Spring Lake Park at a glance
- Population: 7,049 residents, the 129th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: 7,187 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 1.9% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 129th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 85% of the places in Minnesota (US Census Bureau).
- Coordinates: 45.1159 latitude, -93.2452 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Mounds View, MN (2 mi); Fridley, MN (2 mi); New Brighton, MN (4 mi); Blaine, MN (4 mi); Columbia Heights, MN (5 mi) (US Census Bureau).
- Nearest smaller towns: Lexington, MN (4 mi); Hilltop, MN (4 mi); Circle Pines, MN (5 mi) — US Census Bureau populations.
What a personal loan costs in Spring Lake Park
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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 Spring Lake Park
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Spring Lake Park
A few practical steps will make the process in Spring Lake Park 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.