Andover at a glance
- Population: 33,089 (US Census Bureau, Vintage 2023 subcounty estimate), the 29th-largest of 853 places in Minnesota.
- 2020 Census base: 32,596 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 1.5% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 29th out of 853 Census places (US Census Bureau).
- Size percentile: roughly 97% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: latitude 45.2524, longitude -93.3374 (US Census Bureau Gazetteer).
- Nearest larger cities: Coon Rapids, MN (5 mi); Blaine, MN (9 mi); Brooklyn Park, MN (10 mi); Maple Grove, MN (11 mi); Plymouth, MN (17 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Anoka, MN (4 mi); Ramsey, MN (6 mi); Champlin, MN (6 mi) (US Census Bureau).
What a personal loan costs in Andover
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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 Andover
Each row below is a Minnesota rule with its publisher and the date it was retrieved.
| 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 Andover
The steps below are worth completing first when you borrow in Andover:
- 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.