Lanesboro at a glance
- Population: about 720 residents, ranking 410th of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 727 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down about 1.0% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 410th by size among 853 communities (US Census Bureau).
- Size percentile: roughly 52% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 43.7151, -91.9702.
- Nearest larger cities (within 120 miles): Preston, MN (6 mi); Rushford Village, MN (11 mi); Harmony, MN (11 mi); Rushford, MN (13 mi); Chatfield, MN (14 mi) (US Census Bureau populations).
- Smaller places close by: Whalan, MN (3 mi); Fountain, MN (8 mi); Peterson, MN (9 mi) (US Census Bureau).
What a personal loan costs in Lanesboro
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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 Lanesboro
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Lanesboro.
| 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 Lanesboro
Here is a short checklist for comparing personal loans in Lanesboro:
- 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.