St. Bonifacius at a glance
- Population: a Census-estimated 2,162, placing it 254th among Minnesota's 853 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 2,305 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 6.2% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 254th-largest of 853 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: larger than about 70% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 44.9051, -93.7483 (US Census Bureau Gazetteer).
- Nearest larger cities: Minnetrista, MN (3 mi); Mound, MN (5 mi); Waconia, MN (5 mi); Victoria, MN (5 mi); Watertown, MN (6 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Spring Park, MN (6 mi); Tonka Bay, MN (8 mi); Maple Plain, MN (8 mi) (US Census Bureau).
What a personal loan costs in St. Bonifacius
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Minnesota lending rules that apply in St. Bonifacius
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in St. Bonifacius.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in St. Bonifacius
Before you commit to a personal loan in St. Bonifacius, work through these steps:
- 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.