Canton at a glance
- Population: 314, the 582nd-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 311 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 1.0% higher than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 582nd of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 32% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: 43.5298, -91.9300 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Harmony, MN (4 mi); Mabel, MN (8 mi); Preston, MN (12 mi); Lanesboro, MN (13 mi); Cresco, IA (14 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Whalan, MN (14 mi); Ridgeway, IA (16 mi); Peterson, MN (19 mi) (US Census Bureau).
What a personal loan costs in Canton
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Canton
The table lists the Minnesota rules that apply to a loan made in Canton, 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 Canton
Before you commit to a personal loan in Canton, 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.