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Personal loans in Iron Junction, MN

Taking out a personal loan in Iron Junction means a fixed monthly payment for a set term, and the APR you are quoted rests on your credit, income and debts. Census estimates count about 107 residents in Iron Junction, making it the 750th-largest of 853 places in Minnesota. The sourced table below lists the Minnesota rate caps and licensing rules a lender must follow on a loan made here.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Iron Junction at a glance

  • Population: 107 (US Census Bureau, Vintage 2023 subcounty estimate), the 750th-largest of 853 places in Minnesota.
  • 2020 Census base: the 2020 Census recorded 108 residents here (US Census Bureau).
  • 2020 to 2023 change: down about 0.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
  • Rank among Minnesota places: 750th of 853 by population (US Census Bureau, Vintage 2023).
  • Size percentile: roughly 12% of Minnesota's places have fewer residents (US Census Bureau).
  • Coordinates: 47.4190, -92.6086 (Census Gazetteer, US Census Bureau).
  • Nearest larger cities (within 120 miles): Eveleth, MN (5 mi); Mountain Iron, MN (8 mi); Kinney, MN (8 mi); Gilbert, MN (9 mi); Virginia, MN (9 mi) (US Census Bureau populations).
  • Nearest smaller communities: Leonidas, MN (4 mi); McKinley, MN (11 mi); Zemple, MN (56 mi), each a US Census place.

What a personal loan costs in Iron Junction

The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.

APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.

Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.

Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.

Minnesota lending rules that apply in Iron Junction

Where a figure is not published by the state, the row points to the source instead of guessing.

RuleDetailSource
Payday lending statusLegal 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 licensingRegulated 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 regulatorMinnesota 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 requirementRequired 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 Iron Junction

Here is a short checklist for comparing personal loans in Iron Junction:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Minnesota using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Iron Junction?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Iron Junction are the same as elsewhere in Minnesota.
How much can I borrow with a personal loan in Iron Junction?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Iron Junction require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Iron Junction hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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