Norwood Young America at a glance
- Population: about 3,811 residents, ranking 185th of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 3,863 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down roughly 1.3% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 185th out of 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 78% of the places in Minnesota (US Census Bureau).
- Coordinates: 44.7721 / -93.9173, per the US Census Bureau Gazetteer.
- Nearest larger cities: Waconia, MN (8 mi); Glencoe, MN (11 mi); Belle Plaine, MN (13 mi); Watertown, MN (13 mi); Carver, MN (14 mi); US Census Bureau population estimates.
- Nearest smaller communities: Hamburg, MN (4 mi); Plato, MN (6 mi); Cologne, MN (6 mi), each a US Census place.
What a personal loan costs in Norwood Young America
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Norwood Young America
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Norwood Young America.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Norwood Young America
The steps below are worth completing first when you borrow in Norwood Young America:
- 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.