Middle River at a glance
- Population: the Census estimates 296 residents, ranking 592nd of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 304 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 2.6% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 592nd of the state's 853 Census places (US Census Bureau).
- Size percentile: about 31% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 48.4348, -96.1617 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Newfolden, MN (9 mi); Greenbush, MN (18 mi); Karlstad, MN (19 mi); Thief River Falls, MN (22 mi); Badger, MN (24 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Strathcona, MN (8 mi); Holt, MN (10 mi); Strandquist, MN (14 mi) (Census populations).
What a personal loan costs in Middle River
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Middle River
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Middle River.
| 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 Middle River
Before you commit to a personal loan in Middle River, 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.