Echo at a glance
- Population: 238 people, the 623rd-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 241 (US Census Bureau).
- 2020 to 2023 change: down about 1.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 623rd-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 27% of the places in Minnesota (US Census Bureau).
- Coordinates: mapped at 44.6176, -95.4138 by the US Census Bureau Gazetteer.
- Nearest larger cities: Belview, MN (4 mi); Wood Lake, MN (6 mi); Vesta, MN (8 mi); Hanley Falls, MN (11 mi); Sacred Heart, MN (12 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Delhi, MN (10 mi); Seaforth, MN (11 mi); Lucan, MN (14 mi), each a US Census place.
What a personal loan costs in Echo
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
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.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Echo
Each row below is a Minnesota rule with its publisher and the date it was retrieved.
| 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 Echo
A few practical steps will make the process in Echo 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.