Fosston at a glance
- Population: roughly 1,382 people; 303rd of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 1,430 (US Census Bureau).
- 2020 to 2023 change: down roughly 3.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 303rd of the state's 853 Census places (US Census Bureau).
- Size percentile: about 64% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: latitude 47.5851, longitude -95.7527 (US Census Bureau Gazetteer).
- Nearest larger cities: Ada, MN (41 mi); Bemidji, MN (41 mi); Thief River Falls, MN (41 mi); Crookston, MN (42 mi); Detroit Lakes, MN (54 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: McIntosh, MN (7 mi); Lengby, MN (7 mi); Winger, MN (11 mi) (Census populations).
What a personal loan costs in Fosston
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.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Fosston
The Minnesota rate caps and licensing rules that reach Fosston 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 Fosston
A few practical steps will make the process in Fosston less costly:
- 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.