MN state reference
Minnesota lending rules
Minnesota has 853 Census places covered on Personalloaned, with a combined estimated population of 4,779,276. Personal-loan terms in Minnesota are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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- Usury cap 6% per year legal rate of interest; a different rate may be contracted for in writing (Minn. Stat. § 334.01)
- Payday lending 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)
- State regulator Minnesota Department of Commerce (commissioner of commerce)
Sourced rules
Key rules for borrowers in Minnesota
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
Cities in Minnesota
We cover 853 Census places in Minnesota. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions