Ottertail at a glance
- Population: about 709, 417th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 635 residents here (US Census Bureau).
- 2020 to 2023 change: an increase of about 11.7% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 417th in population of 853 places (US Census Bureau).
- Size percentile: roughly 51% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 46.4316, -95.5712 in the US Census Bureau Gazetteer.
- Nearest larger cities: Henning, MN (10 mi); New York Mills, MN (11 mi); Perham, MN (12 mi); Battle Lake, MN (12 mi); Wadena, MN (21 mi); each population is a US Census Bureau estimate.
- Nearest smaller places: Richville, MN (6 mi); Dent, MN (11 mi); Clitherall, MN (11 mi) (US Census Bureau estimates).
What a personal loan costs in Ottertail
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Minnesota lending rules that apply in Ottertail
The Minnesota rate caps and licensing rules that reach Ottertail are listed below, each with its source and retrieval date.
| 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 Ottertail
Here is a short checklist for comparing personal loans in Ottertail:
- 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.