Luverne at a glance
- Population: the Census estimates 4,918 residents, ranking 157th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 4,941 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 0.5% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 157th of the state's 853 Census places (US Census Bureau).
- Size percentile: roughly 82% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: 43.6535 latitude, -96.2142 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Brandon, SD (19 mi); Sioux Falls, SD (27 mi); Harrisburg, SD (29 mi); Worthington, MN (31 mi); Tea, SD (33 mi) (US Census Bureau populations).
- Nearest smaller communities: Magnolia, MN (7 mi); Beaver Creek, MN (8 mi); Hardwick, MN (8 mi), each a US Census place.
What a personal loan costs in Luverne
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Luverne
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Luverne.
| 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 Luverne
These steps are the ones that most affect the offer you receive in Luverne:
- 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.