Afton at a glance
- Population: the Census estimates 2,941 residents, ranking 214th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 2,952 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 0.4% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 214th in population of 853 places (US Census Bureau).
- Size percentile: larger than about 75% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 44.8988 latitude, -92.8191 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Woodbury, MN (5 mi); Hudson, WI (6 mi); North Hudson, WI (7 mi); Cottage Grove, MN (8 mi); Lake Elmo, MN (8 mi); each population is a US Census Bureau estimate.
- Smaller places close by: St. Marys Point, MN (3 mi); Lake St. Croix Beach, MN (3 mi); Lakeland Shores, MN (4 mi) (US Census Bureau).
What a personal loan costs in Afton
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Afton
The Minnesota rate caps and licensing rules that reach Afton are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Afton
These steps are the ones that most affect the offer you receive in Afton:
- 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.