Milnor at a glance
- Population: 614 people, the 81st-largest place among North Dakota's 355 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 625 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down about 1.8% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among North Dakota places: 81st out of 355 Census places (US Census Bureau).
- Size percentile: roughly 77% of places in North Dakota rank below it by population (US Census Bureau).
- Coordinates: latitude 46.2607, longitude -97.4552 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Gwinner, ND (10 mi); Lisbon, ND (16 mi); Enderlin, ND (26 mi); Hankinson, ND (30 mi); Oakes, ND (31 mi) (US Census Bureau).
- Nearest smaller communities: Cayuga, ND (13 mi); Forman, ND (14 mi); Rutland, ND (14 mi), each a US Census place.
What a personal loan costs in Milnor
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.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
North Dakota lending rules that apply in Milnor
The North Dakota rate caps and licensing rules that reach Milnor are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Legal for licensed deferred presentment service providers; fee capped at 20% of amount advanced; max $500 per transaction; $600 aggregate outstanding per customer. Source says: "A licensee may charge a fee for the deferred presentment service, not to exceed twenty percent of the amount paid to the customer" (N.D.C.C. 13-08-12); "may not disburse more than five hundred dollars to the customer in a deferred presentment service transaction" (13-08-12.3). | North Dakota Legislative Branch as of 2026-09-16 |
| Small-loan / installment lender licensing | Money broker license required to engage in money brokering (arranging/providing loans); issued by the commissioner of financial institutions. Source says: "may not engage in money brokering in the state of North Dakota without a money broker license issued by the commissioner" (N.D.C.C. 13-04.1-02). | North Dakota Legislative Branch as of 2026-09-16 |
| State lending regulator | North Dakota Department of Financial Institutions (NDDFI) Source says: "The Department also licenses and regulates Money Brokers... Deferred Presentment Service Providers (Payday Lenders), Collection Agencies, Debt Settlement Service Providers, and Money Transmitters." | North Dakota Department of Financial Institutions as of 2026-09-16 |
| Usury penalties (state-specific rule) | Usury forfeits all interest plus 25% of principal; charging usurious interest is a class B misdemeanor. Source says: "shall be deemed a forfeiture of the entire interest" and "a forfeiture of twenty-five percent of the principal" (N.D.C.C. 47-14-10); usury is a class B misdemeanor (47-14-11). | North Dakota Legislative Branch as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Formula ceiling: 6-month U.S. Treasury bill average + 5.5 percentage points, never less than 7%; NDDFI-published rate for September 2026: 9.204%. Source says: "The rate is equal to five and one-half percent (5.5%) higher than the current cost of money" and "the maximum allowable interest rate ceiling may not be less than seven (7) percent" (NDDFI Usury Rate page; September 2026 rate 9.204%). | North Dakota Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Milnor
The steps below are worth completing first when you borrow in Milnor:
- 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 North Dakota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.