Franklin at a glance
- Population: 510 — 489th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 494 (US Census Bureau).
- 2020 to 2023 change: an increase of about 3.2% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 489th of the state's 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 43% of the places in Minnesota (US Census Bureau).
- Coordinates: latitude 44.5306, longitude -94.8841 (US Census Bureau Gazetteer).
- Nearest larger cities: Fairfax, MN (8 mi); Morgan, MN (8 mi); Redwood Falls, MN (11 mi); Bird Island, MN (16 mi); Hector, MN (17 mi), each a US Census place with its estimated population.
- Smaller places nearby: Morton, MN (5 mi); Evan, MN (12 mi); Clements, MN (13 mi), per US Census Bureau estimates.
What a personal loan costs in Franklin
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Franklin
Read the table as the compliance picture for a lender serving Franklin: label, sourced figure, publisher and 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 Franklin
Before you share your details with a lender in Franklin:
- 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.