Truman at a glance
- Population: 1,064, the 347th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 1,091 (US Census Bureau).
- 2020 to 2023 change: down roughly 2.5% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 347th largest of 853 (US Census Bureau).
- Size percentile: roughly 59% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: latitude 43.8279, longitude -94.4366 (US Census Bureau Gazetteer).
- Nearest larger cities: Fairmont, MN (13 mi); Winnebago, MN (14 mi); St. James, MN (14 mi); Madelia, MN (15 mi); Blue Earth, MN (21 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Northrop, MN (6 mi); Lewisville, MN (7 mi); Granada, MN (10 mi), per US Census Bureau estimates.
What a personal loan costs in Truman
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would 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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Truman
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Truman
Before you commit to a personal loan in Truman, 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.