Owatonna at a glance
- Population: 26,534 (US Census Bureau, Vintage 2023 subcounty estimate), the 39th-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 Census recorded 26,430 residents here (US Census Bureau).
- 2020 to 2023 change: population rose about 0.4% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 39th out of 853 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 95% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: 44.0919 latitude, -93.2317 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Mankato, MN (37 mi); Rochester, MN (38 mi); Lakeville, MN (40 mi); Prior Lake, MN (45 mi); Apple Valley, MN (45 mi), each a US Census place with its estimated population.
- Smaller places close by: Medford, MN (5 mi); Claremont, MN (12 mi); Waseca, MN (14 mi) (US Census Bureau).
What a personal loan costs in Owatonna
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Owatonna
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 Owatonna
These steps are the ones that most affect the offer you receive in Owatonna:
- 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.