Graceville at a glance
- Population: the Census estimates 520 residents, ranking 481st of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 526 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down roughly 1.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 481st by size among 853 communities (US Census Bureau).
- Size percentile: larger than about 44% of the Census places in Minnesota (US Census Bureau).
- Coordinates: it sits at 45.5687, -96.4372 in the US Census Bureau Gazetteer.
- Nearest larger cities: Wheaton, MN (17 mi); Ortonville, MN (18 mi); Morris, MN (26 mi); Milbank, SD (26 mi); Sisseton, SD (30 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Barry, MN (6 mi); Johnson, MN (7 mi); Clinton, MN (7 mi) (Census populations).
What a personal loan costs in Graceville
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Graceville
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Graceville.
| 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 Graceville
Before you share your details with a lender in Graceville:
- 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.