Grand Meadow at a glance
- Population: 1,131, the 338th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 1,127 residents here (US Census Bureau).
- 2020 to 2023 change: population rose about 0.4% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 338th of the state's 853 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 60% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: it sits at 43.7062, -92.5702 in the US Census Bureau Gazetteer.
- Nearest larger cities: Spring Valley, MN (9 mi); Stewartville, MN (11 mi); Hayfield, MN (19 mi); Austin, MN (21 mi); Chatfield, MN (22 mi); US Census Bureau population estimates.
- Nearest smaller communities: Racine, MN (7 mi); Dexter, MN (7 mi); Elkton, MN (8 mi), each a US Census place.
What a personal loan costs in Grand Meadow
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Minnesota lending rules that apply in Grand Meadow
The table lists the Minnesota rules that apply to a loan made in Grand Meadow, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Grand Meadow
The order below is a sensible way to approach a loan in Grand Meadow:
- 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.