Personal loans in Floodwood, MN
Personal loans in Floodwood, Minnesota work the same way they do across the state: you apply, a lender reviews your credit and income, and it prices the loan to the risk it sees. Floodwood has about 518 residents and ranks 483rd in Minnesota by population. Its population fell about 0.8% between the 2020 Census base and the 2023 estimate. The closest larger city is Cloquet, MN about 23 miles away.
What is specific to borrowing in Floodwood
- Population: 518 (US Census Bureau, Vintage 2023 subcounty estimate) — the 483rd-largest place of 853 in Minnesota.
- Population trend: Its population fell about 0.8% between the 2020 Census base and the 2023 estimate.
- Size percentile: larger than about 43% of the Census places in Minnesota.
- Location: 46.9106, -92.9059 (US Census Bureau Gazetteer).
- Nearest larger cities: Cloquet (23 mi); Scanlon (27 mi); Carlton (29 mi); Barnum (30 mi); Hermantown (32 mi). Larger metros often have more walk-in branches, but online lenders serve Floodwood on the same terms.
- Nearest smaller towns: Meadowlands (14 mi); Brookston (15 mi); Cromwell (16 mi).
Minnesota lending rules that apply in Floodwood
| 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 |
How a personal loan works in Floodwood
In Floodwood, as across Minnesota, the lender must disclose the loan's APR and finance charge before you sign, under the federal Truth in Lending Act. Use that disclosure: compare the APR, not the interest rate alone, because origination fees, and sometimes prepayment penalties, are folded into the APR. If a lender will not put the terms in writing, that is a reason to walk away.
Before you apply in Floodwood
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run the numbers with our personal loan calculator so you know the payment before a lender tells you.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check the lender is licensed in Minnesota using the regulator listed above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.
Advertising disclosure: Loansloth may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Frequently asked questions
Can I get a personal loan with bad credit in Floodwood?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Floodwood are the same as elsewhere in Minnesota.
How much can I borrow with a personal loan in Floodwood?
Most personal loans range from about $1,000 to $50,000, but the amount you are approved for depends on the lender and your income and credit. Use our personal loan calculator to model the payment before you apply.
Does a personal loan in Floodwood require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Floodwood hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.
Nearby places
- Cromwell, MN — population 246
- Meadowlands, MN — population 135
- Wright, MN — population 169
- Brookston, MN — population 113
- Tamarack, MN — population 57
- Kettle River, MN — population 174
- Warba, MN — population 184
- Cloquet, MN — population 12,570