Amboy at a glance
- Population: 519 residents, the 482nd-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 538 residents here (US Census Bureau).
- 2020 to 2023 change: about 3.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: the 482nd-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: it exceeds roughly 43% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: 43.8879 latitude, -94.1583 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Winnebago, MN (9 mi); Good Thunder, MN (9 mi); Mapleton, MN (10 mi); Truman, MN (14 mi); Lake Crystal, MN (15 mi) (US Census Bureau).
- Nearest smaller communities: Vernon Center, MN (5 mi); Delavan, MN (11 mi); Lewisville, MN (14 mi), each a US Census place.
What a personal loan costs in Amboy
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Amboy
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Amboy.
| 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 |
How to compare offers in Amboy
A few practical steps will make the process in Amboy less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Minnesota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.