Algonquin at a glance
- Population: about 30,134 residents, ranking 65th of 1,294 Census places in Illinois (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 29,707 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 1.4% growth over the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 65th out of 1,294 Census places (US Census Bureau).
- Size percentile: roughly 95% of places in Illinois rank below it by population (US Census Bureau).
- Coordinates: latitude 42.1595, longitude -88.3219 (US Census Bureau Gazetteer).
- Nearest larger cities: Carpentersville, IL (3 mi); Crystal Lake, IL (5 mi); Elgin, IL (8 mi); Hoffman Estates, IL (11 mi); Streamwood, IL (12 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Lake in the Hills, IL (1 mi); West Dundee, IL (4 mi); Gilberts, IL (4 mi), each a US Census place.
What a personal loan costs in Algonquin
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Illinois lending rules that apply in Algonquin
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Algonquin.
| Rule | Detail | Source |
|---|---|---|
| Installment lender net-worth requirement | $30,000 minimum positive net worth (plus $25,000 surety bond) Source says: "every applicant shall prove ... that the applicant has and will maintain a positive net worth of a minimum of $30,000". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 9% annual percentage rate (general written-contract interest cap) Source says: "it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license; capped at 36% annual percentage rate (payday loans) Source says: "shall not contract for or receive a charge exceeding a 36% annual percentage rate ... for a payday loan". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Installment Loan Act license required from the Director of Financial Institutions (loans above 9% APR) Source says: "No person ... shall engage in the business of making loans of money ... except ... after first obtaining a license from the Director of Financial Institutions". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| State lending regulator | Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions Source says: "DFI licenses, charters, and examines a wide variety of financial products and services including: Consumer and Sales Finance and Collection Agencies". | Illinois Department of Financial and Professional Regulation as of 2026-09-16 |
How to compare offers in Algonquin
These steps are the ones that most affect the offer you receive in Algonquin:
- 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.