Funkley at a glance
- Population: 12, the 853rd-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 12 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: essentially flat from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 853rd largest of 853 (US Census Bureau).
- Size percentile: it is larger than about 0% of the places in Minnesota (US Census Bureau).
- Coordinates: 47.7868, -94.4266 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Blackduck, MN (7 mi); Northome, MN (10 mi); Kelliher, MN (11 mi); Mizpah, MN (14 mi); Tenstrike, MN (15 mi) (US Census Bureau populations).
- Smaller places nearby: no smaller Census place within 120 miles.
What a personal loan costs in Funkley
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Funkley
The table lists the Minnesota rules that apply to a loan made in Funkley, each with the regulator that published it.
| 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 Funkley
Here is a short checklist for comparing personal loans in Funkley:
- 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.