Personal loans in Danvers, MN

Two households in Danvers, Minnesota with comparable incomes can still be offered different rates, because each lender weighs a credit file its own way. Danvers is home to roughly 100 people and stands 755th by size out of 853 Census places in Minnesota. From the 2020 Census base to the 2023 estimate, the population declined by about 2.0%. State law, not city hall, decides what a lender may do in Minnesota, and a state regulator supervises it; the source is named below. Judge offers on total cost, not on how quickly the money arrives. The next larger city is Benson, MN about 8 miles away.

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

Compare loan offers Run the numbers first

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Borrowing in Danvers: the local picture

Here is the sourced Census picture for Danvers, plus the Minnesota lending rules that apply to a loan taken out here.

Population: 100 residents; Danvers is the 755th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
Population trend: Roughly 2.0% fewer residents than the 2020 Census counted.
Size percentile: about 11% of Minnesota communities are smaller.
Location: mapped by the US Census Bureau at 45.2814, -95.7560.
Nearest larger cities: Benson (8 mi); Clontarf (8 mi); Milan (14 mi); De Graff (14 mi); Appleton (14 mi). Larger metros often have more branches, but online lenders reach Danvers on the same terms.
Smaller communities within reach: Holloway (8 mi); Correll (20 mi); Louisburg (22 mi).

What Minnesota law requires in Danvers

This table holds the Minnesota rate and licensing rules for consumer loans made in Danvers.

Rule	Detail	Source
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
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

What a Danvers personal loan looks like

In Danvers, as throughout Minnesota, federal Truth in Lending rules require a lender to disclose the APR and finance charge before you sign. Most scoring models treat rate-shopping within a focused window as one inquiry, so comparing offers early is usually safe. If the payment would strain your budget, a smaller loan or a longer saving period is the safer route.

A pre-application checklist for Danvers

Before you hand your details to a lender in Danvers:

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.
Read the disclosure for an origination fee and any prepayment penalty before signing.

Compare personal loan offers Run the numbers first

Common questions

What are my options in Danvers 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 Danvers is the same as anywhere in Minnesota.

What loan size can I expect in Danvers?

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 Danvers?

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 Danvers 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

Clontarf, MN — population 128
Benson, MN — population 3,437
Holloway, MN — population 84
Hancock, MN — population 863
Milan, MN — population 414
Watson, MN — population 174
Appleton, MN — population 1,365
De Graff, MN — population 110