Hector at a glance
- Population: 990 (US Census Bureau, Vintage 2023 subcounty estimate), the 357th-largest of 853 places in Minnesota.
- 2020 Census base: 1,021 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 3.0% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: the 357th-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: it exceeds roughly 58% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 44.7413, -94.7121.
- Nearest larger cities: Olivia, MN (14 mi); Fairfax, MN (15 mi); Hutchinson, MN (19 mi); Winthrop, MN (22 mi); Redwood Falls, MN (23 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Buffalo Lake, MN (5 mi); Bird Island, MN (9 mi); Stewart, MN (11 mi), per US Census Bureau estimates.
What a personal loan costs in Hector
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Hector
The Minnesota rate caps and licensing rules that reach Hector are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hector
Before you commit to a personal loan in Hector, 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.