Excelsior at a glance
- Population: 2,277 — 249th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,360 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 3.5% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 249th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 71% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 44.9027, -93.5664 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Shorewood, MN (1 mi); Deephaven, MN (3 mi); Chanhassen, MN (3 mi); Orono, MN (4 mi); Mound, MN (5 mi) (US Census Bureau).
- Nearest smaller towns: Greenwood, MN (1 mi); Tonka Bay, MN (1 mi); Spring Park, MN (4 mi) — US Census Bureau populations.
What a personal loan costs in Excelsior
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Excelsior
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Excelsior.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Excelsior
These steps are the ones that most affect the offer you receive in Excelsior:
- 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.