Coon Rapids at a glance
- Population: 63,377 residents, the 15th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 63,627 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: population fell about 0.4% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Minnesota places: 15th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 98% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: mapped at 45.1764, -93.3115 by the US Census Bureau Gazetteer.
- Nearest larger cities: Brooklyn Park, MN (5 mi); Blaine, MN (5 mi); Maple Grove, MN (9 mi); Plymouth, MN (13 mi); Minneapolis, MN (15 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Champlin, MN (4 mi); Anoka, MN (5 mi); Spring Lake Park, MN (5 mi) (Census populations).
What a personal loan costs in Coon Rapids
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 APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Coon Rapids
Read the table as the compliance picture for a lender serving Coon Rapids: label, sourced figure, publisher and 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 Coon Rapids
Before you share your details with a lender in Coon Rapids:
- 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.