Rochester at a glance
- Population: roughly 122,413 people; 3rd of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 121,392 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.8% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 3rd of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 99% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: mapped at 44.0143, -92.4786 by the US Census Bureau Gazetteer.
- Nearest larger cities: St. Paul, MN (72 mi); Minneapolis, MN (76 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Byron, MN (8 mi); Oronoco, MN (10 mi); Stewartville, MN (11 mi), per US Census Bureau estimates.
What a personal loan costs in Rochester
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Rochester
The Minnesota rate caps and licensing rules that reach Rochester are listed below, each with its source and retrieval date.
| 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 Rochester
A few practical steps will make the process in Rochester less costly:
- 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.