Minnetonka at a glance
- Population: the Census estimates 52,463 residents, ranking 19th of 853 places in Minnesota (Vintage 2023).
- 2020 Census base: 53,790 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 2.5% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 19th of the state's 853 Census places (US Census Bureau).
- Size percentile: ahead of around 98% of Minnesota places in population terms (US Census Bureau).
- Coordinates: 44.9326, -93.4567 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Edina, MN (6 mi); Eden Prairie, MN (6 mi); Plymouth, MN (6 mi); Minneapolis, MN (9 mi); Bloomington, MN (10 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Hopkins, MN (3 mi); Woodland, MN (3 mi); Deephaven, MN (4 mi) (Census populations).
What a personal loan costs in Minnetonka
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
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.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Minnesota lending rules that apply in Minnetonka
Read the table as the compliance picture for a lender serving Minnetonka: 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 Minnetonka
These steps are the ones that most affect the offer you receive in Minnetonka:
- 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.