Bagley at a glance
- Population: about 1,305, 320th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 1,281 residents here (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 1.9% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 320th largest of 853 (US Census Bureau).
- Size percentile: larger than about 62% of the Census places in Minnesota (US Census Bureau).
- Coordinates: latitude 47.5244, longitude -95.4028 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Fosston, MN (17 mi); Bemidji, MN (24 mi); Park Rapids, MN (45 mi); Red Lake Falls, MN (47 mi); Detroit Lakes, MN (54 mi) (US Census Bureau).
- Smaller places nearby: Shevlin, MN (7 mi); Leonard, MN (11 mi); Lengby, MN (11 mi), per US Census Bureau estimates.
What a personal loan costs in Bagley
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Bagley
Read the table as the compliance picture for a lender serving Bagley: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bagley
Before you commit to a personal loan in Bagley, 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.