Clarissa at a glance
- Population: 654 residents, the 438th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 661 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: down roughly 1.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 438th largest of 853 (US Census Bureau).
- Size percentile: larger than about 49% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 46.1285 / -94.9491, per the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Browerville, MN (5 mi); Long Prairie, MN (11 mi); Staples, MN (18 mi); Parkers Prairie, MN (18 mi); Motley, MN (20 mi) (US Census Bureau).
- Smaller places close by: Eagle Bend, MN (5 mi); Bertha, MN (11 mi); Hewitt, MN (15 mi) (US Census Bureau).
What a personal loan costs in Clarissa
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Clarissa
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Clarissa.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Clarissa
Before you share your details with a lender in Clarissa:
- 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.