Personal loans in Babbitt, MN

At about 1,376 residents, Babbitt is larger than roughly 64% of the places in Minnesota. Population in Babbitt dropped about 1.5% over the three years from 2020 to 2023. For a community of about 1,376, the practical step is to compare APR across at least three lenders before committing. The closest larger city is Hoyt Lakes, MN about 10 miles away.

The Babbitt data picture

Babbitt is a small community; the notes below cover its population profile and the statewide rules that apply.

• Population: an estimated 1,376 residents, 304th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
• Population trend: Lower by roughly 1.5% since the 2020 count.
• Net change: roughly 21 fewer people than the 2020 Census counted.
• Size percentile: roughly 64% of Minnesota's places have fewer residents than Babbitt's 1,376.
• Population density: 13 people per square mile on 106.0 square miles of land.
• By land area: Babbitt ranks 2nd among Minnesota's 853 places, at 106.0 sq mi.
• Water area: Babbitt has 0.81 square miles of water, ranking 105th of 853 places in Minnesota.
• Share of state population: Babbitt's 1,376 residents are about 0.0% of Minnesota.
• Nationally: Babbitt is the 9,025th-largest of 19,457 Census places in the dataset.
• Growth rank: Babbitt's 2020-to-2023 change ranks 553rd of 853 places in Minnesota.
• Against the state trend: Babbitt's 1.5% change compares with a Minnesota average of +0.1% across its 853 places.
• Density rank: Babbitt is the 853rd most densely settled place in Minnesota.
• Density in context: Babbitt's 13 people per square mile sit against a Minnesota median of 607.
• Location: latitude 47.6431, longitude -91.9283 (Census Gazetteer).
• Nearest larger cities: Hoyt Lakes (10 mi); Aurora (16 mi); Ely (18 mi); Gilbert (27 mi); Virginia (29 mi). Lenders licensed in the state serve Babbitt whether or not they keep a local branch.
• Smaller towns nearby: Tower (20 mi); Biwabik (21 mi); Winton (21 mi).
• Smaller neighbours: 10 places smaller than Babbitt sit within 50 miles.
• Larger places within 100 miles: 24.

The anatomy of a Babbitt personal loan

Most loans made to Babbitt's 1,376 residents are unsecured, so nothing is pledged and the lender relies on your credit history. Because pricing is borrower-level, two people in Babbitt can be quoted different APRs on the same amount and term. A longer term lowers the monthly payment on a Babbitt loan but raises total interest, so the smallest payment is not the cheapest loan.

Babbitt against the rest of Minnesota

Among Minnesota's 853 places, Babbitt sits at 304th for population, a share of roughly 0.0% of the state. For population change between 2020 and 2023, Babbitt ranks 553rd of 853 in Minnesota (about the 35th percentile). Its roughly 13 residents per square mile place it 853rd among Minnesota's places. The population moved by about 21 people between 2020 and 2023, a 1.5% shift.

Minnesota consumer-lending rules applied in Babbitt

The rows below set out what a licensed lender must follow in Minnesota, and so for Babbitt's roughly 1,376 residents.

The Babbitt borrowing checklist

Before you hand your details to a lender in Babbitt, where the population is near 1,376:

1. Get your credit reports, dispute what is wrong, and only then start shopping.
2. Price the payment first with our personal loan calculator before any lender quotes you.
3. Shop at least three lenders and judge them on APR and total cost.
4. Check the Minnesota regulator's records to confirm the lender is licensed here.
5. Do not borrow more than the expense calls for, even if a lender approves a larger amount.
6. Be clear on what the loan is for and how it gets repaid.
7. When debt already feels heavy, a nonprofit credit counsellor is worth a call first.

What differs between Babbitt and the rest of Minnesota is not the process but the borrower's own file, among the 1,376 people here.

How lenders reach Babbitt

With about 13 residents per square mile, Babbitt is sparsely settled, and 10 larger Census places sit within 50 miles. Lenders licensed in Minnesota reach Babbitt's 1,376 residents online, so the nearest branch is not what sets your APR. For a larger market, the closest option is Hoyt Lakes, MN about 10 miles away.