Lake Elmo at a glance
- Population: 13,756 (US Census Bureau, Vintage 2023 subcounty estimate), the 83rd-largest of 853 places in Minnesota.
- 2020 Census base: 11,335 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: an increase of about 21.4% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 83rd largest of 853 (US Census Bureau).
- Size percentile: about 90% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: 44.9878 latitude, -92.9097 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Oakdale, MN (3 mi); Woodbury, MN (6 mi); Stillwater, MN (6 mi); Maplewood, MN (6 mi); White Bear Lake, MN (7 mi) (US Census Bureau).
- Smaller places close by: Pine Springs, MN (4 mi); Landfall, MN (4 mi); North St. Paul, MN (5 mi) (US Census Bureau).
What a personal loan costs in Lake Elmo
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Minnesota lending rules that apply in Lake Elmo
Read the table as the compliance picture for a lender serving Lake Elmo: label, sourced figure, publisher and date.
| 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 Lake Elmo
Before you commit to a personal loan in Lake Elmo, work through these steps:
- 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.