Cambridge at a glance
- Population: the Census estimates 10,509 residents, ranking 98th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 9,621 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 9.2% more residents than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 98th in population of 853 places (US Census Bureau).
- Size percentile: about 89% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: mapped at 45.5608, -93.2277 by the US Census Bureau Gazetteer.
- Nearest larger cities: North Branch, MN (14 mi); East Bethel, MN (14 mi); Ham Lake, MN (21 mi); Andover, MN (22 mi); Elk River, MN (23 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Isanti, MN (5 mi); Bethel, MN (11 mi); Braham, MN (11 mi) (US Census Bureau).
What a personal loan costs in Cambridge
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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 Cambridge
The table lists the Minnesota rules that apply to a loan made in Cambridge, each with the regulator that published it.
| 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 Cambridge
Run through this list before signing anything in Cambridge:
- 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.