Olivia at a glance
- Population: about 2,289 residents, ranking 247th of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 2,352 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population fell about 2.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 247th by size among 853 communities (US Census Bureau).
- Size percentile: it exceeds roughly 71% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 44.7770, -94.9971.
- Nearest larger cities: Redwood Falls, MN (17 mi); Willmar, MN (24 mi); Granite Falls, MN (27 mi); Hutchinson, MN (31 mi); Litchfield, MN (33 mi); US Census Bureau population estimates.
- Smaller places close by: Bird Island, MN (5 mi); Danube, MN (5 mi); Renville, MN (10 mi) (US Census Bureau).
What a personal loan costs in Olivia
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Olivia
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Olivia
The steps below are worth completing first when you borrow in Olivia:
- 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.