Personal loans in Faribault, MN
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Faribault, MN.
The median household in Faribault earns $61,449 a year, 31% below the Minnesota median of $89,062. About 16% of residents live below the federal poverty line, and 33.9% of households rent their home.
Minnesota law that applies in Faribault
| 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. |
|---|---|
| License required | Yes. |
| 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). |
Full rules with statute citations: Personal Loans in Minnesota. Cities in Minnesota cannot set their own payday or title loan rate caps in most cases; zoning rules for storefronts are local.
What you need for a personal loan in Faribault
Here's what to have on hand before you start your personal loan request in Faribault:
- Be 18 or older and a US resident
- Your Social Security number for identity verification
- A steady source of income
- An active checking account in your name
- A working phone number and email address
Popular loan amounts in Faribault
What Faribault borrowers use it for
keep getting to work while the shop fixes it
Medical billspay a doctor, dentist or pharmacy bill now
Need money nowthe fastest options online
Holiday expensesgifts and travel without maxing a card
Loans for your situation
How to get a personal loan in Faribault
- Choose an amount from $100 to $5,000 and complete one form.
- Lenders in our network review your request; many accept fair or bad credit.
- Compare the APR, monthly payment and total cost on any offer.
- If you accept, money is usually deposited in 1–2 business days.
Estimate your cost
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Banks and credit unions in the area
Banks with branches in Faribault
6 FDIC-insured bank branches from 5 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| The State Bank of Faribault | 2 | 428 Central Ave N, Faribault 55021 |
| Community Resource Bank | 1 | 430 4th St Nw, Faribault 55021 |
| Premier Bank Minnesota | 1 | 417 4th St Nw, Faribault 55021 |
| Wells Fargo Bank, National Association | 1 | 104 5th St Nw, Faribault 55021 |
| Reliance Bank | 1 | 2300 30th St Nw, Faribault 55021 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Faribault
2 credit-union locations from 2 credit unions.
| Credit union | Location |
|---|---|
| Affinity Plus | 900 4Th St Nw Ste 102, Faribault 55021 |
| Home Town | 1205 Highway 60 W, Faribault 55021 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Rice County · Payday Loans in Faribault · Title Loans in Faribault
Frequently asked questions
Can I get a personal loan with bad credit in Faribault?
Possibly. Lenders in our network consider applicants with fair and bad credit across Minnesota, including Faribault. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Faribault, MN?
Greater of 21.75% APR or 33% to $1,425/19% above; small loans 50%.
How fast can I get a personal loan in Faribault?
Many online lenders give a decision within minutes and deposit funds in one to two business days after you sign. Your bank's processing time can add a day.
Are personal loans bad for your credit?
Not necessarily. Checking offers often uses a soft inquiry that doesn't affect your score, though a lender may do a hard pull before final approval. Once you have the loan, on-time payments can help build your credit history, especially with lenders that report to the major bureaus, while missed payments can lower your score. Faribault residents can see their options in about 3 minutes.
What credit score do I need for a personal loan?
There's no single minimum. Some lenders want good credit, but many lenders in our network consider fair, poor and limited credit and weigh your income and job history too. A higher score may get you better rates and larger amounts, while lower scores may still qualify for smaller loans. Find out what's available to you in Faribault with our free 3-minute form.
Can I get an emergency loan with bad credit in Faribault?
Yes, many emergency loan lenders consider borrowers with bad credit. They often put more weight on your current income and ability to repay than on past credit problems. Approval isn't guaranteed, but applying through our network lets you reach multiple lenders with a single request instead of applying again and again. Faribault residents can see if they qualify in about 3 minutes.
Can I get a personal loan with a 500 credit score?
It may be possible. A score around 500 limits options with traditional banks, but some online lenders consider low scores when you have steady income and an active bank account. Offers may be for smaller amounts, and approval isn't guaranteed. The quickest way to find out is to submit one request through our network and see whether lenders respond with an offer. It takes about 3 minutes.
How long does it take to get a personal loan in Faribault?
With online lenders, the process is usually fast. Our form takes about 3 minutes, many lenders make a decision within minutes, and approved funds are often deposited by the next business day. Some lenders may ask for documents such as pay stubs, which can add a little time. Having your information ready before you start helps you get money sooner in Faribault.
Do I need to visit a store in Faribault?
No. You can request offers online from a phone or computer. Some lenders, especially title lenders, may ask you to visit a location or send photos of your vehicle.