Freeborn at a glance
- Population: roughly 260 people; 609th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 262 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 0.8% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 609th of the state's 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 29% of the places in Minnesota (US Census Bureau).
- Coordinates: it sits at 43.7660, -93.5644 in the US Census Bureau Gazetteer.
- Nearest larger cities: Hartland, MN (5 mi); Alden, MN (7 mi); Wells, MN (9 mi); New Richland, MN (10 mi); Clarks Grove, MN (12 mi); each population is a US Census Bureau estimate.
- Smaller places close by: Manchester, MN (6 mi); Conger, MN (11 mi); Walters, MN (12 mi) (US Census Bureau).
What a personal loan costs in Freeborn
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Freeborn
The Minnesota rate caps and licensing rules that reach Freeborn are listed below, each with its source and retrieval date.
| 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 Freeborn
Before you share your details with a lender in Freeborn:
- 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.