Prior Lake at a glance
- Population: 28,027 (US Census Bureau, Vintage 2023 subcounty estimate), the 36th-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 Census recorded 27,612 residents here (US Census Bureau).
- 2020 to 2023 change: about 1.5% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 36th out of 853 Census places (US Census Bureau).
- Size percentile: ahead of around 96% of Minnesota places in population terms (US Census Bureau).
- Coordinates: 44.7256, -93.4409 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Shakopee, MN (4 mi); Savage, MN (4 mi); Burnsville, MN (8 mi); Eden Prairie, MN (9 mi); Bloomington, MN (9 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Credit River, MN (5 mi); Carver, MN (10 mi); Jordan, MN (11 mi), per US Census Bureau estimates.
What a personal loan costs in Prior Lake
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.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Minnesota lending rules that apply in Prior Lake
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Prior Lake
A few practical steps will make the process in Prior Lake 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.