Personal loans in Minnesota
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
Minnesota personal loan rules at a glance
| Governing law | Regulated lenders, Minn. Stat. chapter 56, which charge rates allowed by § 47.59. (Minn. Stat. § 56.131; § 47.59) |
|---|---|
| Rate cap | Licensed regulated lenders and financial institutions may charge the greater of (1) 21.75% APR or (2) 33% a year on the part of the balance up to $1,425 plus 19% on the part above $1,425. (These dollar breakpoints are adjusted periodically.) Consumer small loans and short-term loans have their own 50% APR cap. (Minn. Stat. § 47.59, subd. 3(a); § 56.131, subd. 1) |
| License required | Yes. Chapter 56 regulated lenders are licensed by the Commissioner of Commerce; non-bank consumer small loan lenders must file with the Commissioner before lending. (Minn. Stat. § 56.131; § 47.60, subd. 3) |
| Loan sizes covered | Chapter 56 rates apply to loans up to $100,000 (or 15% of a Minnesota corporate licensee's capital and surplus, if greater). (Minn. Stat. § 56.131, subd. 1(a)) |
| Origination / other fees | A one-time loan administrative fee of up to $25 on closed-end loans with an original principal of $8,208 or less. (Minn. Stat. § 47.59, subd. 6(d); § 56.131, subd. 2(e)) |
Bad credit loans in Minnesota
Bad credit doesn't automatically rule you out in Minnesota. Many lenders in our network look at your income and bank activity, not just your score, and offer personal installment loans of $500 to $5,000 to borrowers with fair or poor credit. Rates are higher than prime offers, so compare the monthly payment and total cost before you accept. More on bad-credit loans.
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Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Compare neighboring states
Lenders must follow the law of the state where you live, not where you visit.
| State | Rate cap |
|---|---|
| Iowa | Regulated lenders: rates set by Banking Superintendent rule; 2026 rule rewrite unclear. |
| North Dakota | 36% APR cap (including origination charges) for licensed lenders; loans under $2,000 limited to 36 months with equal payments. |
| South Dakota | 36% APR cap, all fees included, for every licensed money lender. |
| Wisconsin | No rate cap for DFI-licensed lenders; license needed above 18%. |
Personal Loans by city in Minnesota
Counties in Minnesota
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Also see: Payday Loans in Minnesota · Title Loans in Minnesota · All Minnesota loan options
Frequently asked questions
Is there a cap on personal loan interest rates in Minnesota?
Greater of 21.75% APR or 33% to $1,425/19% above; small loans 50%.
Do personal loan lenders need a license in Minnesota?
Yes. Chapter 56 regulated lenders are licensed by the Commissioner of Commerce; non-bank consumer small loan lenders must file with the Commissioner before lending.
Can I get a personal loan with bad credit in Minnesota?
Yes, some lenders in our network work with fair or bad credit, but approval is not guaranteed and rates are higher. Licensed lenders in Minnesota must follow the state's consumer-lending rules shown above; tribal and bank-partner lenders may follow different rules, so compare the APR on every offer.
Can I get a personal loan in Minnesota with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Minnesota residents can see if they qualify for $100 to $5,000 in about 3 minutes.
How can I get an emergency loan in Minnesota?
Unexpected bills happen, and an online emergency loan can help you handle them quickly. Fill out our 3-minute form with your income and bank details, and lenders in our network will review your request. Many make decisions within minutes, and approved funds are often deposited by the next business day. Amounts range from $100 to $5,000, and you're never obligated to accept an offer.
How do installment loans work in Minnesota?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Minnesota residents can see installment loan offers with our free 3-minute form.
Where can I find a loan for bad credit in Minnesota?
You can apply at local banks and lenders in Minnesota, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.