Askov at a glance
- Population: 333 people, the 568th-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 329 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: an increase of about 1.2% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 568th largest of 853 (US Census Bureau).
- Size percentile: roughly 33% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: latitude 46.1886, longitude -92.7824 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Sandstone, MN (6 mi); Willow River, MN (10 mi); Hinckley, MN (14 mi); Sturgeon Lake, MN (14 mi); Moose Lake, MN (18 mi) (US Census Bureau).
- Smaller places close by: Rutledge, MN (7 mi); Finlayson, MN (7 mi); Bruno, MN (8 mi) (US Census Bureau).
What a personal loan costs in Askov
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Askov
Read the table as the compliance picture for a lender serving Askov: label, sourced figure, publisher and date.
| 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 Askov
The steps below are worth completing first when you borrow in Askov:
- 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.