Greenwood at a glance
- Population: 702 residents, the 419th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 726 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 3.3% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 419th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: roughly 51% of places in Minnesota rank below it by population (US Census Bureau).
- Coordinates: latitude 44.9130, longitude -93.5540 (US Census Bureau Gazetteer).
- Nearest larger cities: Excelsior, MN (1 mi); Tonka Bay, MN (2 mi); Deephaven, MN (2 mi); Shorewood, MN (2 mi); Orono, MN (4 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Woodland, MN (3 mi); Medicine Lake, MN (9 mi); Loretto, MN (11 mi) — US Census Bureau populations.
What a personal loan costs in Greenwood
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Greenwood
The Minnesota rate caps and licensing rules that reach Greenwood 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 Greenwood
A few practical steps will make the process in Greenwood less costly:
- 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.