Ostrander at a glance
- Population: a Census-estimated 225, placing it 626th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 229 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 1.7% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 626th by size among 853 communities (US Census Bureau).
- Size percentile: it is larger than about 27% of the places in Minnesota (US Census Bureau).
- Coordinates: 43.6137, -92.4263 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Spring Valley, MN (5 mi); Le Roy, MN (8 mi); Grand Meadow, MN (10 mi); Wykoff, MN (10 mi); Racine, MN (12 mi) (US Census Bureau populations).
- Nearest smaller towns: Chester, IA (9 mi); Taopi, MN (11 mi); Elkton, MN (14 mi) (US Census Bureau).
What a personal loan costs in Ostrander
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
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 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 Ostrander
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Ostrander
These steps are the ones that most affect the offer you receive in Ostrander:
- 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.