Caledonia at a glance
- Population: roughly 180 people; 1,123rd of 1,294 places in Illinois (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 183 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 1.6% below the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 1,123rd out of 1,294 Census places (US Census Bureau).
- Size percentile: larger than about 13% of the Census places in Illinois (US Census Bureau).
- Coordinates: it sits at 42.3686, -88.8939 in the US Census Bureau Gazetteer.
- Nearest larger cities: Timberlane, IL (3 mi); Poplar Grove, IL (3 mi); Loves Park, IL (6 mi); Machesney Park, IL (7 mi); Roscoe, IL (7 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Ridott, IL (30 mi); Adeline, IL (34 mi); Old Mill Creek, IL (47 mi) (US Census Bureau).
What a personal loan costs in Caledonia
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Illinois lending rules that apply in Caledonia
The Illinois rate caps and licensing rules that reach Caledonia are listed below, each with its source and retrieval date.
| 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 Caledonia
A few practical steps will make the process in Caledonia less costly:
- 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.