Lafayette at a glance
- Population: the Census estimates 467 residents, ranking 509th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 489 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population fell about 4.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 509th out of 853 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 40% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: latitude 44.4471, longitude -94.3927 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Winthrop, MN (7 mi); Gibbon, MN (9 mi); New Ulm, MN (10 mi); Gaylord, MN (12 mi); Courtland, MN (12 mi) (US Census Bureau).
- Smaller places nearby: New Auburn, MN (17 mi); Hanska, MN (21 mi); Evan, MN (23 mi), per US Census Bureau estimates.
What a personal loan costs in Lafayette
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
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 payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Lafayette
Read the table as the compliance picture for a lender serving Lafayette: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lafayette
These steps are the ones that most affect the offer you receive in Lafayette:
- 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.