Hancock at a glance
- Population: a Census-estimated 863, placing it 377th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 862 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 0.1% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 377th largest of 853 (US Census Bureau).
- Size percentile: it exceeds roughly 56% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: 45.4976 latitude, -95.7948 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Morris, MN (8 mi); Starbuck, MN (15 mi); Benson, MN (16 mi); Glenwood, MN (23 mi); Appleton, MN (23 mi) (US Census Bureau).
- Nearest smaller towns: Cyrus, MN (9 mi); Clontarf, MN (10 mi); Alberta, MN (13 mi) — US Census Bureau populations.
What a personal loan costs in Hancock
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Hancock
Read the table as the compliance picture for a lender serving Hancock: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hancock
A few practical steps will make the process in Hancock 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.