Buffalo Lake at a glance
- Population: roughly 636 people; 441st of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 654 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 2.8% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 441st out of 853 Census places (US Census Bureau).
- Size percentile: about 48% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: 44.7368 latitude, -94.6170 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Hector, MN (5 mi); Brownton, MN (13 mi); Bird Island, MN (14 mi); Gibbon, MN (15 mi); Fairfax, MN (15 mi) (US Census Bureau populations).
- Smaller towns nearby: Stewart, MN (6 mi); Cosmos, MN (14 mi); Cedar Mills, MN (15 mi) (US Census Bureau).
What a personal loan costs in Buffalo Lake
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
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.
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.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Buffalo Lake
The Minnesota rate caps and licensing rules that reach Buffalo Lake are listed below, each with its source and retrieval 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 Buffalo Lake
Before you share your details with a lender in Buffalo Lake:
- 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.