Lake Lillian at a glance
- Population: about 240, 622nd by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 249 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 3.6% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 622nd largest of 853 (US Census Bureau).
- Size percentile: about 27% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 44.9459 latitude, -94.8800 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Cosmos, MN (9 mi); Bird Island, MN (13 mi); Olivia, MN (13 mi); Kandiyohi, MN (13 mi); Atwater, MN (14 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Blomkest, MN (7 mi); Cedar Mills, MN (18 mi); Delhi, MN (29 mi), per US Census Bureau estimates.
What a personal loan costs in Lake Lillian
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.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Lake Lillian
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Lake Lillian.
| 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 Lake Lillian
These steps are the ones that most affect the offer you receive in Lake Lillian:
- 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.