Watson at a glance
- Population: the Census estimates 174 residents, ranking 673rd of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 182 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 4.4% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 673rd by size among 853 communities (US Census Bureau).
- Size percentile: larger than about 21% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 45.0101 / -95.7998, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Montevideo, MN (6 mi); Milan, MN (9 mi); Dawson, MN (13 mi); Clarkfield, MN (15 mi); Appleton, MN (17 mi) (US Census Bureau populations).
- Smaller places close by: Boyd, MN (12 mi); Holloway, MN (17 mi); Hazel Run, MN (19 mi) (US Census Bureau).
What a personal loan costs in Watson
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Watson
The table lists the Minnesota rules that apply to a loan made in Watson, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Watson
Before you commit to a personal loan in Watson, 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.