Hastings at a glance
- Population: 22,121 (US Census Bureau, Vintage 2023 subcounty estimate), the 52nd-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 Census recorded 22,160 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 0.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 52nd of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 94% of Minnesota places in population terms (US Census Bureau).
- Coordinates: it sits at 44.7318, -92.8545 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Cottage Grove, MN (6 mi); Rosemount, MN (11 mi); Inver Grove Heights, MN (12 mi); Woodbury, MN (13 mi); Eagan, MN (16 mi) (US Census Bureau).
- Smaller places close by: Prescott, WI (4 mi); Vermillion, MN (7 mi); Coates, MN (9 mi) (US Census Bureau).
What a personal loan costs in Hastings
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Hastings
The Minnesota rate caps and licensing rules that reach Hastings are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Hastings
The order below is a sensible way to approach a loan in Hastings:
- 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.