Paynesville at a glance
- Population: 2,558 — 230th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,391 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: up about 7.0% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 230th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: it is larger than about 73% of the places in Minnesota (US Census Bureau).
- Coordinates: 45.3785, -94.7216 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Cold Spring, MN (15 mi); Albany, MN (19 mi); Litchfield, MN (20 mi); Melrose, MN (21 mi); St. Joseph, MN (24 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Roscoe, MN (6 mi); Regal, MN (6 mi); Lake Henry, MN (7 mi) (US Census Bureau).
What a personal loan costs in Paynesville
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Paynesville
The table lists the Minnesota rules that apply to a loan made in Paynesville, each with the regulator that published it.
| 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 Paynesville
Before you share your details with a lender in Paynesville:
- 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.