West Concord at a glance
- Population: 841 residents, the 381st-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 864 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 2.7% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 381st in population of 853 places (US Census Bureau).
- Size percentile: roughly 55% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: 44.1528, -92.9000 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Dodge Center, MN (9 mi); Kenyon, MN (9 mi); Mantorville, MN (10 mi); Kasson, MN (11 mi); Wanamingo, MN (12 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Claremont, MN (9 mi); Nerstrand, MN (15 mi); Dennison, MN (19 mi) — US Census Bureau populations.
What a personal loan costs in West Concord
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 West Concord
The Minnesota rate caps and licensing rules that reach West Concord are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in West Concord
Before you commit to a personal loan in West Concord, 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.