Park Rapids at a glance
- Population: about 4,302 residents, ranking 168th of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 4,147 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: an increase of about 3.7% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 168th in population of 853 places (US Census Bureau).
- Size percentile: about 80% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: mapped at 46.9164, -95.0579 by the US Census Bureau Gazetteer.
- Nearest larger cities: Wadena, MN (33 mi); Detroit Lakes, MN (38 mi); Bemidji, MN (40 mi); Baxter, MN (54 mi); Brainerd, MN (56 mi), each a US Census place with its estimated population.
- Smaller places nearby: Nevis, MN (11 mi); Menahga, MN (11 mi); Wolf Lake, MN (16 mi), per US Census Bureau estimates.
What a personal loan costs in Park Rapids
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Park Rapids
The Minnesota rate caps and licensing rules that reach Park Rapids are listed below, each with its source and retrieval 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 Park Rapids
The order below is a sensible way to approach a loan in Park Rapids:
- 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.