Lake Benton at a glance
- Population: 669 residents, the 431st-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 690 residents here (US Census Bureau).
- 2020 to 2023 change: a loss of about 3.0% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 431st of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 49% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: latitude 44.2622, longitude -96.2993 (US Census Bureau Gazetteer).
- Nearest larger cities: Tyler, MN (8 mi); Elkton, SD (9 mi); Pipestone, MN (18 mi); Aurora, SD (19 mi); Flandreau, SD (21 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Arco, MN (10 mi); Ward, SD (11 mi); Ruthton, MN (11 mi) — US Census Bureau populations.
What a personal loan costs in Lake Benton
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Minnesota lending rules that apply in Lake Benton
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Lake Benton.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lake Benton
A few practical steps will make the process in Lake Benton less costly:
- 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.