Ellsworth at a glance
- Population: 483 (US Census Bureau, Vintage 2023 subcounty estimate), the 502nd-largest of 853 places in Minnesota.
- 2020 Census base: 497 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 2.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 502nd of the state's 853 Census places (US Census Bureau).
- Size percentile: about 41% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 43.5206, -96.0186 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Adrian, MN (9 mi); Rock Rapids, IA (10 mi); George, IA (12 mi); Luverne, MN (13 mi); Sibley, IA (16 mi) (US Census Bureau).
- Nearest smaller communities: Little Rock, IA (9 mi); Magnolia, MN (9 mi); Steen, MN (12 mi), each a US Census place.
What a personal loan costs in Ellsworth
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Ellsworth
The Minnesota rate caps and licensing rules that reach Ellsworth are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Ellsworth
Before you commit to a personal loan in Ellsworth, work through these steps:
- 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.