Bone Gap at a glance
- Population: 177 residents, the 1,129th-largest of 1,294 places in Illinois (US Census Bureau, Vintage 2023).
- 2020 Census base: 185 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 4.3% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: 1,129th largest of 1,294 (US Census Bureau).
- Size percentile: it is larger than about 13% of the places in Illinois (US Census Bureau).
- Coordinates: it sits at 38.4449, -87.9976 in the US Census Bureau Gazetteer.
- Nearest larger cities: West Salem, IL (5 mi); Albion, IL (6 mi); Bellmont, IL (6 mi); Parkersburg, IL (10 mi); Mount Carmel, IL (12 mi) (Census populations, approximate straight-line distance).
- Nearest smaller places: Browns, IL (5 mi); Keensburg, IL (10 mi); Golden Gate, IL (13 mi) (US Census Bureau estimates).
What a personal loan costs in Bone Gap
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Illinois lending rules that apply in Bone Gap
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Bone Gap.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bone Gap
Before you commit to a personal loan in Bone Gap, 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.