Personal loans in Hermantown, MN
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Hermantown, MN.
The median household in Hermantown earns $90,849 a year, about the same as the Minnesota median of $89,062. About 5% of residents live below the federal poverty line, and 26.9% of households rent their home.
Minnesota law that applies in Hermantown
| 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 Hermantown
Here's what to have on hand before you start your personal loan request in Hermantown:
- 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 Hermantown
What Hermantown borrowers use it for
keep getting to work while the shop fixes it
Emergencieshandle the unexpected the same week
Need money nowthe fastest options online
Rent duecover a short gap before payday
Loans for your situation
How to get a personal loan in Hermantown
- 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 Hermantown
5 FDIC-insured bank branches from 5 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| North Shore Bank of Commerce | 1 | 4810 Miller Trunk Hwy, Hermantown 55811 |
| Western National Bank | 1 | 4120 Richard Ave, Hermantown 55811 |
| National Bank of Commerce | 1 | 4105 Richard Ave, Hermantown 55811 |
| Frandsen Bank & Trust | 1 | 4803 Miller Trunk Hwy, Hermantown 55811 |
| Park State Bank | 1 | 4161 Haines Road, Hermantown 55811 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Hermantown
1 credit-union locations from 1 credit unions.
| Credit union | Location |
|---|---|
| Centricity | 4477 Lavaque Rd, Hermantown 55811 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: St. Louis County · Payday Loans in Hermantown · Title Loans in Hermantown
Frequently asked questions
Can I get a personal loan with bad credit in Hermantown?
Possibly. Lenders in our network consider applicants with fair and bad credit across Minnesota, including Hermantown. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Hermantown, 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 Hermantown?
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.
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 do installment loans work in Hermantown?
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. Hermantown residents can see installment loan offers with our free 3-minute form.
How long does it take to get a personal loan in Hermantown?
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 Hermantown.
How can I get an emergency loan in Hermantown?
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.
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 Hermantown with our free 3-minute form.
Do I need to visit a store in Hermantown?
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.