Good to excellent credit
American Express
- Credit profile
- Excellent
- APR range
- 6.99% – 19.99%
- Loan amount
- $3,500 – $40,000
Personal finance / MN
Personal loans, banking, insurance, and debt help in Minnesota
Minnesotans use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
32lenders in the dataset
MNstate guide
$1,607/yraverage homeowners premium in dataset
51jurisdictions in the dataset
01 / Personal loans
Personal loans in Minnesota
Minnesotans use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
Interest-rate law
Minnesota splits its rate framework by loan type. Regulated lenders under the Consumer Credit Code (loans up to $100,000) can charge whichever produces more revenue between a flat rate or a tiered schedule. Smaller, shorter-term loans get their own flat, higher cap following 2023 reform.
| Loan range | Rate | Statute |
|---|---|---|
| Regulated loans up to $100,000 | Greater of flat 21.75% APR, or 33% on first ~$1,425 and 19% on the remainder | §47.59 |
| Consumer small loan (up to $350) / consumer short-term loan (up to $1,300, ≤60 days) | 36% flat all-in APR | 2023 reform, effective Jan 1, 2024 |
Lender complaints: Minnesota Department of Commerce
02 / Lender directory
Lenders by credit profile
Good to excellent credit
Axos Bank
- Credit profile
- Excellent
- APR range
- 11.79% – 20.84%
- Loan amount
- $7,000 – $50,000
Good to excellent credit
Citi
- Credit profile
- Good - Excellent
- APR range
- 9.99% – 17.49%
- Loan amount
- $2,000 – $30,000
Good to excellent credit
Discover
- Credit profile
- Good - Excellent
- APR range
- 6.99% – 24.99%
- Loan amount
- $2,500 – $40,000
Good to excellent credit
Happy Money
- Credit profile
- Good
- APR range
- 7.95% – 35.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
Huntington Bank
- Credit profile
- Not specified
- APR range
- 8.47% – 25%
- Loan amount
- $0 – $50,000
Good to excellent credit
LightStream
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.39%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
PenFed
- Credit profile
- Good
- APR range
- 7.99% – 17.99%
- Loan amount
- $500 – $50,000
Good to excellent credit
PNC Bank
- Credit profile
- Not specified
- APR range
- 7.89% – 24.99%
- Loan amount
- $1,000 – $35,000
Good to excellent credit
Prosper
- Credit profile
- Good
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Reach Financial
- Credit profile
- Not specified
- APR range
- 5.99% – 35.99%
- Loan amount
- $3,500 – $40,000
Good to excellent credit
Rocket Loans
- Credit profile
- Good
- APR range
- 8.01% – 29.99%
- Loan amount
- $2,000 – $45,000
Good to excellent credit
SoFi
- Credit profile
- Good - Excellent
- APR range
- 8.74% – 35.99%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
USAA
- Credit profile
- Good - Excellent
- APR range
- 9.89% – 18.51%
- Loan amount
- $2,500 – $100,000
Good to excellent credit
US Bank
- Credit profile
- Not specified
- APR range
- 8.74% – 24.99%
- Loan amount
- $1,000 – $50,000
Good to excellent credit
Wells Fargo
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.99%
- Loan amount
- $3,000 – $100,000
Fair credit
Achieve
- Credit profile
- Fair
- APR range
- 6.25% – 35.99%
- Loan amount
- $5,000 – $50,000
Fair credit
Avant
- Credit profile
- Poor to Good
- APR range
- 9.95% – 35.99%
- Loan amount
- $2,000 – $35,000
Fair credit
Best Egg
- Credit profile
- Fair
- APR range
- 6.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Happen Bank (formerly LendingClub)
- Credit profile
- Fair
- APR range
- 7.04% – 35.99%
- Loan amount
- $1,000 – $60,000
Fair credit
LendingPoint
- Credit profile
- Fair
- APR range
- 7.99% – 35.99%
- Loan amount
- $1,000 – $36,500
Fair credit
Navy Federal Credit Union
- Credit profile
- Fair - Excellent
- APR range
- 8.74% – 18%
- Loan amount
- $250 – $50,000
Fair credit
Oportun
- Credit profile
- Fair
- APR range
- N/A – 35.95%
- Loan amount
- $300 – $10,000
Fair credit
Upgrade
- Credit profile
- Fair
- APR range
- 7.74% – 35.99%
- Loan amount
- $1,000 – $50,000
Fair credit
Upstart
- Credit profile
- Fair
- APR range
- 6.20% – 35.99%
- Loan amount
- $1,000 – $75,000
Poor or limited credit
CreditNinja
- Credit profile
- Poor
- APR range
- 195.75% – 349%
- Loan amount
- $300 – $5,000
Poor or limited credit
Integra Credit
- Credit profile
- Poor
- APR range
- 149% – 399%
- Loan amount
- $500 – $3,000
Poor or limited credit
NetCredit
- Credit profile
- Poor
- APR range
- 34% – 99.99%
- Loan amount
- $1,000 – $10,000
Poor or limited credit
OneMain Financial
- Credit profile
- Poor
- APR range
- 18% – 35.99%
- Loan amount
- $1,500 – $20,000
Poor or limited credit
OppLoans
- Credit profile
- Poor
- APR range
- 160% – 195%
- Loan amount
- $500 – $5,000
Poor or limited credit
Personify Financial
- Credit profile
- Poor
- APR range
- 36% – 179.50%
- Loan amount
- $500 – $15,000
Poor or limited credit
Rise
- Credit profile
- Poor
- APR range
- 99% – 199%
- Loan amount
- $500 – $5,000
03 / Debt consolidation
Debt consolidation
Minnesota's regulated-lender cap runs 21.75% flat or a tiered 33%/19% blend, so a well-priced debt consolidation loan should land well under whichever applies to your loan size; comparing multiple lenders is still worthwhile.
