Plato at a glance
- Population: 325 — 574th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 330 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.5% below the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 574th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 33% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: 44.7724 latitude, -94.0393 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Hamburg, MN (5 mi); Glencoe, MN (5 mi); Norwood Young America, MN (6 mi); Green Isle, MN (6 mi); Lester Prairie, MN (8 mi) (US Census Bureau).
- Nearest smaller communities: Biscay, MN (12 mi); Cedar Mills, MN (26 mi); Heidelberg, MN (28 mi), each a US Census place.
What a personal loan costs in Plato
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Plato
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Plato
The steps below are worth completing first when you borrow in Plato:
- 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.