Springfield at a glance
- Population: 1,992 (US Census Bureau, Vintage 2023 subcounty estimate), the 262nd-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 count put the population at 2,030 (US Census Bureau).
- 2020 to 2023 change: about 1.9% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 262nd of the state's 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 69% of the places in Minnesota (US Census Bureau).
- Coordinates: mapped at 44.2372, -94.9819 by the US Census Bureau Gazetteer.
- Nearest larger cities: Sleepy Eye, MN (13 mi); Redwood Falls, MN (22 mi); St. James, MN (25 mi); New Ulm, MN (26 mi); Windom, MN (26 mi) (Census populations, approximate straight-line distance).
- Nearest smaller places: Cobden, MN (7 mi); Sanborn, MN (8 mi); Comfrey, MN (10 mi) (US Census Bureau estimates).
What a personal loan costs in Springfield
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 advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Springfield
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 |
|---|---|---|
| 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 Springfield
The steps below are worth completing first when you borrow in Springfield:
- 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.