Racine at a glance
- Population: 525, the 478th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 456 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 15.1% more residents than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: the 478th-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 44% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 43.7755 latitude, -92.4810 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Stewartville, MN (6 mi); Grand Meadow, MN (7 mi); Spring Valley, MN (8 mi); Chatfield, MN (16 mi); Rochester, MN (16 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Ostrander, MN (12 mi); Wykoff, MN (12 mi); Dexter, MN (12 mi) — US Census Bureau populations.
What a personal loan costs in Racine
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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.
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 Racine
The Minnesota rate caps and licensing rules that reach Racine are listed below, each with its source and retrieval date.
| 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 Racine
Here is a short checklist for comparing personal loans in Racine:
- 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.