Shorewood at a glance
- Population: a Census-estimated 7,526, placing it 123rd among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 7,779 (US Census Bureau).
- 2020 to 2023 change: about 3.3% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 123rd largest of 853 (US Census Bureau).
- Size percentile: roughly 86% of Minnesota's places have fewer residents (US Census Bureau).
- Coordinates: 44.9024 latitude, -93.5953 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Mound, MN (4 mi); Chanhassen, MN (4 mi); Orono, MN (4 mi); Victoria, MN (4 mi); Chaska, MN (6 mi) (US Census Bureau populations).
- Nearest smaller places: Tonka Bay, MN (1 mi); Excelsior, MN (1 mi); Greenwood, MN (2 mi) (US Census Bureau estimates).
What a personal loan costs in Shorewood
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
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 Shorewood
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Shorewood.
| 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 Shorewood
Before you share your details with a lender in Shorewood:
- 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.