Madelia at a glance
- Population: about 2,375 residents, ranking 242nd of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 2,404 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: down roughly 1.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: the 242nd-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 72% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 44.0482, -94.4199 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Lake Crystal, MN (11 mi); St. James, MN (11 mi); New Ulm, MN (18 mi); North Mankato, MN (21 mi); Sleepy Eye, MN (23 mi), each a US Census place with its estimated population.
- Smaller places close by: La Salle, MN (8 mi); Hanska, MN (8 mi); Lewisville, MN (9 mi) (US Census Bureau).
What a personal loan costs in Madelia
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
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 Madelia
The Minnesota rate caps and licensing rules that reach Madelia 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 Madelia
Run through this list before signing anything in Madelia:
- 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.