Hopkins at a glance
- Population: 18,589 (US Census Bureau, Vintage 2023 subcounty estimate), the 64th-largest of 853 places in Minnesota.
- 2020 Census base: 19,079 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a decline of roughly 2.6% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 64th out of 853 Census places (US Census Bureau).
- Size percentile: it is larger than about 92% of the places in Minnesota (US Census Bureau).
- Coordinates: it sits at 44.9251, -93.4045 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): St. Louis Park, MN (3 mi); Minnetonka, MN (3 mi); Edina, MN (3 mi); Golden Valley, MN (5 mi); Eden Prairie, MN (6 mi) (US Census Bureau).
- Smaller towns nearby: Medicine Lake, MN (5 mi); Woodland, MN (6 mi); Deephaven, MN (6 mi) (US Census Bureau).
What a personal loan costs in Hopkins
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Hopkins
The sourced rows below are the rules a licensed lender must follow when lending in Minnesota, and therefore in Hopkins.
| 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 Hopkins
The steps below are worth completing first when you borrow in Hopkins:
- 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.