Silver Bay at a glance
- Population: 1,812 — 275th in Minnesota, which has 853 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 1,862 (US Census Bureau).
- 2020 to 2023 change: about 2.7% lower than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 275th out of 853 Census places (US Census Bureau).
- Size percentile: about 68% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: it sits at 47.2933, -91.2768 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Two Harbors, MN (26 mi); Hoyt Lakes, MN (43 mi); Washburn, WI (46 mi); Rice Lake, MN (48 mi); Ely, MN (50 mi) (US Census Bureau).
- Nearest smaller towns: Beaver Bay, MN (3 mi); Babbitt, MN (39 mi); Bayfield, WI (39 mi) — US Census Bureau populations.
What a personal loan costs in Silver Bay
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Silver Bay
The Minnesota rate caps and licensing rules that reach Silver Bay 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 Silver Bay
Run through this list before signing anything in Silver Bay:
- 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.