Pine Island at a glance
- Population: 3,871 people, the 184th-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 3,765 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: up about 2.8% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 184th by size among 853 communities (US Census Bureau).
- Size percentile: roughly 78% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 44.1981, -92.6281.
- Nearest larger cities within 120 miles: Zumbrota, MN (7 mi); Byron, MN (11 mi); Kasson, MN (13 mi); Rochester, MN (15 mi); Lake City, MN (24 mi) (US Census Bureau).
- Nearest smaller towns: Oronoco, MN (5 mi); Mazeppa, MN (7 mi); Wanamingo, MN (11 mi) (US Census Bureau).
What a personal loan costs in Pine Island
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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.
Minnesota lending rules that apply in Pine Island
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Pine Island
The steps below are worth completing first when you borrow in Pine Island:
- 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.