Calumet at a glance
- Population: 325 — 573rd in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 329 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: roughly 1.2% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 573rd by size among 853 communities (US Census Bureau).
- Size percentile: about 33% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: 47.3220, -93.2642 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (120-mile radius): Marble, MN (1 mi); Taconite, MN (6 mi); Nashwauk, MN (6 mi); Bovey, MN (7 mi); Coleraine, MN (10 mi) (US Census Bureau).
- Nearest smaller communities: Warba, MN (13 mi); Zemple, MN (24 mi); Kinney, MN (29 mi), each a US Census place.
What a personal loan costs in Calumet
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Calumet
The table lists the Minnesota rules that apply to a loan made in Calumet, each with the regulator that published it.
| 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 Calumet
Before you commit to a personal loan in Calumet, 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.