Wanda at a glance
- Population: about 73, 792nd by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 74 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.4% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 792nd of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 7% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: it sits at 44.3132, -95.2135 in the US Census Bureau Gazetteer.
- Nearest larger cities: Lamberton, MN (6 mi); Wabasso, MN (7 mi); Sanborn, MN (8 mi); Clements, MN (9 mi); Revere, MN (10 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Cobden, MN (18 mi); Evan, MN (19 mi); Delhi, MN (20 mi), per US Census Bureau estimates.
What a personal loan costs in Wanda
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Wanda
The Minnesota rate caps and licensing rules that reach Wanda are listed below, each with its source and retrieval date.
| 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 Wanda
Run through this list before signing anything in Wanda:
- 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.