Redwood Falls at a glance
- Population: the Census estimates 5,059 residents, ranking 151st of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 5,103 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 0.9% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: the 151st-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 82% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: 44.5471 latitude, -95.1026 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Marshall, MN (35 mi); New Ulm, MN (35 mi); Willmar, MN (40 mi); Montevideo, MN (41 mi); Hutchinson, MN (43 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Morton, MN (6 mi); Delhi, MN (6 mi); Franklin, MN (11 mi), each a US Census place.
What a personal loan costs in Redwood Falls
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Redwood Falls
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Redwood Falls.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Redwood Falls
Run through this list before signing anything in Redwood Falls:
- 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.