04 / Banking and credit unions
Banking in Minnesota
National banks offer scale and convenience while Minnesota-based regional and community banks compete on relationship banking and local decision-making.
Banks listed
- Wells FargoNational bank.
- US BankNational bank, headquartered in Minneapolis, MN.
- Bremer BankHeadquartered in St. Paul, MN.
- BMOU.S. headquarters in Chicago, IL; part of Bank of Montreal.
- ChaseNational bank.
- Old National BankHeadquartered in Evansville, IN.
- Bank of AmericaNational bank.
Credit unions
Minnesota credit unions are member-owned, not-for-profit institutions that often post lower rates and fewer fees than banks, with membership tied to location, employer, or association.
Median membership growth of about 0.1% year over year (Q4 2025 NCUA data), versus a national median of about -0.5%, alongside solid median asset growth (about 4.0%).
Grew out of Minnesota's deep cooperative culture (Land O'Lakes, the Farmers Union, rural grocery/electric co-ops) already established by the 1930s-40s. State-chartered credit unions can combine multiple field-of-membership types into a single charter. Minnesota chartered its first new credit union in 23 years recently: Arise Community Credit Union, the state's first Black-led credit union.
Federally insured credit union deposits are protected up to $250,000 through the National Credit Union Share Insurance Fund.
Credit unions listed
05 / Debt settlement
Debt settlement
Legal with specific, well-documented fee caps. Providers must register under Minn. Stat. ch. 332B, regulated by the Minnesota Department of Commerce. Fees capped at 15% of aggregate enrolled debt or 30% of negotiated savings, plus an origination fee of $200 (under $20,000 debt) or $400 (at or above $20,000). No fee can be collected before a bona fide written settlement offer, and verbatim consumer warnings are required.
Companies listed in the dataset
06 / Insurance
Minnesota insurance
Regulator
Minnesota Department of Commerce
Insurance regulator websiteAuto insurance
30/60/10
Minnesota requires liability insurance of $30,000 per person/$60,000 per accident bodily injury, plus $10,000 property damage, plus PIP, uninsured motorist, and underinsured motorist coverage as a no-fault state.
Homeowners and renters
$1,607/yr
- State requirement
- No
- National homeowners average
- $1,337/yr
- Renters average
- $132/yr
Severe thunderstorms, hail, tornadoes, and heavy winter snow and ice loads that can cause roof damage.
07 / Questions
Minnesota FAQs
How do I file a complaint against a lender in Minnesota?
Contact the Minnesota Department of Commerce, which licenses and supervises consumer lenders and is also the state's insurance regulator.
How do I file a complaint against my insurance company in Minnesota?
File with the Minnesota Department of Commerce.
What's the maximum interest rate a lender can legally charge on a personal loan in Minnesota?
Regulated lenders can charge whichever is greater: a flat 21.75% APR, or a tiered schedule of 33% on the first ~$1,425 and 19% on the remainder, for loans up to $100,000. Small short-term loan products (up to $350, or $1,300 for 60-day short-term loans) get a flat 36% all-in cap under a 2024 reform.
What credit score do I need for a personal loan in Minnesota?
It depends on the lender. Banks and credit unions generally want a FICO score of 700+, FinTech lenders work with fair credit (low-to-mid 600s), and some lenders serve poor/limited credit at higher APRs.
Are payday loans legal in Minnesota, and are there caps on fees or loan amounts?
Yes, but tightened substantially starting January 1, 2024. Consumer small loans are capped at $350 with a flat 36% all-in APR. Rollovers are prohibited and terms capped at 30 days. A federal loophole still lets out-of-state bank partners offer higher rates; a 2024 bill to close it for all lending did not pass.
How long can a debt collector legally pursue an unpaid debt in Minnesota before the statute of limitations runs out?
Minnesota applies a uniform 6-year statute of limitations to essentially all consumer debt (Minn. Stat. § 541.05, subd. 1); UCC goods-sale debt gets a shorter 4-year window. A payment or acknowledgment can restart the clock.
What's the difference between a debt consolidation loan and debt settlement for someone living in Minnesota?
A consolidation loan pays off debts in full with new borrowed money at a lower rate; settlement negotiates a reduced payoff but requires halting payments first, damaging credit, with forgiven debt potentially taxable. Minnesota caps debt settlement fees fairly specifically, a real consumer protection.
