Forest Lake at a glance
- Population: a Census-estimated 20,685, placing it 60th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 20,611 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 0.4% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 60th largest of 853 (US Census Bureau).
- Size percentile: it exceeds roughly 93% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: it sits at 45.2508, -92.9669 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Lino Lakes, MN (9 mi); Blaine, MN (13 mi); White Bear Lake, MN (13 mi); Shoreview, MN (14 mi); Maplewood, MN (16 mi) (US Census Bureau populations).
- Nearest smaller communities: Hugo, MN (6 mi); Wyoming, MN (6 mi); Scandia, MN (6 mi), each a US Census place.
What a personal loan costs in Forest Lake
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Forest Lake
The table lists the Minnesota rules that apply to a loan made in Forest Lake, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Forest Lake
Before you share your details with a lender in Forest Lake:
- 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.