Lake Park at a glance
- Population: 719 — 411th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 730 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a decline of roughly 1.5% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 411th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 52% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 46.8837, -96.0980 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Hawley, MN (10 mi); Detroit Lakes, MN (13 mi); Frazee, MN (21 mi); Pelican Rapids, MN (22 mi); Barnesville, MN (22 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Audubon, MN (6 mi); Hitterdal, MN (10 mi); Callaway, MN (11 mi) (US Census Bureau).
What a personal loan costs in Lake Park
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Park
The Minnesota rate caps and licensing rules that reach Lake Park are listed below, each with its source and retrieval 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 Park
Here is a short checklist for comparing personal loans in Lake Park:
- 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.