Lakeland at a glance
- Population: the Census estimates 1,660 residents, ranking 289th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 1,709 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: roughly 2.9% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 289th of the state's 853 Census places (US Census Bureau).
- Size percentile: roughly 66% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: latitude 44.9532, longitude -92.7666 (US Census Bureau Gazetteer).
- Nearest larger cities: Hudson, WI (2 mi); North Hudson, WI (3 mi); Bayport, MN (4 mi); Afton, MN (5 mi); Oak Park Heights, MN (6 mi); US Census Bureau population estimates.
- Smaller towns nearby: Lakeland Shores, MN (0 mi); Lake St. Croix Beach, MN (2 mi); St. Marys Point, MN (3 mi) (US Census Bureau).
What a personal loan costs in Lakeland
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Minnesota lending rules that apply in Lakeland
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lakeland
Here is a short checklist for comparing personal loans in Lakeland:
- 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.