Sturgeon Lake at a glance
- Population: roughly 462 people; 512th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 438 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 5.5% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 512th of the state's 853 Census places (US Census Bureau).
- Size percentile: larger than about 40% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 46.3903 latitude, -92.8221 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Moose Lake, MN (5 mi); Barnum, MN (10 mi); Sandstone, MN (18 mi); Carlton, MN (26 mi); Hinckley, MN (26 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Willow River, MN (5 mi); Denham, MN (6 mi); Kettle River, MN (7 mi), each a US Census place.
What a personal loan costs in Sturgeon Lake
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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 offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Sturgeon Lake
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Sturgeon Lake
Before you commit to a personal loan in Sturgeon Lake, 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.