Lake Wilson at a glance
- Population: 246, the 617th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 255 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population fell about 3.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 617th by size among 853 communities (US Census Bureau).
- Size percentile: roughly 28% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 43.9954, -95.9546 in the US Census Bureau Gazetteer.
- Nearest larger cities: Chandler, MN (4 mi); Slayton, MN (10 mi); Edgerton, MN (12 mi); Balaton, MN (17 mi); Wilmont, MN (17 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Hadley, MN (5 mi); Woodstock, MN (7 mi); Iona, MN (10 mi) (US Census Bureau).
What a personal loan costs in Lake Wilson
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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 Lake Wilson
The Minnesota rate caps and licensing rules that reach Lake Wilson are listed below, each with its source and retrieval date.
| 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 Lake Wilson
The order below is a sensible way to approach a loan in Lake Wilson:
- 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.