Eden Prairie at a glance
- Population: 62,166 — 16th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 64,198 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a decline of roughly 3.2% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 16th by size among 853 communities (US Census Bureau).
- Size percentile: roughly 98% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: latitude 44.8496, longitude -93.4587 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Bloomington, MN (7 mi); Burnsville, MN (11 mi); Plymouth, MN (12 mi); Minneapolis, MN (12 mi); Eagan, MN (15 mi) (US Census Bureau).
- Nearest smaller communities: Chanhassen, MN (5 mi); Shakopee, MN (5 mi); Edina, MN (6 mi) (Census populations).
What a personal loan costs in Eden Prairie
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Eden Prairie
The Minnesota rate caps and licensing rules that reach Eden Prairie are listed below, each with its source and retrieval 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 Eden Prairie
The order below is a sensible way to approach a loan in Eden Prairie:
- 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.