Waterville at a glance
- Population: 1,752, the 281st-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,750 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.1% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 281st-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: roughly 67% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: 44.2219, -93.5726 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Janesville, MN (10 mi); Waseca, MN (10 mi); Le Center, MN (14 mi); Montgomery, MN (15 mi); Faribault, MN (15 mi); each population is a US Census Bureau estimate.
- Smaller places close by: Elysian, MN (5 mi); Morristown, MN (6 mi); Kilkenny, MN (6 mi) (US Census Bureau).
What a personal loan costs in Waterville
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Waterville
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Waterville
Here is a short checklist for comparing personal loans in Waterville:
- 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.