Milaca at a glance
- Population: the Census estimates 3,053 residents, ranking 210th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 3,019 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: up roughly 1.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 210th by size among 853 communities (US Census Bureau).
- Size percentile: about 75% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: mapped at 45.7580, -93.6516 by the US Census Bureau Gazetteer.
- Nearest larger cities: Princeton, MN (13 mi); Mora, MN (19 mi); Zimmerman, MN (22 mi); Cambridge, MN (25 mi); Sauk Rapids, MN (27 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Foreston, MN (3 mi); Pease, MN (4 mi); Bock, MN (5 mi), per US Census Bureau estimates.
What a personal loan costs in Milaca
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Milaca
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Milaca.
| 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 Milaca
The steps below are worth completing first when you borrow in Milaca:
- 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.