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Personal loans in Harmony, MN

In Harmony, a personal loan turns a one-time expense into predictable monthly payments, and the rate you get depends on your credit, income and debts. The Census counts about 1,042 residents in Harmony, ranking it 351st among the 853 places in Minnesota. The rate caps and licensing requirements that apply to a lender in Minnesota are set out in the sourced table below.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Harmony at a glance

  • Population: 1,042 people, the 351st-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
  • 2020 Census base: the 2020 count put the population at 1,051 (US Census Bureau).
  • 2020 to 2023 change: a loss of about 0.9% since the 2020 count (US Census Bureau).
  • Rank among Minnesota places: 351st by size among 853 communities (US Census Bureau).
  • Size percentile: about 59% of Minnesota's Census places are smaller (US Census Bureau).
  • Coordinates: mapped at 43.5540, -92.0075 by the US Census Bureau Gazetteer.
  • Nearest larger cities: Preston, MN (9 mi); Cresco, IA (14 mi); Spring Grove, MN (19 mi); Decorah, IA (21 mi); Spring Valley, MN (21 mi); each population is a US Census Bureau estimate.
  • Smaller places close by: Canton, MN (4 mi); Lanesboro, MN (11 mi); Mabel, MN (12 mi) (US Census Bureau).

What a personal loan costs in Harmony

Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.

The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.

Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.

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 Harmony

Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.

RuleDetailSource
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 statusLegal 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 licensingRegulated 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 regulatorMinnesota 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 requirementRequired 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

How to compare offers in Harmony

These steps are the ones that most affect the offer you receive in Harmony:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Minnesota using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Harmony?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Harmony are the same as elsewhere in Minnesota.
How much can I borrow with a personal loan in Harmony?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Harmony require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Harmony hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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