Nicollet at a glance
- Population: 1,112 — 341st in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,142 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: population fell about 2.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 341st of the state's 853 Census places (US Census Bureau).
- Size percentile: roughly 60% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: 44.2746 latitude, -94.1881 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: North Mankato, MN (10 mi); St. Peter, MN (12 mi); Lake Crystal, MN (12 mi); Mankato, MN (13 mi); New Ulm, MN (14 mi); each population is a US Census Bureau estimate.
- Nearest smaller places: Courtland, MN (8 mi); Kasota, MN (11 mi); Skyline, MN (12 mi) (US Census Bureau estimates).
What a personal loan costs in Nicollet
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total 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.
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 Nicollet
The table lists the Minnesota rules that apply to a loan made in Nicollet, each with the regulator that published it.
| 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 Nicollet
These steps are the ones that most affect the offer you receive in Nicollet:
- 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.