Personal loans in Cromwell, MN

A personal loan taken out in Cromwell, Minnesota is priced from your credit file and your income, not from your address. The Census estimates 246 people in Cromwell, larger than about 28% of the communities in Minnesota. The trend between 2020 and 2023 is upward by roughly 2.9%. To lend to consumers in Minnesota, a company must hold a state licence, and each sourced row below names the regulator behind it. Use the calculator on this page to price an amount and term before you commit. The nearest larger city is Barnum, MN about 15 miles away.

By the Personalloaner Editorial Team · Last updated 2026-09-16

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How we get paid: if you apply through the link above, a lending partner may send us a referral fee. It never changes the rate you are offered or what we publish. We are not a lender and we do not process applications. The lowest rates are only available to the most qualified applicants. Full disclosure.

Borrowing in Cromwell: the local picture

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

Population: about 246, ranked 616th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
Population trend: Growth of about 2.9% across the 2020-to-2023 comparison.
Size percentile: roughly 28% of Minnesota's places have fewer residents.
Location: 46.6793, -92.8709 (Census Gazetteer coordinates).
Nearest larger cities: Barnum (15 mi); Floodwood (16 mi); Moose Lake (17 mi); Cloquet (18 mi); Sturgeon Lake (20 mi). Any of them may have more branches, but statewide rules and your credit still set the price.
Smaller places nearby: Wright (6 mi); Tamarack (12 mi); Kettle River (13 mi).

What Minnesota law requires in Cromwell

Below are the Minnesota rules that reach a loan made in Cromwell, each with the regulator that issued it.

Rule	Detail	Source
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
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

What a Cromwell personal loan looks like

In Cromwell, as throughout Minnesota, federal Truth in Lending rules require a lender to disclose the APR and finance charge before you sign. Checking your credit report before you apply — and disputing any error — is the single highest-leverage step toward a better rate. Deal only with a lender licensed in Minnesota, which you can check with the regulator named below.

A pre-application checklist for Cromwell

These are the steps that most influence the offer you get in Cromwell:

Order your free credit reports and dispute anything inaccurate — it is the cheapest way to move the rate you are offered.
Price the payment first with our personal loan calculator before any lender quotes you.
Pre-qualify with three or more lenders, then compare the APR rather than the interest rate.
Confirm the lender holds a Minnesota licence by checking the regulator named above.
Do not borrow more than the expense calls for, even if a lender approves a larger amount.

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Common questions

What are my options in Cromwell if my credit is poor?

Borrowing is still possible, but expect a higher APR and a smaller approved amount. Lenders that accept lower scores hold statewide licences, so what is open to you in Cromwell is the same as anywhere in Minnesota.

What loan size can I expect in Cromwell?

Most personal loans sit somewhere between $1,000 and $50,000, though the figure you are approved for turns on the lender, your income and your credit. Model the monthly payment first with our personal loan calculator.

Do I have to pledge anything to borrow in Cromwell?

For an unsecured personal loan, no — there is nothing to pledge. A secured loan, such as home equity or one secured by a vehicle, does require collateral, and default puts that asset at risk.

Does comparing loans in Cromwell cost me credit score points?

Not during pre-qualification, which normally uses a soft pull and leaves your score alone. Submitting a full application triggers a hard inquiry, which can trim a few points briefly.

Nearby places

Wright, MN — population 169
Kettle River, MN — population 174
Floodwood, MN — population 518
Barnum, MN — population 605
Moose Lake, MN — population 3,004
Tamarack, MN — population 57
Sturgeon Lake, MN — population 462
Denham, MN — population 38