Waseca at a glance
- Population: 9,221 residents, the 106th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 9,231 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down roughly 0.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 106th largest of 853 (US Census Bureau).
- Size percentile: it exceeds roughly 88% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: 44.0815 latitude, -93.5040 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Owatonna, MN (14 mi); Faribault, MN (19 mi); Mankato, MN (24 mi); North Mankato, MN (28 mi); St. Peter, MN (29 mi); US Census Bureau population estimates.
- Nearest smaller communities: Waterville, MN (10 mi); Morristown, MN (10 mi); Janesville, MN (11 mi) (Census populations).
What a personal loan costs in Waseca
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Waseca
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Waseca
Before you commit to a personal loan in Waseca, 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.