Bena at a glance
- Population: 151, the 699th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 144 (US Census Bureau).
- 2020 to 2023 change: an increase of about 4.9% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: the 699th-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 18% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: 47.3410 / -94.2064, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Cass Lake, MN (19 mi); Deer River, MN (19 mi); Remer, MN (24 mi); Longville, MN (24 mi); Walker, MN (25 mi) (US Census Bureau populations).
- Smaller towns nearby: Federal Dam, MN (7 mi); Boy River, MN (13 mi); Squaw Lake, MN (20 mi) (US Census Bureau).
What a personal loan costs in Bena
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Bena
Read the table as the compliance picture for a lender serving Bena: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bena
Before you share your details with a lender in Bena:
- 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.