Personal loans in Raymond, MN

When you compare personal loans in Raymond, Minnesota, the figure to hold side by side is the APR, not the advertised rate. By population, Raymond sits at 394th in Minnesota, with an estimated 788 residents. The 2020 count to the 2023 estimate shows about 0.1% growth. A single loan can carry different costs on either side of a state line, because each state sets its own lending rules. Work out your debt-to-income ratio first; lenders weigh it heavily. Borrowers who want a bigger city can look to Clara City, MN about 8 miles away.

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

Compare loan offers Run the numbers first

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 Raymond: the local picture

Read the local figures below as context; read the sourced Minnesota table as the rulebook a lender here must follow.

Population: 788 people, a figure that places Raymond 394th among the 853 Census places in Minnesota (US Census Bureau, Vintage 2023).
Population trend: A gain of roughly 0.1% between 2020 and 2023.
Size percentile: it sits ahead of around 54% of Minnesota places.
Location: 45.0184 / -95.2367, per the US Census Bureau Gazetteer.
Nearest larger cities: Clara City (8 mi); Willmar (11 mi); Renville (16 mi); Olivia (20 mi); Spicer (21 mi). A bigger neighbour may offer more branches; the rate you see still follows your credit, not your address.
Nearest smaller towns: Prinsburg (6 mi); Pennock (9 mi); Blomkest (12 mi).

What Minnesota law requires in Raymond

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

Rule	Detail	Source
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
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

What a Raymond personal loan looks like

Because a personal loan payment is fixed, the total cost is knowable in advance — the main difference from a credit card, where the balance revolves. Compare the APR rather than the interest rate, because origination fees and sometimes prepayment penalties are folded into it. Whatever the offer, the loan should fit a budget you can already meet.

A pre-application checklist for Raymond

Complete these steps first when you borrow in Raymond:

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 Raymond 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 Raymond is the same as anywhere in Minnesota.

What loan size can I expect in Raymond?

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 Raymond?

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 Raymond 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

Prinsburg, MN — population 504
Pennock, MN — population 475
Clara City, MN — population 1,360
Kerkhoven, MN — population 788
Willmar, MN — population 21,335
Blomkest, MN — population 140
Renville, MN — population 1,265
Maynard, MN — population 301