Carver at a glance
- Population: 6,613 residents, the 136th-largest of 853 places in Minnesota (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 5,337 (US Census Bureau).
- 2020 to 2023 change: an increase of about 23.9% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: the 136th-largest of 853 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 84% of the Census places in Minnesota (US Census Bureau).
- Coordinates: mapped at 44.7615, -93.6325 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Chaska, MN (4 mi); Jordan, MN (7 mi); Victoria, MN (7 mi); Chanhassen, MN (7 mi); Shakopee, MN (8 mi) (US Census Bureau).
- Nearest smaller towns: Cologne, MN (8 mi); Excelsior, MN (10 mi); Tonka Bay, MN (11 mi) — US Census Bureau populations.
What a personal loan costs in Carver
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Minnesota lending rules that apply in Carver
Each row below is a Minnesota rule with its publisher and the date it was retrieved.
| 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 Carver
The steps below are worth completing first when you borrow in Carver:
- 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.