Winsted at a glance
- Population: roughly 2,225 people; 250th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 2,243 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: down roughly 0.8% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 250th out of 853 Census places (US Census Bureau).
- Size percentile: roughly 71% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 44.9582, -94.0503.
- Nearest larger cities: Mayer, MN (9 mi); Montrose, MN (10 mi); Watertown, MN (10 mi); Cokato, MN (11 mi); Delano, MN (14 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Lester Prairie, MN (5 mi); New Germany, MN (6 mi); Howard Lake, MN (7 mi) (US Census Bureau).
What a personal loan costs in Winsted
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Winsted
The table lists the Minnesota rules that apply to a loan made in Winsted, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Winsted
The order below is a sensible way to approach a loan in Winsted:
- 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.