Bingham Lake at a glance
- Population: 138 — 710th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 138 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: essentially flat from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 710th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: it exceeds roughly 17% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: it sits at 43.9092, -95.0447 in the US Census Bureau Gazetteer.
- Nearest larger cities: Windom, MN (4 mi); Mountain Lake, MN (6 mi); Jeffers, MN (13 mi); Butterfield, MN (13 mi); Comfrey, MN (16 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Wilder, MN (10 mi); Darfur, MN (14 mi); Odin, MN (15 mi) (US Census Bureau).
What a personal loan costs in Bingham Lake
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Minnesota lending rules that apply in Bingham Lake
Read the table as the compliance picture for a lender serving Bingham Lake: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bingham Lake
Before you commit to a personal loan in Bingham Lake, 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.