Kerkhoven at a glance
- Population: roughly 788 people; 393rd of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 802 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 1.7% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 393rd by size among 853 communities (US Census Bureau).
- Size percentile: it exceeds roughly 54% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: latitude 45.1914, longitude -95.3183 (US Census Bureau Gazetteer).
- Nearest larger cities: Willmar, MN (14 mi); Clara City, MN (16 mi); Benson, MN (16 mi); Spicer, MN (19 mi); New London, MN (19 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Murdock, MN (4 mi); Pennock, MN (8 mi); De Graff, MN (9 mi), per US Census Bureau estimates.
What a personal loan costs in Kerkhoven
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.
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.
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 Kerkhoven
Read the table as the compliance picture for a lender serving Kerkhoven: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Kerkhoven
Before you commit to a personal loan in Kerkhoven, 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.