Waite Park at a glance
- Population: about 8,396 residents, ranking 116th of 853 Census places in Minnesota (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 8,346 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: an increase of about 0.6% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 116th of the state's 853 Census places (US Census Bureau).
- Size percentile: ahead of around 86% of Minnesota places in population terms (US Census Bureau).
- Coordinates: 45.5209 latitude, -94.2430 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: St. Cloud, MN (4 mi); Sauk Rapids, MN (7 mi); Sartell, MN (7 mi); Monticello, MN (27 mi); Big Lake, MN (27 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: St. Joseph, MN (4 mi); Rockville, MN (5 mi); St. Augusta, MN (5 mi) (Census populations).
What a personal loan costs in Waite Park
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Waite 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 Waite Park
Before you commit to a personal loan in Waite Park, 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.