Mountain Iron at a glance
- Population: about 2,854, 217th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 2,874 residents here (US Census Bureau).
- 2020 to 2023 change: a loss of about 0.7% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 217th in population of 853 places (US Census Bureau).
- Size percentile: roughly 75% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: 47.5367, -92.6166 (US Census Bureau Gazetteer).
- Nearest larger cities: Virginia, MN (5 mi); Eveleth, MN (5 mi); Chisholm, MN (13 mi); Hibbing, MN (18 mi); Ely, MN (44 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Kinney, MN (5 mi); Leonidas, MN (5 mi); Gilbert, MN (8 mi), per US Census Bureau estimates.
What a personal loan costs in Mountain Iron
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
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.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Mountain Iron
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Mountain Iron.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Mountain Iron
These steps are the ones that most affect the offer you receive in Mountain Iron:
- 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.