Shafer at a glance
- Population: 1,195 (US Census Bureau, Vintage 2023 subcounty estimate), the 332nd-largest of 853 places in Minnesota.
- 2020 Census base: 1,145 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 4.4% growth over the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 332nd out of 853 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 61% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: mapped at 45.3900, -92.7583 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Lindstrom, MN (4 mi); Osceola, WI (6 mi); St. Croix Falls, WI (7 mi); Chisago City, MN (8 mi); Scandia, MN (10 mi) (US Census Bureau).
- Nearest smaller towns: Center City, MN (3 mi); Taylors Falls, MN (4 mi); Dresser, WI (6 mi) — US Census Bureau populations.
What a personal loan costs in Shafer
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.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Minnesota lending rules that apply in Shafer
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Shafer.
| 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 Shafer
The order below is a sensible way to approach a loan in Shafer:
- 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.