New Richland at a glance
- Population: 1,216 — 329th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,231 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 1.2% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 329th in population of 853 places (US Census Bureau).
- Size percentile: about 61% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 43.8939, -93.4939.
- Nearest larger cities within 120 miles: Waseca, MN (13 mi); Wells, MN (16 mi); Albert Lea, MN (18 mi); Owatonna, MN (19 mi); Janesville, MN (19 mi) (US Census Bureau).
- Nearest smaller communities: Hartland, MN (6 mi); Freeborn, MN (10 mi); Ellendale, MN (10 mi) (Census populations).
What a personal loan costs in New Richland
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.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in New Richland
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in New Richland.
| 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 New Richland
A few practical steps will make the process in New Richland less costly:
- 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.