Elysian at a glance
- Population: 744, the 401st-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 703 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 5.8% higher than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 401st of the state's 853 Census places (US Census Bureau).
- Size percentile: about 53% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 44.2064, -93.6813 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Waterville, MN (5 mi); Janesville, MN (6 mi); Madison Lake, MN (7 mi); Eagle Lake, MN (10 mi); Cleveland, MN (11 mi) (US Census Bureau).
- Nearest smaller places: Kilkenny, MN (9 mi); St. Clair, MN (12 mi); Pemberton, MN (15 mi) (US Census Bureau estimates).
What a personal loan costs in Elysian
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the 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.
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 Elysian
The table lists the Minnesota rules that apply to a loan made in Elysian, each with the regulator that published it.
| 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 Elysian
Before you share your details with a lender in Elysian:
- 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.