Garfield at a glance
- Population: a Census-estimated 340, placing it 563rd among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 347 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population fell about 2.0% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 563rd in population of 853 places (US Census Bureau).
- Size percentile: larger than about 34% of the Census places in Minnesota (US Census Bureau).
- Coordinates: it sits at 45.9376, -95.4985 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Brandon, MN (5 mi); Alexandria, MN (7 mi); Carlos, MN (10 mi); Evansville, MN (10 mi); Miltona, MN (12 mi) (US Census Bureau).
- Nearest smaller places: Millerville, MN (10 mi); Nelson, MN (12 mi); Forada, MN (12 mi) (US Census Bureau estimates).
What a personal loan costs in Garfield
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Garfield
The table lists the Minnesota rules that apply to a loan made in Garfield, each with the regulator that published it.
| 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 Garfield
These steps are the ones that most affect the offer you receive in Garfield:
- 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.