Breckenridge at a glance
- Population: about 3,331 residents, ranking 203rd of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 3,440 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 3.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: the 203rd-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: it exceeds roughly 76% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: 46.2659, -96.5846 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Wahpeton, ND (1 mi); Fergus Falls, MN (24 mi); Horace, ND (37 mi); Moorhead, MN (42 mi); Dilworth, MN (43 mi) (US Census Bureau populations).
- Smaller places close by: Doran, MN (7 mi); Dwight, ND (8 mi); Kent, MN (13 mi) (US Census Bureau).
What a personal loan costs in Breckenridge
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.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Breckenridge
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Breckenridge
A few practical steps will make the process in Breckenridge less costly:
- 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.