Somerset at a glance
- Population: 3,220, the 204th-largest community in Wisconsin out of 605 (US Census Bureau, Vintage 2023).
- 2020 Census base: 3,016 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population rose about 6.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Wisconsin places: 204th of 605 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 66% of Wisconsin's places have fewer residents (US Census Bureau).
- Coordinates: latitude 45.1257, longitude -92.6730 (US Census Bureau Gazetteer).
- Nearest larger cities: New Richmond, WI (6 mi); Stillwater, MN (9 mi); Bayport, MN (9 mi); Oak Park Heights, MN (9 mi); North Hudson, WI (10 mi); US Census Bureau population estimates.
- Smaller places nearby: Marine on St. Croix, MN (7 mi); Star Prairie, WI (8 mi); Roberts, WI (12 mi), per US Census Bureau estimates.
What a personal loan costs in Somerset
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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.
Wisconsin lending rules that apply in Somerset
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 12% per year maximum ($12 per $100) on the declining principal balance, except as authorized by other statutes (Wis. Stat. § 138.05(1)(a)) Source says: At the rate of $12 upon $100 for one year computed upon the declining principal balance of the loan or forbearance | Wisconsin State Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed by the DFI Division of Banking; statewide database tracking (Wis. Stat. § 138.14) Source says: "Licensee" means a person holding a license issued by the division under sub. (5) | Wisconsin State Legislature as of 2026-09-16 |
| Small-loan / installment lender licensing | Licensed lender license required from the Division of Banking (Wis. Stat. § 138.09) Source says: Before any person may do business under this section, that person shall first obtain a license from the division. | Wisconsin State Legislature as of 2026-09-16 |
| State lending regulator | Wisconsin Department of Financial Institutions (DFI), Division of Banking Source says: "Department" means the department of financial institutions | Wisconsin State Legislature as of 2026-09-16 |
How to compare offers in Somerset
These steps are the ones that most affect the offer you receive in Somerset:
- 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 Wisconsin using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.