New Germany at a glance
- Population: the Census estimates 453 residents, ranking 515th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 470 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 3.6% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 515th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 40% of the places in Minnesota (US Census Bureau).
- Coordinates: 44.8802 / -93.9781, per the US Census Bureau Gazetteer.
- Nearest larger cities: Lester Prairie, MN (3 mi); Mayer, MN (4 mi); Winsted, MN (6 mi); Norwood Young America, MN (8 mi); Watertown, MN (9 mi); US Census Bureau population estimates.
- Nearest smaller communities: Plato, MN (8 mi); Biscay, MN (15 mi); New Auburn, MN (19 mi), each a US Census place.
What a personal loan costs in New Germany
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed 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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in New Germany
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in New Germany.
| 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 New Germany
The order below is a sensible way to approach a loan in New Germany:
- 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.