Personal loans in Richfield, MN

Choosing a personal loan in Richfield means weighing three trade-offs: the monthly payment against the term, the rate against the fees, and speed against cost. How much a lender in Minnesota can charge is governed by state statute and supervised by a state regulator. It also affects which lenders are licensed to serve you at all. Enter your own numbers rather than relying on an advertised example rate. Every calculator on this page runs in your browser and uses only the numbers you enter.

Lenders serving Richfield must be licensed under Minnesota rules.

What to know before you borrow in Minnesota

Payday lendingPermitted and regulated — maximum loan amount: The cash advance of a consumer small loan is equal to or less than $350; maximum loan term: Not to exceed 30 calendar days.Source: National Conference of State Legislatures · as of 2023
Small-loan / installment licensingConsumer lenders must obtain a state license (Yes).Source: Conference of State Bank Supervisors · as of 2026
Interest rate cap (usury limit)Usury limit: 6% legal rate; written contract up to 8% (Minn. Stat. § 334.01). Finance rates and fees for licensed lenders: The greater of: 21.75% per annum OR the total of 33% per annum on the portion not exceeding $1,200 19% per annum on the portion exceeding $1,200.Source: Conference of State Bank Supervisors · as of 2026
Consumer lending regulatorConsumer lenders in Minnesota are licensed and supervised by the Minnesota Department of Commerce.Source: Conference of State Bank Supervisors · as of 2026

See all Minnesota lending rules →

Compare offers in Richfield

Use the APR calculator if an offer quotes an interest rate and a separate fee - the APR is the number that lets you compare it fairly with other offers.

Then check affordability with the debt-to-income calculator before you submit an application.

Compare personal loan offers in Richfield

Check your rate with a lending partner in about two minutes. Checking does not affect your credit score.

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Frequently asked questions

Will applying for a loan in Richfield affect my credit score?

A pre-qualification check is typically a soft inquiry and does not affect your score. A full application is usually a hard inquiry, which can have a small, temporary effect.

What should I compare between two loan offers in Richfield?

Compare the APR rather than the interest rate, the term, any origination fee, and whether there is a prepayment penalty. The total amount repaid is the clearest single number.

Are payday loans available in Minnesota?

Minnesota has its own rules for short-term credit, which the sourced table above describes. Where a state restricts a product, lenders either change the terms or stop offering it locally.

Where can I check that a lender serving Richfield is legitimate?

The consumer lending regulator named in the table above publishes licence lookups. Checking a lender's licence before you share personal details is a reasonable precaution.

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