Spicer at a glance
- Population: a Census-estimated 1,081, placing it 346th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 1,112 residents here (US Census Bureau).
- 2020 to 2023 change: population fell about 2.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 346th largest of 853 (US Census Bureau).
- Size percentile: roughly 59% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: latitude 45.2336, longitude -94.9400 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): New London, MN (4 mi); Willmar, MN (10 mi); Atwater, MN (10 mi); Paynesville, MN (15 mi); Litchfield, MN (22 mi) (US Census Bureau).
- Nearest smaller towns: Kandiyohi, MN (7 mi); Regal, MN (13 mi); Pennock, MN (13 mi) (US Census Bureau).
What a personal loan costs in Spicer
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Spicer
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Spicer.
| 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 Spicer
Before you commit to a personal loan in Spicer, work through these steps:
- 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.