New Prague at a glance
- Population: about 8,240, 118th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 8,173 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 0.8% higher than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 118th in population of 853 places (US Census Bureau).
- Size percentile: it is larger than about 86% of the places in Minnesota (US Census Bureau).
- Coordinates: 44.5457 latitude, -93.5756 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Prior Lake, MN (14 mi); Shakopee, MN (16 mi); Savage, MN (18 mi); Lakeville, MN (18 mi); Chaska, MN (19 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Heidelberg, MN (4 mi); Montgomery, MN (7 mi); Jordan, MN (9 mi), per US Census Bureau estimates.
What a personal loan costs in New Prague
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.
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.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in New Prague
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 New Prague
Run through this list before signing anything in New Prague:
- 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.