Scanlon at a glance
- Population: roughly 1,004 people; 356th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 991 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up roughly 1.3% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 356th largest of 853 (US Census Bureau).
- Size percentile: about 58% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 46.7059 latitude, -92.4287 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Cloquet, MN (4 mi); Proctor, MN (10 mi); Hermantown, MN (11 mi); Duluth, MN (15 mi); Superior, WI (17 mi) — straight-line distances, US Census Bureau populations.
- Smaller towns nearby: Carlton, MN (3 mi); Wrenshall, MN (6 mi); Oliver, WI (12 mi) (US Census Bureau).
What a personal loan costs in Scanlon
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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 Scanlon
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 Scanlon
The order below is a sensible way to approach a loan in Scanlon:
- 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.