Ashby at a glance
- Population: 481 residents, the 504th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 477 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population rose about 0.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 504th out of 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 41% of the places in Minnesota (US Census Bureau).
- Coordinates: 46.0955, -95.8192 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Evansville, MN (9 mi); Elbow Lake, MN (11 mi); Battle Lake, MN (14 mi); Brandon, MN (14 mi); Fergus Falls, MN (18 mi) (US Census Bureau).
- Nearest smaller communities: Dalton, MN (7 mi); Millerville, MN (13 mi); Barrett, MN (13 mi), each a US Census place.
What a personal loan costs in Ashby
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Minnesota lending rules that apply in Ashby
The table lists the Minnesota rules that apply to a loan made in Ashby, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Ashby
The steps below are worth completing first when you borrow in Ashby:
- 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.