Heron Lake at a glance
- Population: 591 people, the 454th-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 602 (US Census Bureau).
- 2020 to 2023 change: roughly 1.8% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 454th of the state's 853 Census places (US Census Bureau).
- Size percentile: larger than about 47% of the Census places in Minnesota (US Census Bureau).
- Coordinates: it sits at 43.7981, -95.3198 in the US Census Bureau Gazetteer.
- Nearest larger cities: Lakefield, MN (11 mi); Windom, MN (11 mi); Fulda, MN (15 mi); Westbrook, MN (18 mi); Worthington, MN (18 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Okabena, MN (4 mi); Wilder, MN (6 mi); Kinbrae, MN (8 mi), each a US Census place.
What a personal loan costs in Heron Lake
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Heron Lake
The table lists the Minnesota rules that apply to a loan made in Heron Lake, 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 Heron Lake
Before you commit to a personal loan in Heron Lake, work through these steps:
- 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.