Emily at a glance
- Population: 863 people, the 376th-largest place among Minnesota's 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 844 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: a gain of roughly 2.3% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 376th by size among 853 communities (US Census Bureau).
- Size percentile: about 56% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 46.7690, -93.9805 in the US Census Bureau Gazetteer.
- Nearest larger cities: Crosslake, MN (9 mi); Breezy Point, MN (15 mi); Crosby, MN (19 mi); Pequot Lakes, MN (19 mi); Pine River, MN (20 mi); US Census Bureau population estimates.
- Nearest smaller places: Fifty Lakes, MN (7 mi); Manhattan Beach, MN (8 mi); Trommald, MN (18 mi) (US Census Bureau estimates).
What a personal loan costs in Emily
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Emily
Read the table as the compliance picture for a lender serving Emily: label, sourced figure, publisher and date.
| 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 Emily
Before you share your details with a lender in Emily:
- 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.