Biwabik at a glance
- Population: the Census estimates 963 residents, ranking 363rd of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 958 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 0.5% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 363rd of the state's 853 Census places (US Census Bureau).
- Size percentile: roughly 57% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: it sits at 47.5403, -92.3422 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Aurora, MN (5 mi); Gilbert, MN (6 mi); Virginia, MN (8 mi); Eveleth, MN (11 mi); Hoyt Lakes, MN (11 mi) (US Census Bureau populations).
- Nearest smaller towns: McKinley, MN (4 mi); Leonidas, MN (12 mi); Iron Junction, MN (15 mi) (US Census Bureau).
What a personal loan costs in Biwabik
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Biwabik
The Minnesota rate caps and licensing rules that reach Biwabik are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Biwabik
These steps are the ones that most affect the offer you receive in Biwabik:
- 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.