Mahnomen at a glance
- Population: about 1,210 residents, ranking 331st of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,244 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 2.7% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: the 331st-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 61% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 47.3148, -95.9674.
- Nearest larger cities (120-mile radius): Fosston, MN (21 mi); Ada, MN (26 mi); Bagley, MN (30 mi); Hawley, MN (34 mi); Detroit Lakes, MN (36 mi) (US Census Bureau).
- Nearest smaller communities: Bejou, MN (9 mi); Waubun, MN (9 mi); Twin Valley, MN (14 mi) (Census populations).
What a personal loan costs in Mahnomen
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Mahnomen
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Mahnomen.
| 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 Mahnomen
Before you commit to a personal loan in Mahnomen, 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.