Ramsey at a glance
- Population: 28,560, the 34th-largest community in Minnesota out of 853 (US Census Bureau, Vintage 2023).
- 2020 Census base: 27,640 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: an increase of about 3.3% since the 2020 count (US Census Bureau).
- Rank among Minnesota places: 34th of the state's 853 Census places (US Census Bureau).
- Size percentile: about 96% of Minnesota's Census places are smaller (US Census Bureau).
- Coordinates: 45.2600 latitude, -93.4522 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Andover, MN (6 mi); Coon Rapids, MN (9 mi); Maple Grove, MN (10 mi); Brooklyn Park, MN (11 mi); Blaine, MN (13 mi), each a US Census place with its estimated population.
- Smaller places close by: Anoka, MN (4 mi); Dayton, MN (5 mi); Nowthen, MN (6 mi) (US Census Bureau).
What a personal loan costs in Ramsey
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Ramsey
The table lists the Minnesota rules that apply to a loan made in Ramsey, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Ramsey
Run through this list before signing anything in Ramsey:
- 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.