Frazee at a glance
- Population: the Census estimates 1,308 residents, ranking 319th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 1,330 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 1.7% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 319th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: ahead of around 63% of Minnesota places in population terms (US Census Bureau).
- Coordinates: latitude 46.7288, longitude -95.7039 (US Census Bureau Gazetteer).
- Nearest larger cities: Detroit Lakes, MN (9 mi); Perham, MN (11 mi); Pelican Rapids, MN (21 mi); New York Mills, MN (21 mi); Menahga, MN (29 mi); US Census Bureau population estimates.
- Nearest smaller towns: Vergas, MN (7 mi); Dent, MN (12 mi); Richville, MN (16 mi) — US Census Bureau populations.
What a personal loan costs in Frazee
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Frazee
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Frazee
Before you commit to a personal loan in Frazee, 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.