Elbow Lake at a glance
- Population: a Census-estimated 1,281, placing it 323rd among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 1,273 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 0.6% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 323rd in population of 853 places (US Census Bureau).
- Size percentile: about 62% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: it sits at 45.9896, -95.9788 in the US Census Bureau Gazetteer.
- Nearest larger cities: Fergus Falls, MN (21 mi); Wheaton, MN (28 mi); Morris, MN (28 mi); Alexandria, MN (30 mi); Starbuck, MN (34 mi); US Census Bureau population estimates.
- Nearest smaller communities: Barrett, MN (6 mi); Wendell, MN (7 mi); Ashby, MN (11 mi) (Census populations).
What a personal loan costs in Elbow Lake
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
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 Elbow Lake
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 Elbow Lake
Run through this list before signing anything in Elbow Lake:
- 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.