Orono at a glance
- Population: 8,119 — 120th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 8,311 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 2.3% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 120th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 86% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: latitude 44.9610, longitude -93.5877 (US Census Bureau Gazetteer).
- Nearest larger cities: Mound, MN (4 mi); Minnetrista, MN (6 mi); Minnetonka, MN (7 mi); Plymouth, MN (7 mi); Chanhassen, MN (7 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Long Lake, MN (2 mi); Spring Park, MN (3 mi); Tonka Bay, MN (3 mi), per US Census Bureau estimates.
What a personal loan costs in Orono
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Orono
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Orono.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Orono
Here is a short checklist for comparing personal loans in Orono:
- 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.