Chokio at a glance
- Population: 410 (US Census Bureau, Vintage 2023 subcounty estimate), the 528th-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 count put the population at 408 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.5% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 528th out of 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 38% of the places in Minnesota (US Census Bureau).
- Coordinates: 45.5731 latitude, -96.1742 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Graceville, MN (13 mi); Morris, MN (13 mi); Hancock, MN (19 mi); Wheaton, MN (22 mi); Ortonville, MN (23 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Johnson, MN (6 mi); Alberta, MN (6 mi); Donnelly, MN (11 mi) — US Census Bureau populations.
What a personal loan costs in Chokio
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Chokio
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Chokio
The steps below are worth completing first when you borrow in Chokio:
- 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.