Leonard at a glance
- Population: roughly 44 people; 833rd of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 44 (US Census Bureau).
- 2020 to 2023 change: little measurable change between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 833rd of the state's 853 Census places (US Census Bureau).
- Size percentile: about 2% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: it sits at 47.6498, -95.2642 in the US Census Bureau Gazetteer.
- Nearest larger cities: Shevlin, MN (8 mi); Clearbrook, MN (8 mi); Bagley, MN (11 mi); Solway, MN (11 mi); Gonvick, MN (13 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Trail, MN (22 mi); Funkley, MN (40 mi); Boy River, MN (63 mi), each a US Census place.
What a personal loan costs in Leonard
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Leonard
Read the table as the compliance picture for a lender serving Leonard: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Leonard
Before you share your details with a lender in Leonard:
- 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.