Federal Dam at a glance
- Population: 124 — 728th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 123 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.8% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 728th by size among 853 communities (US Census Bureau).
- Size percentile: roughly 15% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: mapped at 47.2402, -94.2120 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Bena, MN (7 mi); Longville, MN (17 mi); Remer, MN (19 mi); Walker, MN (20 mi); Cass Lake, MN (21 mi) (US Census Bureau).
- Smaller places close by: Boy River, MN (6 mi); Zemple, MN (21 mi); Squaw Lake, MN (27 mi) (US Census Bureau).
What a personal loan costs in Federal Dam
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Federal Dam
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Federal Dam.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Federal Dam
These steps are the ones that most affect the offer you receive in Federal Dam:
- 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.