Braham at a glance
- Population: about 1,793, 276th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,785 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: up about 0.4% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 276th out of 853 Census places (US Census Bureau).
- Size percentile: about 68% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: 45.7223 / -93.1722, per the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Rush City, MN (10 mi); Cambridge, MN (11 mi); Mora, MN (12 mi); Pine City, MN (13 mi); Isanti, MN (16 mi) (US Census Bureau).
- Smaller places nearby: Grasston, MN (5 mi); Henriette, MN (11 mi); Harris, MN (12 mi), per US Census Bureau estimates.
What a personal loan costs in Braham
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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.
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 Braham
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Braham
A few practical steps will make the process in Braham less costly:
- 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.