Foley at a glance
- Population: 2,673 residents, the 226th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,706 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 1.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 226th in population of 853 places (US Census Bureau).
- Size percentile: about 74% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: latitude 45.6636, longitude -93.9095 (US Census Bureau Gazetteer).
- Nearest larger cities: Sauk Rapids, MN (13 mi); Milaca, MN (14 mi); Sartell, MN (15 mi); St. Cloud, MN (16 mi); Princeton, MN (17 mi) — straight-line distances, US Census Bureau populations.
- Smaller places close by: Gilman, MN (5 mi); Foreston, MN (11 mi); Pease, MN (13 mi) (US Census Bureau).
What a personal loan costs in Foley
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Foley
The table lists the Minnesota rules that apply to a loan made in Foley, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Foley
Here is a short checklist for comparing personal loans in Foley:
- 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.