Cologne at a glance
- Population: a Census-estimated 2,075, placing it 259th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 2,049 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 1.3% more residents than the 2020 Census base (US Census Bureau).
- Rank among Minnesota places: 259th of 853 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 70% of Minnesota places in population terms (US Census Bureau).
- Coordinates: it sits at 44.7698, -93.7924 in the US Census Bureau Gazetteer.
- Nearest larger cities: Waconia, MN (5 mi); Norwood Young America, MN (6 mi); Carver, MN (8 mi); Victoria, MN (9 mi); Chaska, MN (10 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Hamburg, MN (9 mi); New Germany, MN (12 mi); Green Isle, MN (12 mi) (Census populations).
What a personal loan costs in Cologne
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Minnesota lending rules that apply in Cologne
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Cologne
These steps are the ones that most affect the offer you receive in Cologne:
- 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.