysis" | Minnesota Department of Commerce as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated loan license required from the commissioner for loans within the Chapter 56 threshold (Minn. Stat. § 56.01) Source says: "without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
How to compare offers in Babbitt
Before you commit to a personal loan in Babbitt, work through these steps:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Minnesota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.