Odessa at a glance
- Population: 104 (US Census Bureau, Vintage 2023 subcounty estimate), the 751st-largest of 853 places in Minnesota.
- 2020 Census base: 104 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: no meaningful change since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 751st in population of 853 places (US Census Bureau).
- Size percentile: larger than about 12% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 45.2622 / -96.3335, per the US Census Bureau Gazetteer.
- Nearest larger cities: Ortonville, MN (6 mi); Big Stone City, SD (7 mi); Bellingham, MN (9 mi); Milbank, SD (15 mi); Clinton, MN (15 mi) (Census populations, approximate straight-line distance).
- Smaller towns nearby: Correll, MN (9 mi); Louisburg, MN (10 mi); Nassau, MN (14 mi) (US Census Bureau).
What a personal loan costs in Odessa
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Odessa
Read the table as the compliance picture for a lender serving Odessa: label, sourced figure, publisher and date.
| 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 Odessa
Here is a short checklist for comparing personal loans in Odessa:
- 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.