Sauk Rapids at a glance
- Population: about 13,775 residents, ranking 82nd of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 13,857 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 0.6% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 82nd of the state's 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 90% of the places in Minnesota (US Census Bureau).
- Coordinates: latitude 45.5947, longitude -94.1527 (US Census Bureau Gazetteer).
- Nearest larger cities: Sartell, MN (3 mi); St. Cloud, MN (5 mi); Monticello, MN (27 mi); Buffalo, MN (32 mi); Elk River, MN (34 mi) — straight-line distances, US Census Bureau populations.
- Smaller towns nearby: Waite Park, MN (7 mi); St. Joseph, MN (8 mi); St. Stephen, MN (9 mi) (US Census Bureau).
What a personal loan costs in Sauk Rapids
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.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in Sauk Rapids
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Sauk Rapids.
| 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 Sauk Rapids
Here is a short checklist for comparing personal loans in Sauk 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.