Howard Lake at a glance
- Population: the Census estimates 2,186 residents, ranking 252nd of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: the 2020 count put the population at 2,077 (US Census Bureau).
- 2020 to 2023 change: up roughly 5.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 252nd-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 70% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 45.0540 / -94.0610, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Cokato, MN (6 mi); Winsted, MN (7 mi); Montrose, MN (7 mi); Watertown, MN (12 mi); Maple Lake, MN (13 mi) (US Census Bureau).
- Nearest smaller communities: Waverly, MN (5 mi); Lester Prairie, MN (12 mi); Silver Lake, MN (12 mi) (Census populations).
What a personal loan costs in Howard Lake
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Howard Lake
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Howard Lake.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Howard Lake
These steps are the ones that most affect the offer you receive in Howard Lake:
- 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.