Oak Grove at a glance
- Population: 9,194 residents, the 107th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 8,926 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: up roughly 3.0% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 107th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 87% of the places in Minnesota (US Census Bureau).
- Coordinates: 45.3484 latitude, -93.3273 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: East Bethel, MN (5 mi); Andover, MN (7 mi); Ramsey, MN (9 mi); Ham Lake, MN (9 mi); Anoka, MN (10 mi) (US Census Bureau).
- Smaller places close by: St. Francis, MN (5 mi); Bethel, MN (5 mi); Nowthen, MN (6 mi) (US Census Bureau).
What a personal loan costs in Oak Grove
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Oak Grove
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Oak Grove.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Oak Grove
A few practical steps will make the process in Oak Grove less costly:
- 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.