Staples at a glance
- Population: about 3,035, 211th by size in Minnesota of 853 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 2,992 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up about 1.4% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 211th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: larger than about 75% of the Census places in Minnesota (US Census Bureau).
- Coordinates: mapped at 46.3722, -94.8150 by the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Wadena, MN (16 mi); Baxter, MN (26 mi); Long Prairie, MN (28 mi); Brainerd, MN (29 mi); Little Falls, MN (34 mi) (US Census Bureau).
- Nearest smaller towns: Aldrich, MN (6 mi); Motley, MN (9 mi); Verndale, MN (10 mi) — US Census Bureau populations.
What a personal loan costs in Staples
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Minnesota lending rules that apply in Staples
The Minnesota rate caps and licensing rules that reach Staples are listed below, each with its source and retrieval date.
| 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 Staples
Before you commit to a personal loan in Staples, work through these steps:
- 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.