Deerwood at a glance
- Population: 578, the 458th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 530 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: roughly 9.1% higher than at the 2020 Census (US Census Bureau).
- Rank among Minnesota places: 458th of the state's 853 Census places (US Census Bureau).
- Size percentile: about 46% of places in Minnesota are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 46.4673, -93.8985.
- Nearest larger cities: Crosby, MN (3 mi); Aitkin, MN (10 mi); Brainerd, MN (16 mi); Crosslake, MN (17 mi); Breezy Point, MN (18 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller places: Cuyuna, MN (3 mi); Ironton, MN (5 mi); Trommald, MN (6 mi) (US Census Bureau estimates).
What a personal loan costs in Deerwood
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Minnesota lending rules that apply in Deerwood
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Deerwood.
| 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 Deerwood
The steps below are worth completing first when you borrow in Deerwood:
- 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.